Wiktor Wise
Electric vehicles (EVs) are becoming an increasingly popular alternative to traditional cars. As the world transitions to electric vehicles, the demand for them is also increasing. China is currently at the forefront of the electric vehicle revolution, with a projected production of 13 million battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) by 2023. Automakers across the world are introducing electric vehicles to their lineups, with dozens of pure electric models set to debut by the end of 2025.
| Characteristics | Values |
|---|---|
| Countries with the highest production | China, the United States, Germany, and Japan |
| Country with the highest number of electric vehicles in use | China |
| Leading electric vehicle manufacturer in China | SAIC Motor |
| Companies with plans to stop selling petrol-powered and diesel models | General Motors (by 2035), Audi (by 2033) |
| Key to the world's transition to electric vehicles | Reducing the use of scarce metals and recycling them |
| Country with national guidance for the uptake of electric vehicles | Australia |
| Impact of the coronavirus pandemic on production | Slowed auto development and production |
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What You'll Learn
Electric vehicles in China
China is a world leader in the production and sale of electric vehicles (EVs). In 2022, the country sold 6.8 million EVs, compared to 800,000 in the US, making it the eighth consecutive year that China was the largest market for EVs. China's EV industry is dominated by Chinese companies, with BYD Auto and SAIC Motor occupying the top two spots, and 5 out of the top 7 spots. BYD Auto Co., Ltd. is a Chinese multinational company headquartered in Xi'an, Shaanxi Province, that produces electric cars, buses, trucks, electric bicycles, forklifts, and rechargeable batteries.
China's EV industry has been supported by the Chinese government, which has provided financial subsidies to EV companies since 2009. The government's focus on growing the industry has helped China become a leader in the EV market. In addition, the country's strong battery industry, which constitutes around 1/3 of the cost of EVs, has contributed to its success. China is also home to the world's largest battery company, CATL, and other major players such as BYD, CALB, Gotion, SVOLT, and EVE Energy.
Tesla has also played a significant role in China's EV industry. In 2019, the company opened its first "Gigafactory" outside the US in Shanghai, China, which became its main export hub. The factory has a capacity of 700,000 vehicles per year and is planned to expand further. Tesla's presence in China has imposed the "catfish effect" on the Chinese EV industry, forcing Chinese brands to innovate and advance their technology to compete with Tesla.
Other international companies have also invested in China's EV industry. For example, Volkswagen manufactures electric vehicles in China through joint ventures, and Stellantis acquired a 20% stake in the Chinese electric vehicle manufacturer Leapmotor in 2023. China's EV industry is expected to continue to grow and maintain its competitive position in the world market.
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Electric vehicles in Australia
Electric vehicles (EVs) in Australia are experiencing exponential growth, with sales roughly doubling each year. While the electric vehicle market in Australia is still relatively small, it is expected to grow as more manufacturers and models become available. The Australian government has introduced the Electric Car Discount, which exempts zero- and low-emission vehicles below the luxury car tax threshold from import tariffs and fringe benefit taxes. This incentive, combined with the increasing availability of public charging stations, is expected to further boost the adoption of electric vehicles in the country.
Several electric car models are currently available in Australia, including the BYD Atto 3, which was introduced in 2022 and claimed the title of "Australia's cheapest electric car." In 2024, BYD dropped the price even further and added new features such as Apple CarPlay and a larger infotainment screen. Another notable addition to the Australian electric vehicle market is the Genesis GV70 EV, an all-wheel-drive electric SUV that offers performance, luxury, and 350kW charging capability. The GV70 is priced significantly higher than its internal combustion engine counterpart, showcasing the potential higher costs associated with electric vehicles.
Other electric vehicles available in Australia include the Lexus UX300e, which received a boost in battery capacity and driving range in 2023, and the LDV Mifa 9, a seven-seat electric people mover from a Chinese manufacturer. The LDV Mifa 9 sets several records in the Australian new-car market, including being the most expensive Chinese-built car offered and the first electric people mover available from an Asian manufacturer.
While the electric vehicle market in Australia is growing, it is important to note that the availability of specific models may vary, and consumers are advised to check with manufacturers or their representatives for accurate and up-to-date information.
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Electric vehicles in the US
Electric vehicles (EVs) in the US have witnessed a surge in popularity, with a growing number of American EV companies leading the way in innovation and technological advancements. The US market share of plug-in electric passenger cars has risen steadily over the years, reaching a record 9.1% in 2023. This increase in demand can be attributed to several factors, including the increasing availability of electric models, the expected drop in EV prices, and the expansion of the national public charging infrastructure.
California and Washington, D.C., led the way with the highest percentage share of electric vehicles in 2023, with other West Coast states like Washington and Oregon also ranking high. Despite this regional concentration, the overall number of electric vehicles on the road in the US is still relatively low, with EVs and plug-in hybrids (PHEVs) combined making up only 8.5% of the vehicles sold in May 2024. However, this is an improvement from previous years, and the numbers are predicted to grow.
Several American EV companies have emerged as prominent players in the industry, including Tesla, Rivian, and Lucid Motors. Tesla, in particular, has dominated the EV market, with over two-thirds of the market share at one point. However, its market share has dwindled in recent years as new competitors have entered the industry. Other notable EV manufacturers in the US include Volkswagen, BMWi, General Motors (GM), and Canoo, each offering a diverse range of electric vehicles for personal and corporate use.
The US government has also played a role in promoting the adoption of electric vehicles through tax incentives and credits. The federal tax credit, introduced in 2016, has been a significant factor influencing the purchase of plug-in electric vehicles, with studies showing that it has accelerated the shift from internal combustion engine vehicles to EVs. Additionally, the revised Clean Vehicle Credit, enacted as part of the Inflation Reduction Act, provides further incentives for the purchase of American-made electric vehicles, contributing to the dynamic expansion of the EV market in the USA.
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Electric vehicle batteries
Electric vehicle (EV) batteries are predominantly made in China, which has more than half of the world's EV battery production. The US, Germany, the UK, and France are also leading producers.
The high-capacity lithium-ion batteries used in electric cars are made using carbon or graphite, a metal oxide, and lithium salt. These elements make up the positive and negative electrodes and are combined with electrolytes to produce an electric current. The battery cells contain critical minerals such as lithium carbonate, nickel, manganese, and cobalt. The latest recycling technology aims to maximize the lifespan of these minerals and ensure the next generation of EVs is more sustainable.
The process of manufacturing EV batteries involves four main phases: upstream, midstream, downstream, and end-of-life. The first step is to extract and gather the raw materials. Once the minerals have been processed into galvanic cells, they are constructed into batteries. Manufacturers place cells into modules and then combine these into packs, which form the bulk of the overall battery. Each pack's size depends on the vehicle's type and power needs.
Solid-state batteries are also being developed, which use solid ceramic material instead of liquid electrolytes to carry the electric current. These batteries are cheaper, lighter, and faster to charge, and can reduce the carbon footprint by 40%. BMW and Ford are testing these batteries for use in 2025 vehicles.
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Electric vehicle production
Electric vehicle (EV) production is a rapidly growing industry, with many automotive multinationals joining the electric vehicle revolution. China is at the forefront of this revolution, with a projected production of around 13 million battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) by 2023, exceeding the output of other large markets such as the United States, Germany, and Japan. SAIC Motor is one of the leading electric vehicle manufacturers in China, ranked among the top three producers worldwide in 2020.
In terms of specific vehicle models, Volvo has introduced the ES90, which offers a battery range of 300 to 350 miles on a charge and super-fast charging, with the battery charging from 10% to 80% in just 20 minutes. Volvo has also launched the EX30, which is the brand's smallest, fastest, and most efficient SUV. Other upcoming electric vehicles include the Acura RSX, Honda 0, Jeep Recon, Polestar 3, Rivian R2, and Scout Terra.
The transition to electric vehicles comes with challenges, such as the need to reduce the use of scarce metals and promote recycling. However, many countries are preparing for the shift. For example, Engineers Australia has published technical standards to guide the uptake of electric vehicles in the country, and German automaker Audi plans to stop producing petrol-powered and diesel vehicles by 2033.
As the world moves towards electric vehicles, we can expect to see more innovative models and a growing market for alternative-fuel vehicles. Dozens of pure electric models are set to debut by the end of 2025, providing consumers with a wide range of options to choose from.
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Frequently asked questions
China is projected to produce the most electric vehicles by 2023, with a projected production of 13 million battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV).
Electric vehicles are also produced in other large markets, including the United States, Germany, Japan, Sweden, Italy, France, and Australia.
Electric vehicles have an electric motor instead of an internal combustion engine and are powered by a large traction battery pack. They also require charging equipment, such as a wall outlet or electric vehicle supply equipment (EVSE).
