Former Tesla worker’s auto startup bets commuters will skip the bus

The startup Wallbox founded electric car charger that is bi-directional, can send excess power from a battery to a residential circuit. It claims a fu
...
Wallbox claims a fully charged Nissan Leaf can power a house for almost a week. (Photo courtesy: Wallbox)
Wallbox claims a fully charged Nissan Leaf can power a house for almost a week. (Photo courtesy: Wallbox)

The former Tesla Inc. worker who founded electric-car charger maker Wallbox Chargers is betting commuters will skip crowded buses and trains when lockdowns end.

Initial trends out of China show that the pandemic led to “a rejection of public transport as a means to get to work, and an increase of demand for using private cars," said Chief Executive Officer Enric Asuncion. This trend complements green policies in Europe and China already in place before the pandemic, he said.

Also check these Vehicles

Find more Cars
Nissan Magnite (HT Auto photo)
Engine Icon999 cc FuelType IconPetrol
₹ 6 - 11.50 Lakhs
Compare
View Offers
Tesla Model S (HT Auto photo)
UPCOMING
BatteryCapacity Icon100 kWh Range Icon570 km
₹70 Lakhs - 1 Cr
Alert Me When Launched
Tesla Model 3 (HT Auto photo)
UPCOMING
BatteryCapacity Icon82kWh Range Icon 555 km
₹ 40 Lakhs
Alert Me When Launched
Nissan Leaf (HT Auto photo)
UPCOMING
₹ 30 Lakhs
Alert Me When Launched
Nissan Sunny 2024 (HT Auto photo)
UPCOMING
Engine Icon1498.0 cc FuelType IconDiesel
₹ 8.50 Lakhs
Alert Me When Launched
Nissan Juke (HT Auto photo)
UPCOMING
Engine Icon998.0 cc FuelType IconPetrol
₹ 10 - 15 Lakhs
Alert Me When Launched

The auto industry has been particularly damaged by the pandemic, with lockdowns shutting dealerships and factories and crimping supply chains. Several large automakers threw out forecasts for the year, unsure of how long the impact would last. Still, as drivers return to work in China, road traffic is up and subway use is down in major cities, according to BloombergNEF. Demand for electric cars in the country is likely to follow, recovering in the second quarter, BNEF analysts said in a forecast.

Also Read : The car is staging a comeback, spurring oil’s recovery

Iberdrola SA, Spain’s largest utility, and local venture capital firm Seaya Ventures took part in an expanded 23 million-euro ($25 million) funding round for Wallbox last month. The company’s going to use the funds to hire about 100 workers, increasing staff numbers by 50%, to expand in China and to break into the U.S., Asuncion said.

Asuncion was working at Tesla in 2015, overseeing charging installations in Europe, when he and fellow engineer Eduard Castaneda decided to found Wallbox.

“I realized everybody -- carmakers, utilities and suppliers -- were focused on chargers for public spaces. But nobody seemed to be thinking about residential chargers," Asuncion said. “We are seeking to fill that niche."

What makes Asuncion’s chargers unique is that they’re bi-directional, able to send excess power from a battery to a residential circuit, making the company particularly attractive to utilities. A fully charged Nissan Leaf can power a house for almost a week, he said.

Wallbox works with major carmakers including Nissan Motor Co. and Volkswagen AG. About 80% of sales come from outside Spain, in countries ranging from Germany to Norway, its largest market. The company also has a joint venture in China with Changchun Fawsn Group.

First Published Date: 13 May 2020, 09:55 AM IST
NEXT ARTICLE BEGINS

Check Latest Offers

Please provide your details to get Personalized Offers

Choose city
+91 | Choose city
Choose city
Select a dealer

Want to get the best price for your existing car?

Powered by: Spinny Logo
By clicking "View Offers" you Agree to our Terms and Privacy Policy
Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.