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Global Push for EVs as a Solution to Climate Emergency

The introduction of the electric vehicles (EVs) has brought some respite to green-conscious consumers and nations. Without any sort of emission, EVs represent a proven way to cut down emissions significantly…writes Akshit Bansal

Going green has become a global mantra after many years of continuous advocacy and occupying the front burner of multilateral and international deliberations. It is a consensus worldwide that fossil fuels, such as oil, gas and coal, form the major source of carbon (Greenhouse Gas) emissions, notorious for causing environmental pollution, depletion of the ozone layer, and triggering global warming and climate change concerns.

With hotter temperatures, increased drought, more severe storms, rising and warmer oceans, loss of species, food shortages, and mounting health risks, the world has now declared climate action a global emergency. The UN resolved to reduce carbon emissions by 45 percent by 2030 and reach Net Zero emissions by 2050. Other bodies have also keyed into this commitment, including the International Air Transport Association (IATA), which has resolved to reach Net Zero Emissions by 2050.

EVs and the green movement

The introduction of the electric vehicles (EVs) has brought some respite to green-conscious consumers and nations. Without any sort of emission, EVs represent a proven way to cut down emissions significantly. The United Nations report that fossil fuels account for 75 percent of all emissions, and much of this comes from fossil fuel-powered vehicles. This means switching to electric vehicles by as much as 50% will cause a significant improvement.

India, for instance, hosts some of the world’s most polluted cities, in terms of air quality. Delhi, Kolkata, and Mumbai were three Indian cities found in the list of the world’s top 10 most polluted cities, according to a November 2023 report. While there is still a long way to go, the last few years have seen the Asian giant pay more attention to its energy transition drive, with the number of registered EVs increasing exponentially, from 329,808 in 2021 to 1,020,679 in 2022, and 3.45 million in as of January 2024.

EVs do not have tailpipes and do not pose any threat to the environment with regards to carbon emissions. Even though some concerns have arisen as they concern the extraction of the materials used for manufacturing electric batteries, specifically lithium and cobalt, technological improvements have led to a significant reduction in such extraction impact. More so, the EV tends to make up for it during its lifetime. Therefore, India needs to double up on her current efforts to move from combustion engines to electric models.

Beyond the environment: EVs and the wallet advantage

There are several financial benefits of EVs to Everyday car owners that will finally put to rest the long-standing Combustion vs EV debate. For starters, many nations including India offer incentives to their citizens to purchase electric cars. This brings down the initial cost for the individual and helps them save some money. Tax credits are also offered to EV users in many parts of the world where it is actively encouraged.

Additionally, energy costs are often put into context. It relatively costs lower to power an EV than it does to fuel a combustion engine. It is believed that the presence of more EV charging stations in India will trigger competition which can bring down the cost of charging further and increase the overall cost effectiveness of EVs. These electric cars, according to a 2020 Consumer Reports study, can cut maintenance and repair costs by half because they do not have the complexity and process-oriented mechanisms like combustion engines. Furthermore, there’s the cost of climate change which is reduced drastically with the use of EVs.

The EV rush and the bundle of benefits

The adoption of EVs will continue to rise in India and other parts of the world. As conversations continue to birth meaningful conventions and resolutions, especially at international platforms like the recent COP28, the world has continued to respond positively. It is clear that the adoption of EVs do not only have a positive impact on the environment, by reducing carbon emissions, but also on overall socioeconomic well-being.

The direct impact of carbon emissions on humans, such as respiratory disease and discomfort, and its impact on climate and the attendant flash floods, heat waves, as well as the consequence on agriculture and wildlife, make it a necessity to achieve significant reduction in the use of combustion engines and fossil fuels. One way to do this is the rapid and systemic adoption of EVs and charging stations.

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House of Lords report urges EV subsidies, faster charger rollout

A lack of charging infrastructure has been a significant obstacle to broader mass adoption of electric cars…reports Asian Lite News

The UK government should take urgent action to encourage people to switch to electric vehicles, from targeted subsidies to speeding up new charging infrastructure, said a report from Britain’s upper house of parliament released on Tuesday.

The House of Lords report, entitled “EV strategy: rapid recharge needed,” which follows an inquiry into Britain’s electric vehicle transition strategy, also calls on the government to clearly communicate to the general public why they should buy EVs.

“They have got to do what politicians don’t like to do, which is get into the space of talking to people about how they live their lives and how they’re going to support them to do it,” Baroness Kathryn Parminter, who chaired the inquiry, said in an interview. “That is the gaping hole and that is where the government’s got to put its foot on the gas.”

The Lords report calls for targeted incentives to make EVs more accessible for lower-income car owners. It also says the government should “turbo-charge” the building of new charging infrastructure, including by reviewing “outdated and disproportionate planning regulations which are a major block to the rollout.”

A lack of charging infrastructure has been a significant obstacle to broader mass adoption of electric cars.

The report comes as Britain sold its one-millionth fully-electric vehicle in January. But while overall EV sales have risen, industry group the Society of Motor Manufacturers and Traders (SMMT) warned that falling demand from private buyers meant the UK government should take action to subsidize sales.

A spokesperson for the UK transport ministry said a decade of government grants and incentives had led to more than 1 million EVs on British roads.

“The government is targeting its investment where it will have the most impact, to ensure value for money for the taxpayer,” the spokesperson said.

Last September, British Prime Minister Rishi Sunak announced a delay to the country’s ban on fossil-fuel cars to 2035 from 2030, citing the “unacceptable costs” to British households.

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Hyundai’s New Plant to Produce 200,000 EVs Annually

Hyundai will spend 2 trillion won ($1.51 billion) to build the 548,000-square-meter EV factory in Ulsan, some 300 kms southeast of Seoul….reports Asian Lite News

Hyundai Motor held a groundbreaking ceremony on Monday for a dedicated electrical vehicle (EV) manufacturing plant in the country’s southeastern industrial city of Ulsan, with a goal of producing 200,000 vehicles annually, starting in 2026.

Hyundai will spend 2 trillion won ($1.51 billion) to build the 548,000-square-meter EV factory in Ulsan, some 300 kms southeast of Seoul. When completed, it will be Hyundai’s first domestic manufacturing plant in 29 years since its Asan plant, built in 1996.

The ceremony, held at the EV plant site, a former test drive site inside Hyundai’s larger Ulsan plant, was attended by Hyundai Motor Group Executive Chair Euisun Chung and Ulsan Mayor Ki Du-kyum, reports Yonhap news agency.

According to Hyundai, the envisioned facility will be operated through the company’s innovative manufacturing platform developed by the Hyundai Motor Group Innovation Center in Singapore, the company’s smart urban mobility hub.

The platform factors in and streamlines elements involving workers’ safety, convenience and efficient operations. It utilizes an artificial intelligence-based intelligent control system and environmentally friendly, low-carbon production methods.

“The dedicated EV plant marks another beginning towards the era of electrification for the next 50 years,” Chung said in his welcome remarks at the ceremony.

Chung also pledged for Hyundai to work together with the local government to make Ulsan a “pioneering innovative mobility city,” leading the era of electrification.

Hyundai has previously announced a medium- to long-term goal of producing and selling 940,000 EV units by 2026 and 2 million units by 2030.

After the event, Chung hinted that Hyundai intends to continue investing in the EV business despite recent cost-cutting efforts among global competitors, such as GM and Ford.

“It’s an investment we’ve been making, and while there are various methods, such as cost reduction, in the broader picture, the demand for EVs will inevitably continue to increase,” Chung told reporters.

Also featured at the ceremony was a video highlighting the history of Hyundai’s Ulsan plant. In it, the late Chung Ju-yung, founder of Hyundai, whose image and voice were recreated using artificial intelligence technology, was seen praising the abilities of South Korean engineers.

“Thanks to the outstanding abilities and dedication of these individuals, I am confident that the day is not far off when Korean cars, our cars, will dominate the global market,” the late founder was portrayed as saying.

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Centre considers lowering EV tariff to lure Tesla

Tesla had asked for the concession as a condition for constructing a plant in the country. The reduced tariffs would apply to all EV manufacturers…reports Asian Lite News

The Centre is considering a request from Elon Musk-run Tesla to lower tariffs for imported electric vehicles (EVs) as the company looks into setting up a plant in the country, a media report said on Monday.

According to the Financial Times, citing sources, the automaker has asked the government for an initial tariff concession that would offset India’s steep customs duties of 70 per cent for cars under $40,000 and 100 per cent for cars above $40,000.

“Their view has always been that they need some tariff concessions at least in the interim period. It would have some kind of sunset clause,” one of the officials was quoted as saying.

Tesla had asked for the concession as a condition for constructing a plant in the country. The reduced tariffs would apply to all EV manufacturers.

The officials stated that the reduced rate under consideration would be 15 per cent for EVs of all prices, but that the policy had not yet been agreed upon within the government, the report mentioned.

“We want to create a package which is good for India and which doesn’t become a curated package for one company. Others are free to take advantage of this window, subject to meeting these kinds of requirements,” one of the officials stated.

In September, a report said that Tesla is planning to build a factory for battery storage in India and has submitted a proposal for the same to the government. The electric car-maker proposed supporting the country’s battery storage capabilities with its ‘Powerwall’ during recent meetings. Musk is also aiming to build a Tesla supply system in India

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Experts Call for More EV Safety Education

One critical area of concern is ensuring that first responders are adequately trained to deal with EV-related emergencies, particularly fires involving lithium-ion batteries…reports Asian Lite News

As the global sales of electric vehicles (EVs) are set to exceed 14 million this year, a 35% increase from the previous year, experts are highlighting the importance of education and information about EVs. The call comes ahead of Automechanika Dubai 2023, scheduled from October 2nd to 4th at the Dubai World Trade Centre.

According to the International Energy Agency, the surge in EV sales is a clear sign of the electric mobility revolution. Moreover, the United Arab Emirates (UAE) government has set a goal of having 50% of all vehicles on its roads be electric by 2050, with the EV market already constituting over 1% of the country’s total car market.

While the UAE has received accolades for its commitment to EVs, experts believe more needs to be done to educate the public, particularly about potential risks associated with EVs. Kevin Dunbar, a renowned expert in fire safety and investigation training, emphasizes the importance of manufacturers providing comprehensive information to mitigate potential issues.

Dunbar stated, “There is no denying EVs are the future, but we must ensure people understand the potential risks. Out of a million electric cars that might be sold in the GCC, there’s going to be a very small percentage that may encounter problems. But if it’s in your house, in your garage, underneath your block of apartments, then that problem can lead to major issues. We need to see manufacturers upping their ante and dealers ensuring customers have a full overview of what they are purchasing and how to take care of the car properly.”

EV chargers

One critical area of concern is ensuring that first responders are adequately trained to deal with EV-related emergencies, particularly fires involving lithium-ion batteries. A national survey in the United States, conducted by Elsevier earlier this year, revealed that over 40% of 1,000 first responders surveyed reported never receiving EV safety training.

Dunbar stressed the importance of first responders having a deep understanding of the potential risks, saying, “When an EV starts to burn, it can go into thermal runaway, and as a result, we see flames coming out of it like a jet. Furthermore, cylindrical cells are moving at just 30 meters per second slower than a nine-millimeter bullet being fired. So, for first responders, it’s about understanding how to approach and deal with that situation.”

Automechanika Dubai 2023 will feature a session hosted by Dunbar titled ‘Electric and alternative-fueled vehicles are here – are we ready?’ In this session, he will underscore the importance of assessing risk, policies, and procedures when it comes to recovery, parking transportation, accidents, repair, investigation, and fires involving EVs.

This session will be part of the Innovation4Mobility zone, which will include product showcases, keynote addresses, panel discussions, and roundtable debates focused on the latest technologies and trends in the automotive industry, particularly related to electric and alternative-fuel vehicles.

Mahmut Gazi Bilikozen, Portfolio Director at Automechanika Dubai organizer Messe Frankfurt Middle East, stated, “EVs have a vital role in creating a sustainable future, and the automotive industry has a pivotal role in shaping this, with innovation and collaboration at its core.”

Automechanika Dubai 2023 will also feature several other attractions, including the Automechanika Dubai Awards, Automechanika Academy, AfriConnections, Modern Workshop, and the PitStop Challenge. Additionally, the event will include eight specialized Product Sections catering to various interests within the automotive aftermarket industry.

Automechanika Dubai is the largest international automotive aftermarket trade show in the Middle East, acting as a central trading link for markets that are challenging to reach, connecting the wider Middle East, Africa, Asia, and key CIS countries. To register for Automechanika Dubai 2023 or learn more about the event, please visit the official website. Media registration details can also be found on the event’s website.

For more information and the latest news about Automechanika Dubai 2023, please visit the ‘Press Releases’ page on the official website.

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TVS Motor Company Launches TVS X: A Flagship Crossover Electric Vehicle

TVS Motor Company has unveiled the TVS X, its flagship crossover electric vehicle, which aims to set new benchmarks in the global electric mobility industry. The vehicle boasts stunning design, impressive performance, and cutting-edge technology, marking TVS Motor Company’s commitment to a more sustainable future…reports Asian Lite News

TVS Motor Company, a renowned manufacturer of two and three-wheelers, has launched the highly anticipated TVS X, its flagship crossover electric vehicle (EV). This innovative machine is poised to redefine the global electric mobility industry with its striking design, exceptional performance, and advanced tech features. TVS Motor Company’s commitment to a cleaner and more sustainable future is exemplified by this remarkable addition to their portfolio.

With the growing global adoption of EVs, the TVS X is set to play a pivotal role in carving a niche for itself in the EV industry. Developed from the ground up at TVS Motor’s state-of-the-art R&D facility, this machine is backed by rider-centric engineering, aiming to provide a seamless rider-machine connection. It is designed to evoke desire and appeal, offering thrilling acceleration and an impressive range, making it an ideal zero-emission electric mobility solution. Furthermore, the TVS X introduces a range of safety features, aligning with the company’s vision of creating a clean, intuitive, and technology-driven product. This EV is targeted at young, tech-savvy individuals who set global trends.

Speaking at the launch event, Mr. Sudarshan Venu, Managing Director of TVS Motor Company, stated, “Our commitment to harnessing technology and innovation for a greener and more sustainable future has led us to create this highly desirable machine. The launch of TVS X is a defining moment in TVS Motors’ journey, as it showcases a made-in-India EV designed for global citizens who are passionate about technology. It is set to inspire a shift towards premium, sustainable, and technologically advanced mobility solutions. TVS X embodies innovation with a disruptive mindset, with sustainability at its core. It represents the next era of clean mobility, offering remarkable performance, premium aesthetics, and integrated, intuitive, and personalized experiences. We believe it will redefine mobility worldwide.”

Key Features of TVS X:

1. Design – Artful Engineering: TVS X boasts a sleek and aerodynamic design that’s visually stunning and aerodynamically optimized. It features a high-precision cast aluminum alloy frame that sets industry standards for stiffness and durability. This frame leads to minimized drag resistance, enhancing the vehicle’s efficiency. The vehicle incorporates innovative light architecture, including a four-element LED headlamp and programmable light sequences.

2. Performance – Rider-First Engineering: The TVS X is built around a “rider-first” philosophy, focusing on rider-machine unity. The vehicle features a TVS Xleton frame that offers exceptional stiffness, agility, and steering precision. Specially developed tire compounds improve grip while reducing rolling resistance. The TVS X is the most powerful EV in its segment, delivering 11kW of peak power, class-leading acceleration, and a top speed of 105kmph. It includes multi-level selectable regenerative modes for efficiency and safety features like ABS and Hill-Hold.

3. Connected Technology – Mobility Reimagined: TVS X offers an intuitive, scalable, and modular rider interface with a 10.2-inch HD+ TFT touchscreen – the largest in its class. It features TVS NavPro, an onboard navigation system with EV-specific routing algorithms to locate charging stations en route. The vehicle offers extensive personalization options, including themes and wallpapers, and includes wellness, gaming, live video streaming, internet browsing, and proactive safety features.

The launch of TVS X represents a significant milestone in the evolution of electric mobility. With its exceptional performance, cutting-edge technology, and futuristic design, the TVS X is poised to leave a lasting impression globally and solidify TVS Motor’s position as an EV industry pioneer. The company plans to introduce the TVS X in key international markets, leveraging its established network and strategic partnerships.

Bookings for the TVS X are now open on the official website, with deliveries set to commence in November 2023 across 15 cities in a phased manner. The introductory price for the TVS X starts at INR 2,49,990 (ex-showroom Bengaluru), with optional chargers available.

TVS Motor Company also offers an exclusive “First Edition” package for the initial 2,000 units of the TVS X, which includes a concierge service and Garmin Smartwatch, enhancing the ownership experience.

About TVS Motor Company: TVS Motor Company is a leading manufacturer of two and three-wheelers based in India. The company is committed to harnessing technology and innovation for a greener and more sustainable future. With a focus on performance, design, and advanced technology, TVS Motor Company aims to redefine mobility solutions for a global audience. TVS X is the latest addition to the company’s diverse portfolio, representing a significant step towards a cleaner and more sustainable future in the electric mobility space.

For more information about TVS X and TVS Motor Company, please visit www.TVSMotor.com/TVS-X.

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50% EVs on UAE roads by 2050

Dubai is set to add a compelling eco-friendly dimension to its world-leading driving experience with an ambitious plan to expand its electric vehicle (EV) charging infrastructure…reports Asian Lite News

The UAE aims increase the share of electric vehicles to 50 percent of total vehicles on country’s roads by 2050, said Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure.

Al Mazrouei outlined the details of the National Electric Vehicles Policy, recently approved by the UAE Cabinet. The policy serves as a regulatory framework to guide efforts to align the standards for the infrastructure of electric vehicles charging stations as well as facilitate integration among stakeholders across the country.

Developed by the Ministry of Energy and Infrastructure (MoEI), the policy is an outcome of the Global EV Market transformational project.

It supports the objectives of the National Energy and Water Demand Management Program that was launched to reduce energy consumption in intensive sectors, including transport.

The Minister said: “The policy will create a conducive environment for green mobility through regulating the local market and creating balanced economic, environmental, and social incentives that promote the use of electric vehicles and increase their sale. This will help the UAE achieve its objectives of reducing energy consumption by 40 percent and carbon emissions by 10 million tonnes in the transport sector by 2050, as well as increase the share of electric vehicles to 50 percent of total vehicles on our roads by 2050.”

He added: “The policy will accelerate the penetration of electric and hybrid vehicles, help establish a world-class electric vehicle infrastructure, and set legislative and technical frameworks for recycling electric vehicle batteries locally. This will encourage the business sector to invest in electric vehicle charging stations with the aim of advancing green mobility.”

The National Electric Vehicles Policy aims to establish a network of electric vehicles charging stations in collaboration with partners from the federal and local government and the private sector, enhancing the UAE’s competitiveness in related indices.

Meanwhile, Dubai is set to add a compelling eco-friendly dimension to its world-leading driving experience with an ambitious plan to expand its electric vehicle (EV) charging infrastructure.

Dubai Electricity and Water Authority (DEWA), which is steering the emirate’s clean energy transition, aims to grow the city’s network of public charging stations by 170 percent in less than three years. By 2025, EV Green Charging Stations in Dubai will increase from the current 370, with more than 680 charging points, to 1,000 Green Charging Stations.

Dubai has consistently been rated as one of the ‘world’s best cities to drive’ with exceptional ratings in measures like traffic congestion and road and public transport quality.

Dubai’s move to green mobility received a strong boost in 2015 when DEWA launched its EV Green Charger Initiative as part of its Green Mobility Strategy 2030. The number of EV owners registered under the initiative has increased from a mere 14 in 2015 to more than 11,000 by the end of May 2023. The figure is expected to double in the near future. By 2030, Dubai aims to have over 42,000 electric cars on its roads.

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Rs 20L for Tesla: Musk’s India EV factory plan gathers pace

It was a change of plans for the mercurial Musk who had earlier refused to consider manufacturing in India unless India lowered tariffs for imported Teslas to be sold in India…reports Asian Lite News

After meeting Prime Minister Narendra Modi in the US last month, Elon Musk is reportedly exploring setting up his own supply chain ecosystem in India, thus producing cheaper electric cars that might start from Rs 20 lakh.

As first reported by The Economic Times, citing government sources, the electric car-maker has engaged in talks with Indian officials to set up its auto parts and electronics chain in India, along with seeking incentives and tax benefits.

If all goes well, Tesla can reportedly produce 5 lakh electric vehicles annually that starts from Rs 20 lakh.

Currently, a standard Tesla electric car starts from more than Rs 30 lakh and with 100 per cent customs duty, the price goes up to over Rs 60 lakh.

There are, however, initial talks between the Indian government and Tesla and may take some time before a Tesla facility arrives in the country.

Tesla is also conducting meetings with industry executives in India, the report noted.

Last month, after hearing Prime Minister Modi’s ‘Make in India’ pitch, Musk announced a change of plans, saying that his electric vehicle and battery company will now come to India “as soon as it is humanly possible”.

Musk told reporters in conversations following his meeting with Modi: “He really cares about India because he’s pushing us to make significant investments in India, which is something that we intend to do and we’re just trying to figure out the right timing.”

It was a change of plans for the mercurial Musk who had earlier refused to consider manufacturing in India unless India lowered tariffs for imported Teslas to be sold in India.

Modi “really wants to do the right thing for India,” he said.

Modi wants to make sure that the advantage from investments “accrues to India’s advantage, which is, you know, obviously, that’s the job”, he added.

India has more “promise than any large country in the world”, Musk said.

If Tesla comes to India, it will be following the pattern of companies like Apple diversifying their manufacturing from China because of geopolitical and supply chain issues.

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Hyundai to push forward EV investments

Hyundai Motor said it will also receive dividends from its Indian operations…reports Asian Lite News

Hyundai Motor Group said on Monday it will utilise 7.8 trillion won ($5.9 billion) worth of reservation money held by its overseas operations to push forward the group’s planned investments in domestic electric vehicle (EV) plants.

Hyundai Motor, its smaller affiliate Kia and auto parts maker Hyundai Mobis will receive $2.1 billion, $3.3 billion and $200 million, respectively, from their operations in the US and Europe in the form of dividends, the group said in a statement.

Hyundai Motor said it will also receive dividends from its Indian operations, reports Yonhap news agency.

“The dividends from their overseas operations will help the three companies cut back on bank loans, which will enhance their financial status and will allow them to make an aggressive investment (in EV plants),” the statement said.

The group’s overseas operations, including Hyundai Motor America, Hyundai Motor India, Hyundai Motor Manufacturing Czech, Kia America, Kia Europe and Kia Slovakia SRO, posted improved earnings results in the 2021-2022 period despite the COVID-19 pandemic.

Hyundai Motor plans to complete a 150,000-unit-a-year EV plant in its main Ulsan plant, 299 kilometers southeast of Seoul, by 2025.

In April, Kia began the construction of a 150,000-unit-a-year EV plant inside its existing factory in Hwaseong, just south of Seoul, with a goal to start production in late 2025.

In the same month, the Korean automotive group announced it will invest 24 trillion won in its domestic EV plants and other EV projects by 2030.

The three affiliates will collectively make the investment to help the group become the world’s No. 3 EV maker in terms of sales by 2030.

The companies plan to spend most of the planned investments in expanding their existing EV production lines, developing future mobility parts and technologies, establishing EV infrastructure and exploring new EV business opportunities.

Hyundai Motor and Kia plan to release a total of 31 battery-powered EV models by 2030, including the Kia EV9 this month and the Hyundai IONIQ 7 next year.

Hyundai Motor and Kia have set a combined sales goal of 7.52 million units this year, up 9.8 percent from the 6.85 million units they sold last year.

The two together form the world’s third-largest carmaker by sales after Toyota Motor Corp. and Volkswagen Group.

On top of the domestic EV plants, the group is building a 300,000-unit-a-year EV and battery plant in the U.S. state of Georgia, with a goal to start production in the first half of 2025.

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‘1 in every 7 cars sold now an EV’

EV sales are expected to reach over 14.5 million units by the end of 2023….reports Asian Lite News

One in every 7 cars sold during the first quarter this year was an electric vehicle, dominated by China’s BYD at 21.1 per cent market share while Tesla was at second spot, with 16 per cent share, a report showed on Wednesday.

Global passenger EV sales in Q1 2023 rose 32 per cent YoY. Battery EVs (BEVs) accounted for 73 per cent of all EV sales during the quarter, while plug-in hybrid EVs (PHEVs) made up the rest, according to Counterpoint Research.

EV sales are expected to reach over 14.5 million units by the end of 2023.

The US surpassed Germany to become the world’s second-largest EV market while China remained the leader.

“Tesla slashed prices for its models globally in January, following which other automotive brands announced similar cuts for their car models starting in February, which led to an improvement in EV sales,” said research analyst Abhik Mukherjee.

Global EV sales were largely driven by China with 56 per cent of total EV sales coming from this market.

During February and March, almost 40 automakers, including BYD, NIO, Xpeng, Volkswagen, BMW, Mercedes-Benz, Nissan, Honda and Toyota, reduced their vehicle prices by a couple of hundred dollars to tens of thousands of dollars, which eventually stoked a competitive price war in China.

In China, EV sales experienced a remarkable 29 per cent YoY growth, despite a 12 per cent decline in overall sales of passenger vehicles in the country.

The top 10 EV models accounted for 37 per cent of the total passenger EV sales. Tesla’s Model Y remained the best-selling model globally followed by Tesla’s Model 3 and BYD’s Song.

“Although sales of the traditional internal combustion engine (ICE) vehicles remained stable in Q1 2023 compared with that in the year-ago period, the significant growth in EV sales indicates a rapid transition from traditional vehicles to EVs,” commented senior analyst Soumen Mandal.

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