- Sales of electric vehicles are growing at a rate of 55% per year.
- California and the EU have banned the sale of new combustion vehicles after 2035.
- However, analysts predict that by 2050, there will still be up to 1 billion combustion vehicles on the roads.
- This will worsen extreme weather conditions and contribute over $1 trillion in revenue to the oil industry.
- Major automakers will have more time and resources to transition to electric vehicles.
Main topic: Subaru's plans to release a full lineup of electric vehicles.
Key points:
1. Subaru aims to sell 600,000 EVs per year by 2030, making up half of its global sales.
2. The automaker plans to boost its battery-electric lineup to eight models.
3. Subaru plans to double its electric-vehicle lineup by the end of 2028, including a three-row electric SUV.
4. Toyota will reportedly build the three-row electric SUV for Subaru in Kentucky starting in 2025.
5. Subaru plans to invest around $10.5 billion towards its electrification efforts by around 2030.
Main topic: BMW's progress in electric vehicle sales and investment in e-mobility.
Key points:
1. BMW's electric vehicle sales increased to 12.6% of total deliveries in the first half of 2023, up from 10% in 2022.
2. The company aims to achieve a 15% share of battery-electric sales by the end of 2023.
3. BMW is investing more than originally planned in the global ramp-up of e-mobility due to increasing demand for electric cars.
4. The automaker increased its research and development spending by nearly 19% in Q2 2023, reaching about $2 billion.
5. BMW has not set an end date for selling combustion engine vehicles, stating that there is no indication that the world is renouncing them.
6. This contrasts with other automakers like Mercedes-Benz, Ford, and GM, which have plans to phase out combustion-engine sales by 2040.
Main topic: Dissatisfaction with the electric vehicle charging experience in the US.
Key points:
1. Growing electric vehicle adoption in the US, but satisfaction with charging experience is low.
2. Study finds that people are unhappy with charge times and one in five reported being unable to charge.
3. Car companies are switching to Tesla's North American Charging Standard plug to gain access to the Tesla Supercharger network.
The majority of Americans are not convinced to buy electric vehicles despite federal incentives, with only 29% saying the incentives impact their decision, according to an exclusive survey by DailyMail.com. Concerns about cost, limited charging stations, and running out of charge are among the main reasons cited for not considering an EV purchase. Higher-income Americans are more likely to consider owning an electric vehicle, but the cost remains a barrier across all income brackets.
The electric bus market is projected to grow at a rate of 41.7% from 2023 to 2030, reaching a value of $678.3 billion, as countries embrace electric buses to curb emissions and improve efficiency in mass transit.
Huge price reductions and increased availability are driving growth in the electric vehicle market, which saw record sales in 2023, as major manufacturers like Tesla, Ford, and General Motors lower their prices and pass on cost savings from raw materials to consumers.
India is seeing a significant rise in the adoption of electric vehicles, particularly two- and three-wheelers, driven by a $1.3 billion federal plan, rising fuel costs, and awareness of the long-term cost benefits, as well as efforts to reduce emissions and improve air quality.
China has announced new guidelines to boost car sales, with a focus on new energy vehicles, aiming to sell around 27 million new vehicles this year and increase sales of electric cars to approximately 9 million units, as the country looks to revive its post-Covid economy.
Used cars are selling faster than new cars as consumer fatigue with pricing impacts sales, with the average used car selling in 49 days (6.1% faster than last year), while new cars are selling 25.7% slower; electric vehicles (EVs) now take twice as long to sell despite price drops, with the Tesla Model S being the slowest-selling used EV at an average of 88.3 days to sell, and the Honda HR-V being the fastest-selling new car at an average of 34.4 days to sell.
Kia America reported a nine percent increase in vehicle sales in the US in August, with 2,449 EV6s sold, representing a 33 percent year-over-year increase and about 3.4 percent of the total volume, indicating strong sales for their battery-electric vehicles and positioning the company as a leader in innovative mobility.
China's share of the European electric car market has more than doubled in less than two years, with the UK being the largest market for Chinese electric car brands, as new battery electric technology and lower prices have boosted sales and wiped away concerns about lower-quality cars, posing an "imminent risk" to the European industry, according to industry experts.
Car buyers are finding some relief in the US market, as prices for new vehicles have dropped by up to 20% thanks to an increase in unwanted EVs, although certain vehicles remain expensive.
Lucid is exploring the possibility of entering the Chinese electric car market, but has not yet set a timeline for its entry, according to a top executive at the company. Lucid recognizes China as the world's largest and fastest adopting EV market, but wants to ensure it enters on the right terms to avoid mistakes. The company is currently assessing the viability of entering the market and considering factors such as pricing and manufacturing strategy. Additionally, Lucid plans to expand its product range to include lower-priced vehicles, with a mid-sized car potentially being unveiled in 2026. However, entering the mass-market segment will take time and require a strong supply base and the right pricing.
China's passenger vehicle sales experienced growth in August, driven by discounts and tax breaks on environmentally friendly and electric cars, despite a weak economy, and Tesla's share of the Chinese electric vehicle market nearly doubled.
The rapid adoption of electric cars in the US is being hindered by the lack of available charging stations, which vary widely from state to state, potentially slowing down the projected growth of EV sales in the country.
Low-decibel and torquey electric vehicles are expected to have a global market share between 62-86 percent by 2030, as per a report by Rocky Mountain Institute (RMI), with the boom driven by price parity with internal combustion engine vehicles and competition among carmakers, despite challenges in upgrading infrastructure and battery recycling.
Americans' hesitations to buy electric vehicles (EVs) are largely due to concerns around charging, with surveys showing that a lack of charging stations is a significant barrier to purchase, but efforts are being made to expand and improve the U.S. charging landscape through major incentives, partnerships, and the development of a single charging standard like Tesla's NACS plug design.
In the Netherlands, plug-in electric car sales are reaching a majority share of the market, with 45 percent of total sales and all-electric cars holding one-third of the market.
