EVE Energy Responds to U.S. Patent Lawsuit; Ford and Geely to Co-Build Plant in Spain; Tesla Q2 Net Profit Slumps

On July 24, EVE Energy Co., Ltd. announced that it had learned LG Energy Solution and its subsidiaries filed a patent infringement lawsuit against the company on July 21 in the U.S. District Court for the Eastern District of Texas, and simultaneously initiated a Section 337 investigation with the U.S. International Trade Commission (ITC). As of the announcement date, EVE Energy stated it had not yet received formal legal documents. The company emphasized its respect for intellectual property rights, asserted that its technologies are fully traceable and non-infringing, and confirmed it would assemble a professional legal team to actively defend itself. On July 23, Ford Motor Company and Geely Automobile Holdings announced plans to establish a joint venture in Valencia, Spain, to produce multi-energy vehicles for both brands for the European market by sharing vehicle production capacity. Subject to regulatory approvals, the joint venture is expected to commence operations in the first half of 2027, with the first vehicle rolling off the production line in 2028. Planned models include continued production of the Ford Kuga, introduction of a new member of the Bronco family, and a crossover co-developed by Ford and Geely, with Ford leading the design. Tesla released its second-quarter financial results on July 22, reporting global deliveries rose 25% year-over-year to 480,126 vehicles and total revenue increased 26% to $28.2 billion. However, net profit declined 5% year-over-year to $1.1 billion—falling short of market expectations—due to lower automotive gross margins and higher capital expenditures on artificial intelligence projects. Automotive gross margin for the quarter was 16.3%, below the anticipated 18%. Tesla plans to invest over $25 billion this year in AI-related initiatives, including autonomous robotaxis and humanoid robots. According to market research firm Dataforce, Chinese brands accounted for 34% of plug-in hybrid electric vehicle (PHEV) sales in Europe in June 2024, setting a new record high. Automakers such as BYD and Chery are accelerating PHEV rollouts to mitigate potential risks from possible EU tariffs on plug-in hybrids. Currently, only Chinese-made battery electric vehicles (BEVs) face high tariffs; there has been no official statement yet on whether PHEVs will be included in the tariff scope. Aion announced it will unveil its first mid-to-large-size all-electric sedan featuring the new AION illuminated logo on July 28. Targeting younger consumers, the vehicle adopts a fastback coupe silhouette, a subtle ducktail spoiler, five-spoke sport wheels, and an exclusive warm yellow exterior color. This model fills a gap in Aion’s product lineup in the mid-to-large-size sedan segment and marks the first time the refreshed brand emblem will be mass-produced on a vehicle.