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News18
04-08-2025
- Automotive
- News18
Shareholders Support Steady Electrification—And They Reward Vertical Integration
The India strategy of binary electrification has been rewarded by shareholders. Over 10 years, Maruti Suzuki jumped 270 per cent, while Mahindra & Mahindra had 564 per cent return The journey of automobiles is what Bilbo Baggins of The Lord of the Rings describes as 'there and back again". It starts off as electric, turns to the internal combustion engine (ICE) and comes back to electric. There and back again, the automobile industry has had four pivotal points. First, was in 1881 when Gustave Trouvé demonstrated that automobiles (his was a tricycle) can carry human beings while being powered by batteries. However, the state-of-the-art batteries in the late 1800s were Lead Acid batteries, lacking the energy density to power automobiles over long distances. This led to the second pivotal moment, development of the internal combustion engine (ICE). Daimler and Benz independently invented the ICE in 1885-1886 and powered automobiles. The energy density of fossil fuel-based sources made ICE-powered cars mainstream and battery powered electric vehicles were relegated to niche applications and children's toys. This was the equilibrium until an obscure division of Sony in Fukushima, Japan commercialised the Lithium ion battery to power Sony cameras in 1991. Tesla adopted lithium-ion batteries in 2003 and went into production with the Roadaster in 2008. This introduction of lithium ion batteries to Make Cars Electric Again was the third pivotal moment in automobile history. This led to global automobile manufacturers adopting electric vehicles and announcing massive electrification expenditures in 2022 and that is the fourth pivotal moment. What started off as electric, came back as electric in the end. However, electrification for any automobile manufacturer is not as simple as replacing the engine with batteries. It involves manufacturing or sourcing batteries, organising them into packs, which are further organized into modules, which are then integrated into an electric motor-powered drivetrain. Just to understand the scale at which batteries are required, we can evaluate the batteries required to hypothetically electrify only the four-wheelers sold in India in 2024. Assuming a typical sedan requires about 5,000 lithium-ion battery cells, multiply that with the roughly 4.2 million cars sold in India and we look at 21 billion cells or approximately 230 GWh of battery production. This staggering number of battery cells required has caused a worldwide scramble to change business models, announce capital expenditure and setup battery manufacturing plants. In the electrification game, the strategies taken by automakers can be loosely classified into three groups: 1) Accelerated electrification: Set strict deadlines to electrify, move entirely to electric vehicles and abandon ICE. 3) Hybrid electrification: No strict deadline to electrify, gently introduce hybrids, plug-in hybrids, and fully electric vehicles. Depending on the maturity of the local automobile industry, companies took a different approach. For instance, car makers in Europe which traditionally competed in the luxury car segment had to announce accelerated electrification due to Tesla's initial launch of the luxury Roadster and later Model S. On the other hand, when Tesla announced the more affordable Model 3, the American car makers had to announce accelerated electrification to stay competitive. This led the transatlantic car makers in 2021-2022 to announce aggressive electrification by 2035 and gamble their balance sheets. In Asia, the approach has been more cautious as the local automobile industry predominantly focuses on more affordable options. The Indian carmakers seem to have taken the binary electrification route where the ICEs are the profit generating machines which are being slowly supplemented with the fully electric vehicles. The other Asian car manufacturers have taken the gentle electrification path by offering hybrids in addition to the fully electric. Offering hybrids in addition to fully electric provides strategic advantages like allowing time to setup domestic battery supply chains and the time to develop the charging infrastructure. In addition, hybrids require a tenth of the batteries of fully electric vehicle which allows flexibility to ramp up (more likely) or ramp down (less likely) the electrification path. To compare how these three strategies performed, we can compare how shareholders rewarded the three strategies by finding share price data from Yahoo Finance. To ensure a long-term picture, we compare the 10-year performance (normalised to June 8. 2015) with the assumption that markets are the best judge of strategies in the long term. Tesla was not included in the comparison as its interests are beyond automotive. Figure 1: Comparison of the normalised share price of global automobile manufacturers highlighting the role of electrification strategies (normalised to price on June 8, ,2025 from Yahoo Finance) The accelerated strategy has not been rewarded well by the shareholders. For example, Ford generated 23 per cent return over 10 years, GM generated 77 per cent, Volkswagen was negative. This could have been from the high capital expenditure, technological gaps and the difficulty in moving to all electric vehicles by 2035. But shareholder hesitation towards aggressive timelines does not signal resistance to electrification as highlighted by the performance of the Asian companies. The India strategy of binary electrification has been rewarded by shareholders. Over ten years, Maruti Suzuki jumped 270 per cent, while Mahindra & Mahindra had a 564 per cent return, putting them in the two of the five best performing major automotive stocks in the world. However, the top performing strategy has been the hybrid electrification strategy followed by BYD. While Kia also delivered an impressive 221 per cent, BYD stands out at 773 per cent. BYD stands out for a few reasons. First, It's the only car manufacturer that makes all its batteries, in fact, they sell them to other car manufacturers too. Second, BYD is involved in the entire value chain of batteries from mining of the ores, to active material processing, to assembly, it even has its own fleet of ships to deliver its electric vehicles across the world. Third, from a strategy perspective BYD stopped making ICE in 2022 and pivoted to a hybrids and fully electric vehicles which allowed it to focus heavily on battery manufacturing and technology. This enabled BYD to produce 110 GWh worth of batteries in 2023 (for reference Tesla made 31 GWh of batteries that year). Such vertical integration of batteries manufacturing into their business enabled controlling costs and set technological benchmarks allowing them briefly to be the largest electric vehicle manufacturer in 2024. top videos View all Jumping into electrification without setting up the battery know-how has been negatively viewed by the investors of transatlantic car manufacturers. In contrast, Indian car manufacturers have been prescient to take the steady path and have been earned the approval of their shareholders. But the market's deepest admiration has been for car companies that are vertically integrated. The writer is a Chief Technology Officer of a deep tech startup working on affordable energy storage systems. He holds a Ph.D. from Brown University in Materials Engineering and a and from IIT-Bombay. Views expressed in the above piece are personal and solely those of the author. They do not necessarily reflect News18's views. tags : automobile industry Europe tesla view comments Location : New Delhi, India, India First Published: August 04, 2025, 14:14 IST News opinion Opinion | Shareholders Support Steady Electrification—And They Reward Vertical Integration Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Scotsman
28-07-2025
- Scotsman
More Scots prioritising their pooch on staycations
With the school holidays in full swing, 62 per cent of pet-loving holidaymakers have admitted to putting the needs of their dog first when holidaying on home soil, just as much as a family member or even an extended (human) family member. Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... New research has found that before booking a staycation, the garden of the property in question, its location to walking routes and a beach are of prime importance for the wellbeing of four-legged friends. This rise in dog-first planning reflects a growing shift in the way people approach their breaks, with dogs increasingly seen as central to the family unit. In fact, more people, completing the online survey, admitting that when holidaying abroad, 77 per cent said that all they can think about is there dog and its wellbeing in a kennel or with dog sitters. Advertisement Hide Ad Advertisement Hide Ad According to the data from more than 66 per cent of dog owners said they would only book accommodation that welcomes pets, while searches for pet-friendly cottages have surged year-on-year. Bilbo Baggins the golden on holiday Rachel and Tom, a family of four from Paisley, recently returned from a week-long coastal retreat in Dunoon, chosen primarily for the benefit of their golden retriever Bilbo Baggins. 'We specifically looked for somewhere with a secure garden and plenty of scenic walking routes close to water. It made all the difference knowing Bilbo was just as happy and worn out as the kids.' said Rachel. Richard Young, CEO of the travel company said they've seen a sharp rise in enquiries focused on dog-related facilities – from enclosed outdoor space to nearby dog-friendly pubs and beaches with year-round access. Some properties even go the extra mile, offering welcome hampers for dogs, complete with treats, towels, and toys.
Daily Record
26-07-2025
- Entertainment
- Daily Record
Unassuming 1937 book worth £24k - and other books that could land you a cash windfall
Experts have warned that it's easy to underestimate the value of first edition novels If you've got a collection of old books gathering dust at home, it might be time to take a second glance. Specialists are now highlighting the potential fortune to be found in first-edition novels, with one sought-after title fetching a whopping £24,000 last year. The book causing a stir is none other than J. R.R. Tolkien's 1937 masterpiece 'There and Back Again', also known as 'The Hobbit'. Set in Middle Earth, this story chronicles Bilbo Baggins, wizard Gandalf, and 13 dwarves on their quest to recover treasure guarded by the formidable dragon Smaug. The story leapt from page to big screen in 2012, becoming a cinematic sensation 75 years after its original release, with Martin Freeman portraying the Hobbit. Last May, Kinghams Auctioneers predicted that the original book would fetch 'between £7,000 and £10,000', with just 1,500 copies published in September 1937. However, on the day of the auction, the novel fetched more than twice that estimate, selling for an eye-watering £24,000. "When published it was nominated for the Carnegie Medal and awarded a prize from the New York Herald Tribune for best juvenile fiction," the auctioneers explained previously, according to the Mirror. "It is illustrated in black and white by Tolkien who also designed the dust cover. During the war, the book was unavailable due to paper rationing. On the first edition, first impression there is a manual correction on the rear inner flap for 'Dodgeson', (better known as Lewis Carroll)." While first editions of The Hobbit usually fetch between £6,000 and over £20,000 at auction, signed copies can exceed £60,000 in value. With this in mind, David Joyson, a home insurance expert at Homeprotect, recommends a thorough search of personal book collections for potential hidden gems. This isn't just applicable to old versions of The Hobbit, either. In 2024, Hanson Auctioneers revealed that one first-edition Harry Potter book, initially purchased for £10 in 1997, went under the hammer for £36,000. Other copies have reached £64,000 and £12,000 at Rare Book Auctions. "It's amazing to see how much the value of these novels has increased, and during tough financial times, it may inspire a lot of us to dig through our garages, attics, and storage units for hidden treasures that may be worth far more than expected," Mr Joyson said. "First edition books are a highly collectable and often overlooked and underestimated item of value, so before you give away or donate your old children's books, do your research to ensure you aren't throwing away a small fortune. "If you have any of these valuable items lying around your home, or if you come across an item you think may have a high value, get them professionally valued, so you know if they are worth insuring and to avoid underinsuring. "Rare or antique books may be covered by your contents insurance, but it's always worth checking the specific policy terms with your insurer and to confirm that you have an adequate amount of contents cover." Specialists at We Buy Books also last year revealed several other books that could fetch you a hefty sum. Among them are: First Edition Charlie and the Chocolate Factory by Roald Dahl - worth approximately £1,000 First Edition Sherlock Holmes: The Hound of the Baskervilles by Arthur Conan Doyle - worth approximately £5,000 First Edition Tender is the Night by F. Scott Fitzgerald - worth approximately £10,370 First Edition James Bond: On Her Majesty's Secret Service by Ian Fleming - worth approximately £13,000
The Sun
21-06-2025
- Entertainment
- The Sun
Hobbit star Martin Freeman browses diamonds rings with actress partner Rachel Benaissa at London jewellers
SHERLOCK star Martin Freeman looks as if he is shopping for his precious at a jewellers. The actor, 53, seemed particularly taken with a £4,500 aquamarine and diamond ring. 5 5 5 Martin, who played Bilbo Baggins in the Hobbit trilogy, has been with actress Rachel Benaissa, 30, for five years. A local who saw him outside the Hampstead, North London shop said: 'Martin looked intent on a particular show stopping ring in the front and centre of the window display. 'He even fetched the shop assistant so he could point out which one wanted to look at. "He was wearing a cap so he could go incognito.' Martin, who has two children with ex partner Amanda Abbington, recently opened up about his relationship with Rachel. He said: ' I talk to her about a lot of stuff because she's kind of my best friend and my confidante.' He also made a kinky admission on a recent podcast, revealing: 'She's a massive cheese and wine whore. 'She says that about herself, 'I'm a cheese and wine whore.' It's not all she is, but we like cooking.' Hobbit Frodo Baggins wields 'Sting' sword in Lord of the Rings 5
Wales Online
17-06-2025
- Lifestyle
- Wales Online
Incredible house with secret hobbit home hidden under the garden
Bored of normal, standard and 'boxy' extensions that give you more much needed space but are uninspiring? Maybe there's an alternative that will surprise as well as delight. This incredible home can help you with the tedium of both of these scenarios because it has thrown boring out and brought inspiration in and increased its floorplan by extending underground to create a series of 'hobbit homes' and secret spaces under an unassuming grassy mound in the garden. The entrance to this Welsh long house, thought to date back to around 1728, is surely unique - the circular shape, glass frontage and grass covered roof makes you think that when you knock the door you wouldn't be surprised to see Bilbo Baggins answering. The hobbit house style front door and entrance hall is a flavour of the imaginative house that waits to delight you within. For more property stories sent to your inbox twice a week sign up to the property newsletter here READ MORE: Beautiful Romany wagon tucked away in wildflower meadow by river with brown trout and otters From the stunning tubular hallway, with curved, white-washed ceiling, you can wander into the longhouse or carry on down the tunnel to find the underground rooms. This architecturally striking extension spans 28 metres and includes a utility room and WC. The first of three bedrooms features a porthole window, hinting at the nautical inspiration behind the engineering and materials used to craft this remarkable space. Further along, a central snug provides a cosy area that showcases the architectural elements of the property. This space serves as the access point to the bedrooms and bathrooms. The master bedroom exudes a warm and inviting atmosphere. Its curved walls and soft lighting foster a serene and relaxed ambiance, while practical amenities including a walk-in wardrobe, an en-suite, and French doors leading to an outdoor seating area nestled within landscaped gardens. The largest bedroom boasts a walk-in wardrobe and gaming area, with a shower conveniently located nearby. Doors open onto a stunning sunken garden, blanketed in heather. Thoughtfully designed by the current owners, the house with the Middle Earth subterranean extension totally fulfils their dream to create a home that sympathetically blends into the landscape surrounding it The house has just sold with Fine & Country North Wales while on the market for offers over £900,000 but it is totally free to rip off the owners' amazing subterranean design at your own abode - even if it is just a home office hidden in your garden. For more property stories and home content join our Amazing Welsh Homes Facebook group here.
