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We look at the Top brands and models, the gainers and losers and how the battle between battery electric (BEV) and plug-in hybrid (PHEV) technologies play out in the summary of Sweden EV Sales H1 2017.
The highlights for Swedish electric car sales in H1 2017 was:
The Top 3 EV brands in Sweden for H1 2017 were VW, new entrant Mitsubishi and BMW. Most EV brands except Volvo and Peugeot showed gains in units sales compared to H1 2016. Hyundai entered the Swedish market with its Hyundai Ioniq BEV. Initial sales for the Ioniq was below average in a market which has a preference for plug-in hybrid electric vehicles. Toyota re-entered the market with the new Prius but failed to get the same traction as it did in other markets. Tesla and Mitsubishi nearly doubled their sales from 2016. Sweden is on of the few markets where Mitsubishi showed positive growth with the aging Mitsubishi Outlander PHEV in 2017 and now makes up 23.24% of all EV registrations in Sweden. BMW maintained its third overall position with the support of its 330e, 225xe, and X5 xDrive models, more than compensating for waning sales in the BMW i3 model series. VW held on to the top spot, mostly due to the VW Passat GTE which accounted for 25% of all EV sales in Sweden during H1 2017.
Ten new EV models entered the Swedish EV market in the comparison between H1 2016 and H1 2017. Of the ten new EV models, eight were plug-in hybrids, and only the Tesla Model X made it on to the Top 10 list. Volvo launched two new plug-in models at the end of May in its home market, the Volvo XC60 T8 and Volvo S90 T8 PHEV. The XC60 sold 44 units and the larger S90 31 units. The Nissan Leaf still performed well considering the upgrade is expected early 2018. Most of the Mercedes-Benz models fared well except for its larger S550 and GLE550 models. The Daimler company could however not compete with its compatriot, BMW, who had more models in the smaller end of the scale. The BMW 330e, BMW i3, and BMW 225xe Active Tourer sold 813 units while the Mercedes-Benz B250e and Mercedes-Benz C350e could only muster a combined 130 units. The Tesla Model S still performed well in Sweden as opposed to the general trend where we see the sales flattening out in its main markets.
Volvo was the big loser in Sweden during the first half of 2017 despite having a home ground advantage and bringing two new models to market, albeit only in late May. Volvo’s two mainstay plug-in electric cars, the Volvo XC90 T8 and Volvo V60 PHEV, lost nearly a third of their respective sales to brands such as VW, BMW, and Mercedes-Benz.
Sweden has a definite preference for plug-in hybrid electric vehicles. Of the ten new models released since the first half of 2016 in Sweden, eight were PHEVs. A total of 5,850 plug-in hybrid vehicles were sold, comprising 72% of the market while only 2,301 pure electric models were sold during the same period. The percentage breakdown of PHEV to BEV in H1 2017 is very similar to that of H1 2016, explaining why most new models released in Sweden were PHEVs despite a halving of the rebate on plug-in hybrids.
In conclusion, even at a 3.4% of the national fleet (Q4 2016), electric vehicle sales in Sweden remains low compared to its neighbor Norway, which has an EV penetration of close to 30% (Q4 2016). The sluggish performance is linked to the Swedish EV incentive program which has been erratic, linked to a fixed amount of funding which has been depleted a couple of times. Also, the Swedish EV buyer does not get his/her rebate at the point of sale. The Swedish Transport Agency contacts owners after the purchase of the vehicle requesting the completion of a paper process after which they receive the rebate. The rebate of 40,000 kroner (~ $4,500) applied to BEVs and PHEVs up to October 2016 at which time it was halved for PHEVs.
Base data supplied by EV Sales, all calculations, and data representations by wattEV2Buy.
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Daimler and Chinese BAIC Motors this week agreed to increase the investment in the Sino-German Joint Venture, Beijing Benz Automotive Co (BBAC), to manufacture electric vehicles. The partners agreed to a further investment of 5 billion yuan (655 million euros / $735 million) at a signing of the heads of agreement in Berlin in the presence of German Chancellor Dr. Angela Merkel and Chinese President Xi Jinping. The investment by the German automaker is a further commitment to electric vehicles as it implements the aggressive electric vehicle strategy. BBAC is the localization of the Mercedes-Benz brand and will see its first electric vehicle rolling off the production line in 2020.
In June 2017 both partners agreed to strengthen their strategic collaboration through investments for New Energy Vehicles (NEVs) in China. As part of the investment agreement, Daimler announced its intention to acquire a minority share in Beijing Electric Vehicle Co., Ltd. (BJEV), a subsidiary of the BAIC Group, with the purpose of strengthening strategic collaboration with BAIC in the NEV sector.
The investment will be used to extend the BBAC plant in Beijing, established in 2005 and already Daimler’s largest Mercedes-Benz passenger car production hub, to become a BEV production hub in China. The establishment of a BEV production hub will commence with the building of an eBattery factory, which would be Daimler’s first foreign location of its global battery production network. Daimler plans to invest one of the ten billion euro earmarked for its electric vehicle strategy in the global battery production network for Mercedes-Benz vehicles. The network already includes the site in Kamenz, Saxony, built in 2010, where a second state of the art battery factory is being built with an investment of around 500 million euros. Mercedes-Benz will source the cell for its battery plant in Beijing from Chinese suppliers.
Tesla‘s Elon Musk announced last Sunday that production of the Tesla Model 3 would commence on Friday the 7th of July, two weeks ahead of schedule. Late Saturday evening Elon posted a tweet showing two pictures of the historic vehicle with serial number one that came off the production line. According to Elon Musk, the rule at Tesla is that the first person to pay the full price will get the first Tesla Model 3 SN1. He responded to a tweet that he has the first Roadster and Model X but not the first Model S. The average sales price for a Tesla Model 3 is estimated to be around $50,000 before incentives.
Electric car sales in the USA and Norway showed healthy gains over the same period in 2016. US EV sales increased 16% over that of June 2016 while in Norway sales jumped 62% for the same period. Electric vehicle sales in Norway now stands at a record 42% of new vehicle sales. Total US EV sales for the year so far stands at around 90,000 units, 39% more than in the first half of 2016. Read our detailed breakdown of EV sales for H1 2017 in Norway and the USA by clicking on the following links.
The state-owned Chinese automaker Dongfeng, a top four vehicle producer in China, which primary strategy has historically been the production of localized cars of various international auto companies such as the PSA Group, Hyundai, Honda, Nissan, and Kia. The company’s in-house developed vehicles are sold under the Dongfeng Fengshen brand which up to now had little EV models. On the 3rd of July, the GM of Dongfeng Fengshen announced during the unveiling of its AX4 SUV that the company will focus on SUVs and EVs from now going forward. The GM, Mr. Lui Hong, did not specify if the vehicles will be based on the new AX4 SUV, AX7 or the E70.
VW and robotics firm Kuka this week signed a new co-operation agreement to develop robot-based innovations for all-electric and autonomous automobiles. The new agreement will expand the existing e-smart Connect project which includes a practical and user-friendly solution for charging high-voltage batteries of electric vehicles pictured here charging the VW GenE research vehicle. The Kuka developed charger is a charging solution developed for parking garages.
The Volkswagen Group is planning a strategic e-mobility offensive in the course of realigning its drive strategy. By the end of 2018, more than ten new electrified models will be launched on the market. A further 30 models will follow by 2025. These will be all-electric battery-powered vehicles. In parallel, Porsche will manage the ongoing expansion of infrastructure for quick-charging stations. The Volkswagen Group is providing a vision for autonomous driving of the future with the “Sedric” concept car. Audi recently established Autonomous Intelligent Driving GmbH for self-drive systems. This company is carrying out work for the entire Volkswagen Group.
KUKA AG is one of the biggest providers of intelligent automation solutions and is the world’s leading manufacturer of production plants in the automobile industry. The Group’s own Research Department headquartered in Augsburg lays the technological fundamentals for innovations in industrial production and service robotics.
The highlights for Norwegian electric car sales in H1 2017 was:
We saw very big changes in the Top 3 electric vehicle brands in Norway with only VW Group retaining its Top position, albeit with lower sales in its mass-market VW brand. Japanese automakers, Mitsubishi and Nissan were pushed from the Top 3 by German luxury automakers BMW and Daimler. Tesla sales also surpassed that of Mitsubishi and Nissan, with a strong performance by the Tesla Model X more than offsetting the slide in Tesla Model S sales. Tesla now commands over 11% of the total EV market in Norway.
French automakers Renault, Peugeot and Citroën gave up positions to their peers as Hyundai and GM entered the market with the new Ioniq and Opel Ampera-e (Bolt EV) mass-market EVs. It is disappointing that first movers such as the PSA Group grew too comfortable supplying the same models for the past 5 years without preparing a response to longer range mass-market vehicles. Toyota has not achieved the same stellar sales in Norway with the new Toyota Prius as it did in some of its other markets.
The Top 10 gainers in sales growth over 2016 were mostly plug-in hybrid vehicles (PHEV) while the top selling vehicles by units were mostly battery electric vehicles (BEV). The BMW i3 rose a healthy eight positions and ate into the sales of the VW e-Golf, VW e-Up, VW Golf GTE, Audi A3 e-tron, and Nissan Leaf. Norway is now the second best market, after the USA, for the German manufactured BMW i3 accounting for 8% of all electric vehicles on the country’s roads. The Tesla Model X performed very well, helping Tesla to nearly double its sales in Norway. The rise of the Model X, now the best performing luxury EV in Norway, came at the expense of the BMW X5 xDrive and Mitsubishi Outlander. Luxury brands Daimler and BMW‘s large selection of PHEV models performed well in Norway with the Mercedes GLC350e helping Daimler to be the leader in the luxury class over BMW. It is only Daimler’s lack of an answer to the BMW i3 that kept the automaker in the third spot overall.
The VW brand sold 1,540 units less than last year across the VW Golf GTE, VW e-Golf, and VW e-Up models. The VW Group lost nearly 2,000 units in total if one should factor in the sales loss from the Audi A3 e-tron. The biggest overall loser was the Mitsubishi Outlander PHEV which sold 1,040 units less than the same period in 2016. The Tesla Model S is following the same trend as we see in many other countries, losing 31% or selling 388 units less than last year.
Pure electric vehicles (BEVs) extended their lead over plug-in hybrid vehicles (PHEV) to 20.6% from 17.3% in H1 2016 despite having fewer models to offer. A total of 14,753 BEVs sold in the first-half of 2017 in Norway compared to 12,231 PHEVs. For our calculation, we included the BMW i3 REx as a BEV since we don’t have an accurate breakdown of BMW i3 sales between the BEV and range extended version.
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Tesla is aggressively targeting Asia for expansion. Last week we reported on Elon Musk’s tweet about the US company’s efforts to enter the Indian market. Musk in his TED interview in May eluded to Tesla pursuing the signing of up to five Giga factories by year-end. Rumors that Tesla will establish a factory with the Shanghai Municipality was quashed byAutomation Instrumentation company, Shanghai Lingang Holdings Ltd. The company denied any contact with Tesla related to a China-based factory as the news created a spike in the Chinese company’s share price. Tesla in the meantime responded with the following press statement:
“in order to better serve the China market, Tesla is exploring the possibility of establishing a Chinese manufacturing plant with the Shanghai municipal government. Based on the previous communication, by the end of this year, the localization plan will be more clear. Tesla has been committed to cultivating China market. At the same time, in order to better serve the market all over the world, we are constantly assessing the potential factory location in the global area. Although we expect that most of the production will be completed in the United States, we need to set up factories overseas to ensure more local consumers can afford our products.”
Tesla is looking to establish local production in world’s largest market for electric vehicles to escape the 25% import duty on its models. Tesla also this week began delivering the Model S 90D in South Korea announced the launch of the Model X in Indonesia.
Other Tesla headlines this week saw the announcement of the start of the production of the Model 3 battery cells and the resignation of its Autopilot Head, Chris Lattner. Chris Lattner joined the company barely six months ago. Both Chris and the Tesla cited that he did not fit the company’s culture.
SAIC, the state-owned top four Chinese auto manufacturer and CATL, top lithium battery manufacturer, this week established two joint venture companies in a bid to challenge Tesla’s dominance in the EV and Battery sectors. CATL and SAIC will play to their strengths in the separate JVs with CATL focusing on battery technology and SAIC on drive train development.
In a similar vein, BYD, the top selling EV manufacturer in China for two years running has spun its battery division into a separate entity allowing it sell batteries to other Chinese and international auto manufacturers.
Ford this week publicly presented its autonomous Ford Fusion Hybrid we reported on at the end of last year. The self-driving Fusion was put through its paces at the University of Michigan where it successfully navigated daily traffic conditions at a top speed of 25mph.
The French PSA Group announced that it plans to have a Level 3 self-driving vehicle by 2020 and introduce semi-autonomous DS 7 Crossback next year. The PSA systems are called ‘Traffic Jam Chauffeur’ and ‘Highway Chauffeur’.
Texas signed a bill authorizing testing of self-driving cars on public roads.
Audi announced that it will start producing the Audi e-tron Sportback EV at its Brussels plant from 2019 while VW’s Chairman, Dr. Herbert Diess confirmed that it will produce a version of the of the I.D. Buzz unveiled last year. The I.D. Buzz will join the I.D. Crozz in production and compete with Tesla‘s expected Type II people carrier.
This week was another bumper week for the EV sector as two new EV-specific brands were created alongside the usual flood of new ZEV models we are now getting used to.
Volvo created a high-performance electric vehicle company by rebranding its Polestar High-Performance Division. Volvo teased the new logo and announced the new management, under the leadership of its Design VP, Thomas Ingenlath, now Polestars CEO. Polestar will continue its engineering work under its old logo but will turn the sub-brand into an electrified global high-performance car company with the new branding.
Chongqing Sokon, one of the 15 Chinese companies with EV production certificates and owner of US based AC Propulsion this week acquired US AM General’s auto assets for $110 million. The acquisition includes the Hummer plant in Indiana and will be housed within its USA unit, SF Motors. Sokon has made a number of aggressive moves the last 12 months, including the signing of Tesla co-founder Martin Eberhard but so far has not made any clear indication of how all these actions will translate into a strategy.
CHJ Automotive announced during a Round A capital raising that it will create a new vehicle category for city application by bringing an ultra- compact two-seat EV to market in 2018 from its plant in Changzhou, Jiangsu province.
Zotye announced that its sixth and latest production facility, completed recently in Chongqing, will produce an electric SUV, the M12 or Zotye T300E as well as a PHEV MPV the seven seat B40.
Bloomberg released an unconfirmed report on Tuesday that the Chinese Government would place a moratorium on the release of EV production certificates as the country tries to manage the sustainability of the sector. Although the report remained unconfirmed at the time of going to press shares of automakers with issued permits rallied on the news.
In 2016 the Chinese Government announced that it would limit the number of EVs produced by regulating the sector through the issue of production certificates. The National Development and Reform Commission (NDRC), a body that oversees investments in the centrally managed economy, announced that only ten permits would be issued to produce EVs. At the time a much as 200 companies, including 30 IT companies, had business plans to profit from the government’s program to promote electric vehicles. It was estimated that the anticipated production would far exceed 50 million units per year. The Government further feared that the rush of newcomers to the industry would lead to inferior products harming the sustainability of its strategy to dominate the EV sector.
In May 2017 I published an article on the permitting process and the products and strategies of companies with issued production certificates. At the time Shenzhen GreenWheel received the 14th permit, allowing the company to produce 50,000 per annum. Since then a 15th permit, possibly the last for the foreseeable future, was issued to the newly formed JAC/VW joint venture, granting a production certificate of 100,000 per annum.
The Chinese Government targets to add 2 million new energy vehicles to the national fleet per annum by 2020. In 2016 the country sold more than 500,000 taking the total of EVs on the country’s roads to over 800,000 units. Should the report hold true, it leaves the question what would happen to the business plans of companies such as LeEco and NextEV with much-publicised intentions to develop electric vehicles. As recent as February this year LeEco was forging ahead with breaking ground on its 200,000 plant in Deqing, Zhejiang Province, a $1.8 billion project. NextEV made big strides in electric and autonomous vehicle technology through its NIO brand, breaking production records and setting the first autonomous lap record in the process with its NIO EP9 sports car. The moratorium could very well be for a short while until the Chinese EV sectors show signs of recovering from its recent slump. The Chinese EV sector which showed double digit growth until 2016 grew only 7% for the year to date in 2017. If the moratorium is expected to last longer, the incumbents might look at approaching other countries to assist them in developing EV plants.
Click for a list of the Chinese automakers with EV production certificates and their models.
Honda released its mid-term strategy, Vision 2030, this week as the company plays catch-up to the rest of the market as most of the Japanese automaker’s competitors have already formulated strategies for autonomous and electric vehicles through 2025. Like most of its peers in Japan and Korea, Honda placed its bets on hydrogen fuel cell vehicles, losing valuable runway on the electric vehicle trajectory that most of the sector now find themselves on.
Reuters quoted CEO, Takahiro Hachigo “We’re going to place utmost priority on electrification and advanced safety technologies going forward,” as Honda acknowledged it must look beyond conventional cars to survive. The company targets to have new energy vehicles contribute two-thirds of its model range by 2030, up from 5% currently. Honda has employed nearly $7 billion in R&D spend by March 2018 to support its strategy.
The company further announced that it would unveil a model based on its new independently designed EV platform in the 3rd quarter of 2017. The company will also start selling the Honda Clarity EV in the USA for around $35,000 in the second half of 2017. Unfortunately, the expectations for the Honda Clarity to fail is high as it only has a range of 80 miles per charge, competing with the 2010 Nissan Leaf in 2018.
Henry Fisker, the EV pioneer behind “Tesla killed” (as opposed to Tesla killer) Fisker Karma this week, unveiled the design specification for its 2019 production vehicle the Fisker EMotion. The Fisker EMotion is expected to have a range of 400miles and a top speed of 161mph. The vehicle employs proprietary charging technology, the UltraCharger, that charges 100miles in 9 minutes. The vehicle is equipped with LIDAR autonomous hardware. Fisker will employ the same direct sales strategy as Tesla and service through “The Hybrid Shop,” an initiative with THS. THS is a specialty EV servicing company with 36 service centers in North America, targeting 400 globally by 2019. The company will release more information during the month of June and pre-ordering will open from June the 30th.
Longtime Nissan Chairman, Carlos Ghosn, this week commented that he does not see electric vehicle adoption equal to that of other nations soon. The Australian Governments lack of support for the sector has received widespread criticism from the auto sector recently. Mr. Ghosn was quoted by Australian publication, Drive, saying “The subsidies are important to jump-start the technology and help the technology reach a new level. I understand that your government is going to issue a new policy. I will be waiting [to see] what are the components of this policy.” Earlier this year Nissan Australia CEO Richard Emery lashed out at the Australian government over a lack of support for the EV sector, describing his dealings with the industry as ‘amateur hour.’
Other automakers have shared the same sentiment, this week BMW country chief, Mark Werner, according to Car Advice said at the launch of the plug-in hybrid 530e iPerformance that the government has “stuck their collective heads in the sand.” “Our government is so far behind in their view of climate change,” he said. “Australia has shocking emissions levels. Worse than what we would call non-industrialised or third-world countries.”
EV sales in Australia totaled less than a 1,000 vehicles in 2016, while the smaller neighbor, New Zealand sold close to 1,500 in the same period.
Mahindra Racing took two podium positions in the 7th race of the third season of the Formula E series held in Berlin on Saturday the 10th of June. The Mahindra team stands a very good chance to end 2nd in the series with five races remaining as it lies only 17 points behind the second place Audi team. Multi-season winner, Renault had an unfortunate race, with its ace Sebastian Buemi being disqualified due to a tire pressure infringement. Mahindra has been very consistent over the season with some podium finishes but has never been able to clinch the top position. The 8th race will be held today and bodes to be an exciting spectacle.
On the 1st of June 2017, VW and JAC signed a joint venture agreement to develop mass market electric vehicles in China. The agreement received the political support of both the German and Chinese Governments as it was signed in the presence of Chancellor Angela Merkel and Chinese Premier Li Keqiang. Although the agreement was negotiated over a period of time it is significant that it was signed on the same day that Donald Trump took the USA out of the climate accord agreed in Paris 2015 in a move alienating the USA from the rest of the world.
VW and JAC will each hold 50% in the JV enterprise to develop, produce and market electric vehicles and mobility services with a key focus on mass market EVs over a 25 year period. The JV has already received a production certificate for 100,000 units last week as required by new Chinese regulations created in 2016 to regulate the EV sector. The value of the prospective 100,000 unit plant is set at $740million. VW has been operating in China since 1984 through partnerships with FAW, SAIC, and JAC and plans to deliver 400,000 electric vehicles to the Chinese market in 2020 and 1.5 million electric vehicles in 2025 as part of its electric vehicle strategy, named “TOGETHER – Strategy 2025”. It is planned that the new joint venture with JAC should produce its first jointly developed electric vehicle in 2018. The terms of the partnership according to a VW press release is as follows:
The agreement provides for the construction of a further factory as well as a research and development center. The joint venture also includes the development and production of components for new energy vehicles (NEV), the development of vehicle connectivity and automotive data services. In addition, it is intended that the joint venture should establish new used vehicle platforms and engage in all related business activities.
JAC Motors, China’s 10th largest auto manufacturer is a state-owned enterprise officially know as Anhui Jianghuai Automobile Co. Ltd and situated in Hefei, Anhui Province, close the larger Chery Auto. JAC Motors crafted its strategy for the electric vehicle segment, named “The Pure Electric Vehicle Development Plan” in 2002, making JAC an early mover in China and one of the most popular brands. In 2012 the company held the Top 1 position in China and thereby gaining the Top 3 place globally. At 2016 the company sold 22,000 new energy vehicles, bolstering it to showcase the largest range of electric vehicles at the Beijing Auto Show in 2015. JAC has also recently partnered with Carlos Sim to build vehicles in Mexico, taking advantage from Donald Trumps isolating policies there.
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The pace of German electric vehicle sales just keeps on accelerating as the country’s April EV sales jumped 119% compared to the previous April, bringing the year-to-date increase to 82%, up from 77% in March. Battery Electric Vehicles (BEV) maintained a slight lead over Plug-in Hybrid Electric Vehicles (PHEV) with 6,843 units sold vs. 6,728. Plug-in Hybrids were, however, the leading technology for the month of April with 1,953 units sold vs. 1,587.
The Top EV brand in Germany is BMW, taking the crown from VW. The BMW i3, which kept on to its second position overall and the BMW 225xe Active Tourer accounted for nearly 80% of the German automaker’s total sales. Significant of the BMW i3 sales is that the consumer is shifting away from the i3 REx range extended PHEV, last years preferred variant, to the pure electric version. The ratio in 2016 was 474 i3 REx to 216 i3 BEV vs. 897 BEV to 551 REx now. The shift towards the pure electric version is an indication that consumers are getting more comfortable with the technology and that range anxiety is becoming less of a deterrent. Surprising is that Nissan lost a lot of ground in Germany, this was due to the fall in Nissan Leaf sales. The popular, yet dated Leaf, has been able to hold its commanding position in most other markets, so we have to ask the question if Germany is a sign of what’s to come. Nissan teased some pictures of the new Leaf, expected in 2018 this week. The VW brand was one of the other losers for the year-to-date, mostly due to falling Volkswagen Golf GTE and e-Golf sales. The new Renault Zoe Z.E. 40 was the most popular car in February and March but lost ground in April to the BMW i3, Audi A3, and Mitsubishi Outlander.
Smaller and cheaper models remained the top performers in Germany, but new models such as the Opel Ampera-e (rebadged Chevrolet Bolt), Hyundai Ionic and Mini Countryman SE ALL4 has yet to perform. In the luxury segment, Mercedes-Benz outsold Volvo, BMW, and Audi. Tesla remained the best performer in the luxury segment, maintaining its position, owning 10% of the total electric vehicle market in the country. The Toyota Prius, a top performer over the last couple of months in the USA and Japanese markets, is not yet available in the German market and it is unclear if it will be available here.
At this rate, Germany is expected to surpass its 2016 record with about four months to spare, a great achievement for the electric vehicle sector, boding well for global EV sales in 2017.
Please feel free to use the comment section below to share your thoughts on the German EV market and available models.
Now that all the Q1 data is in we can do a detailed dissection of the hottest quarter in EV history in which nearly 200,000 electric vehicles was sold. The headline data is that nearly 180,000 EVs were sold in the top 10 EV countries. Battery Electric Vehicles (BEV) outperformed Plug-in Hybrid Vehicles (PHEV) by a long shot. A total of just over 106,000 BEVs were sold while only around 70,000 PHEVs moved off the dealership floor in the top 10 countries.
One of the standout data points is USA EV sales which overtook China as the best market for electric vehicles in Q1, making the USA the top EV country in Q1. The worst performer was The Netherlands, who fell out of the top 10. The Netherlands disappointing performance over the last couple of quarters does not bode well for the European country was seen, next to Norway, as one of the proponents of the technology. Only last year still did the Dutch Government contemplated a goal to be 100% electric by the middle of the next decade. It is unclear what caused the drop in EV sales in the Netherlands.
When comparing this quarter’s EV sales by country to their respective totals for 2016 one can see that the pace of EV sales picked up in most. If one should expect that by the end of Q1 EV sales should equate to roughly 25% of 2016, it is only China and The Netherlands that are underperforming. Chinese EV sales have lagged in January due to technical factors including a clampdown on EV subsidy fraud and the annual Chinese holiday, in which most industries shut down. Chinese EV sales have picked up the pace in the following months and the quarter still ended up 30% over the same period of the previous year. It can be concluded that EV sales for the first quarter in China are historically weak and Q1 2017’s performance is by now way an indication of a trend. Furthermore, the Chinese Government last week announced a plan to dominate the electric vehicle sector which should help the country to regain its stature. Japan, on the other hand, has picked up the strongest pace and has already achieved EV sales equal to 59% of its total 2016 sales. The Japanese EV market has the least variety of EV models available to consumers, and it is anticipated that the introduction of more models will stimulate the market further. Germany is the second best performer helped by a 77% improvement in EV sales on a year-to-year basis.
The top EV brand in the Top 10 EV Countries is Tesla for the second year running. Tesla announced in its April trading update that it sold just over 25,000 Models S and X globally. It is important to note that the figure reported includes vehicles being shipped, while country sales data shows vehicles registered. Toyota is back in the Top 10 list of EV brands on the back of a well-received new Toyota Prius. Chevrolet did not shoot the lights out with its new mass-market EV, the Chevrolet Bolt / Opel Ampera-e. Most of GM’s sales came from the Chevrolet Volt PHEV. The company is criticized for producing a limited amount of the Bolt and is being labeled as a compliance company for that, a term used for auto manufacturers that only sell EVs in Zero Emission states to gain credits. The big losers included VW, BYD, and Mitsubishi. BYD has been the Top EV manufacturer for 2015 and 2016 globally and was at the number three position for most EVs sold since the start of the decade. Competition from the likes of BAIC and SAIC is the main reason for the companies bad performance. Up til 2016, BYD had the advantage of being first to market, but some new models that can compete on performance and quality with BYD entered the market since 2016. (This sentence could very well be used for Tesla in a couple of years). Mitsubishi fell a staggering ten places as the company has not updated its popular Outlander PHEV or introduced new models as a replacement.
The Top 10 EV models are still lead by the Nissan Leaf, a phenomenal performance by the 7-year-old EV. The Toyota Prius replaced the Tesla Model S in the top two while the Tesla Model X performed the best of the 2016 Top 10 cohort. Newcomers Chevrolet Bolt, BAIC E-180, and the Toyota Prius replaced the BYD e6, BYD Tang and Mitsubishi Outlander in the Top 10 EV models list for Q1.
Please use the comment section below to share your thoughts on the EV market.
Note on data: The detailed data above does not include the UK, who keeps their EV data more secret than Donald Trump does classified information.
The Chinese Government released its long-term development plan for the automotive sector on the 25th of April 2017, setting out the China EV strategy. The plan, presented by the Ministries of Science and Technology and Ministry of Industry and Information Technology in conjunction with National Development and Reform Commission, sets out how the country will ramp up the local EV sector and dominate the world market.
If successful the Chinese auto sector can leapfrog the dominance of the big auto companies, such as Toyota, VW, BMW, Daimler, Ford, and GM. Big Auto has missed the boat on electric vehicles and therefore continue to downplay the technology as only a niche sector. Management boards of big auto companies are flip-flopping strategy as they try and come to grips with how to enter the market and to what extent they should invest in research in technology. BMW last week announced that EVs constituted 3% of its total sales for the first quarter of 2017 after a jump in EV sales of 50% (Top 5 EV News Week 18). With the release of the data, the company set out how it will introduce more models. The news from BMW is in stark contrast from news only six months earlier when the Board grappled with if it should pursue EVs at all (Top 5 EV News Week 49 2016). In the USA we have recently seen how newcomer Tesla is valued above Ford and GM by investors. The response by Big Auto and other detractors of EVs was that this is a temporary phenomenon, arguing that Tesla hardly produces one tenth of the vehicles any of the top brands does. If one look at total sales of Battery Electric Vehicles (BEVs), it seems investors on the other hand value companies on their future ability to produce electric vehicles. If the same apply for Chinese brands, we can very quickly expect a Chinese brand to ascend the list of top auto brands.
According to the plan by the Chinese Government, it set a short-term target of EV sales of 2 million units locally by 2020 and at the same time elevate Chinese auto brands to be seen amongst the top ten electric vehicle brands globally. The medium term target is that EVs contribute 20% of the total annual fleet by 2025, which is a huge amount of cars. Measuring the movement in sales by brand in the table below we can already see the top Chinese EV brands, BAIC, SAIC, Geely Zhidou and JMC moving higher and two brands, BAIC and BYD in the top ten list for the first quarter 2017. Other evidence of Chinese companies investing heavily in the sector includes Chinese IT company, Tencent acquiring a significant stake in Tesla, sparking a rally in the stock.
Measures by the Chinese Government to achieve the targets above include:
China already has experience of setting itself to dominate a sector and achieving set goals. Less than a decade ago the Chinese Government plotted to dominate the PV panel market and in the process brought down the price of energy production from renewables, killing some western PV manufacturers in coal plants in the process. Already we are seeing a deluge of battery cell plants being planned by the end of the decade in China. We can, therefore, expect the same domino effect as in the energy markets, taking out auto manufacturers that were slow to embrace electric vehicles.
Interested in learning more about Chinese electric vehicles? Download our fun and easy app below, flick the China switch and swipe left the models you don’t like, right the ones you do, enter the chat rooms and share your thoughts with the community.
#1 – USA April EV Sales continue upward trend
USA EV sales for April were released this week showed an increase of nearly 25% on a year-on-year basis, bringing the 2017 figure to 54,000 units for the year-to-date, which is 41% ahead of the 38,000 for the same period in 2016.
PHEV vehicles are gaining on the lead of BEV vehicles as Toyota Prius sales continued its upward momentum while deliveries for the Nissan Leaf and Tesla’s Models S and X slipped (hard). Sales for new models introduced through the month were a mixed bag, with the Cadillac CT6 PHV only racking up 6 units while the Chrysler Pacifica PHEV mustered 205 units after a delayed start to the year. The Chevrolet Bolt recovered nicely and Fiat had a record month with the 500e after introducing special deals. A big loser was the Mercedes C350e, dropping to only three units from a high of 210 in January.
#2 – Citroën’s EV strategy unwrapped
Citroën this week shed some light on its electric vehicle strategy. The PSA Group company plans EVs across the range starting 2020. The strategy mimics Hyundai’s strategy with the Ioniq, having an ICE, PHEV and BEV version. The approach is seen as quite expensive, but hopefully, the company gained some inside knowledge from the Citroen C-Zero, one of the first EVs of the decade.
Citroen CEO Linda Jackson was quoted by Automotive News Europe as follows – “Our strategy for electric vehicles is not to have a vehicle dedicated to electric, but to have electric across the range so that customers can choose a gasoline model or an electric model.”
#3 – Tesla’s shares retreats after hitting our target
Tesla shares early in the week hit the target of $320 we predicted on the 3rd of April after which it came back to test the breakout when the company announced a loss of $322m for the quarter despite more than doubling revenues. Interestingly enough if you list GM, Tesla and Ford’s market cap and total units sold it seems that investors are valuing the three top brands in the USA on their EV unit sales only.
We picked up in the fine print of the release that Tesla will add a 100 retail, delivery and service locations during 2017 globally, representing a 30% increase. The company will also add 100 Tesla Ranger mobile repair trucks during the second quarter. The production of 5,000 Model 3s per week is still on track to commence in July.
#4 – California taxes ZEV owners
The California legislature this week passed a bill to increase revenues from the transport sector in a bid to cover the increased cost of maintaining road infrastructure. The Bill included an annual levy of $100 on ZEV vehicles to compensate for the fact that EV taxes can’t be recovered at the pump. Diesel and gasoline prices increased by $0.36 and $0.30 per gallon. California is home to nearly half of all EVs in the USA.
In other regulatory news this week impacting on EV growth the EU approved a joint venture between BMW, Ford, Daimler, and VW to develop a fast charging network in across the union. The companies will hold equal shares in the JV.
#5 – EVs now 3% of BMWs sales
BMW this week released its sales data for the first quarter 2017, showing that EVs now constitute 3% of its total sales as EV sales jumped 50%. The Chairman of the Board, Mr. Harald Kruger was quoted saying “We are therefore well on course to delivering more than 100,000 electrified vehicles for the first time in 2017”. The company also announced that it would start producing it iNext autonomous brand at its Dingolfing plant form 2021. Other models expected from the German automaker is the i8 Roadster PHEV (2018), a BEV Mini (2019), and a BEV X3 (2020). The news from BMW is in stark contrast from news only six months earlier when the Board grappled with if it should pursue EVs at all (Top 5 EV News Week 49 2016).
#1 – Peak in oil due to EVs confirmed by Big Oil
Record breaking sales in the first quarter of 2017 reaffirm the trend set by the healthy sales growth experienced in the sector during 2016. All expectations are that 2017 would even be better and that the deluge of new models reaching dealership floors by the end of the decade will sustain the growth into the next decade, causing many stakeholders to adjust their forecasts upwards. We have covered most of these forecast adjustments, but the one sector that is forever dissing the sector, Big Oil, has as recent as Week 9 2017 maintained that the disruption caused by EV’s is overstated.
Finally, this week during the Bloomberg New Energy Finance Conference voices from the sector came out signaling that EV penetration will hurt oil demand. Total SA’s Chief Energy Economist, Joel Couse, projected that the impact of electric vehicles would cause the demand for oil to flatten or even decline by 2030. The CEO of Royal Dutch Shell shared the same sentiments recently as the company trimmed their forecasts, indicating that oil demand my peak by the late 2020’s. The reasoning behind the shift in outlook is sparked by electric vehicles being able to compete with combustion vehicles in both performance and price as battery prices decline.
Michael Liebreich, the founder of Bloomberg New Energy Finance, pointed out that there would be 120 models across the spectrum by 2020. He was quoted further saying what we already know – ”These are great cars. They will make the internal combustion equivalent look old fashioned.”
Picture Source: Bloomberg New Energy Finance
#2 – VW continue to see electric vehicles only as a niche going into the next decade
The recent surge in Tesla‘s share price, which is close to the first target of $320 called by wattEV2Buy on the 3rd of April, has put a spotlight on traditional vehicle manufacturer electric vehicle strategies. VWs CEO, Mr. Matthias Müller, this week reprimanded the media for getting too carried away with the “New Beats Old” storyline. Mr. Müller was quoted by The Financial Times at the Vienna Auto Show on Friday, responding to Tesla‘s surge – “This has little to do wth the reality on our streets. The VW Group produced 10.3m vehicles last year – Tesla around 80,000, and the fact is, electric mobility continues to be niche. VW only see’s that one out of four of its vehicles would be electric by 2025.
The world’s largest automaker will spend around €20bn by 2022 on cleaner engines, of which only 45%, or €9bn, would be on alternative drive tech, which at least is a trebling over the amount of only €3bn spent over the last five years. The €9bn budget is less than the €11bn earmarked by fellow German automaker, Mercedes, over the same period. Analysts have been concerned over certain automakers conservative electric vehicle strategies in the face of Tesla and China‘s dominance in the sector.
#3 – Bollore exits the electric vehicle sector
The French industrialist, Vincent Bollore, one of the pioneers of the current electric vehicle revolution announced that he would retreat from the sector. Bollore introduced some of the first car-sharing schemes at the start of the decade, using its own vehicle the Bollore Blue Car, It created a second car, the Bollore Blue Summer, but contracted it out to Citroen, which sells it’s as the Citroen Mehari. Mr. Bollore cited that he can’t compete with only one car in the market as more and more players crowd it. Bollore will focus on its strengths, being battery technology, and will apply it in its grid storage and mass transit vehicles. Those who follows the data for France in our Global EV Sales section would have noticed that hardly any Blue Cars were sold in the country this year. Bollore uses a Lithium Metal Polymer Battery, which is not suited for cars, as the chemistry consume electricity even when off.
#4 – India to go all electric by 2030
India is set to introduce policies and support the country’s electric vehicle industry for three years as it targets to have a 100% electric fleet by 2030, in a bid to save on fuel import cost. The announcement was made by the country’s Energy Minister, Mr. Piyush Goyal at the CII Annual Session in New Delhi.
#5 – Tesla shareholder to unveil its own electric vehicle
Tencent-backed Future Mobility is set to unveil its concept vehicle this year with the intent on starting production in 2019. Tencent recently acquired a significant stake in Tesla by purchasing 5% of the US companies stock in the open market, making one wonder how it will impact on the investment with which it aims to compete. The concept vehicle is said to be a midsized SUV priced around $45,000. Chinese internet companies such as Tencent and Baidu are increasingly becoming active in the vehicle market as the bounds between cars and vehicle are falling away. Baidu introduced it’s Appollo self-driving platform last week, opening it up to developers to join in its development.
Navigant Research placed Ford and GM at the top of its autonomous driving leaderboard, surprisingly far above Waymo (7th), the pioneer of autonomous driving. Waymo was only listed as a contender, and Tesla who has already clocked over 300 million miles in Autopilot (Level 2 Autonomy) did not make the Top 10 list. Waymo, not aiming to develop a car, but rather focusing on autonomous technology has partnered with Chrysler and Ford on testing autonomous technology.Making Navigant’s findings even more surprising to us is that
Making Navigant’s findings even more surprising to us is that Waymo performed exceptionally well compared to other automakers on the list when comparing across all permit holders allowed to test autonomous tech on Californias public roads. According to CA DMV regulations, each permit holder must annually file a disengagement report, reflecting the number of events where a driver essentially has to take over from the vehicle’s autonomous mode to either prevent a traffic incident or where the system fails. Waymo posted a record 0.2 disengagements per 1,000 miles in its 2016. For a breakdown of each permit holders testing in California read our recent blog providing detailed analysis. The table below shows a summary of all the permit holders in the CA DMV program’s disengagements per 1,000 miles.
Despite Tesla aiming to have a market ready Level 5 autonomous product by the end of the year, it is only listed as a contender. Tesla is criticized by some, for being too aggressive, using its customers as guinea pigs for its AutoPilot software.
Not surprising though is that Uber features on the bottom end of the list, the controversial ride-hailing company has been in the news lately for losing its right to test in San Francisco, being sued by Waymo and a crash in Tempe, Arizona, temporarily halting its pilot program.
TOP 5 EV NEWS #1 – UK EV SALES Q1 2017 BREAKS RECORDS
UK EV sales for the first quarter 2017 set new records, mostly on the back of Tesla sales. The quarter’s sales bring EV’s contribution up to 1.4% of the total vehicle fleet. The UK sales for Q1, traditionally the best performing quarter for UK car sales, was closely watched as a new Vehicle Excise Duty (VED) comes into play from the first of April 2017. The new VED rules apply for all vehicles except zero emission vehicles (ZEV). According to the VED, Internal Combustion Engine vehicles (ICE) will be liable for a levy of £1,550 spread over five years on all vehicles priced over £40,000.
Electric vehicle sales for March, which contributed nearly 70% of the quarter’s sales, rose a below average 7% on a year-to-year basis, lower than the 8.4% for the total new car market. Total EV sales for the quarter was around 11,900 units, some 880 units more than Q1 2016. A deeper analysis of the UK electric vehicle sales showed a significant rise of the Battery Electric Vehicle (BEV) component, rising 34%, or around 800 units in March from the year before. Most of the 800 units can be attributed to Tesla’s massive sales drive, which led to a record 25,000 units being sold internationally, of which nearly 900, triple February’s sales, was sold in the UK during March 2017.
The improved performance of BEV vehicles compared to Plug-In Hybrid Electric vehicles (PHEV), showing a decrease of 5% to just under 5,000 units, corrects a trend since 2016 which saw 3-in-4 electric vehicles in the UK being PHEV’s.
All indications are that UK EV sales will breach the 100,000 unit mark, shared with only 7 other countries within the next couple of months. Recent surveys in the UK showed that most vehicle buyers are negative towards diesel vehicles due to diesel gate, a spectacular own goal by big auto and that 85% of vehicle owners now consider buying an EV, subject to them overcoming these EV related misconceptions.
TOP 5 EV NEWS #2 – AUDI & PORSCHE TO CO-OPERATE ON EV PLATFORM
VW sister companies, Audi and Porsche, to accelerate their respective electric vehicle strategies, this week announced that they would jointly develop a shared electric vehicle platform allowing the automakers a faster route to electric, connected and autonomous technology. The partnership will last til 2025. The German based VW Group‘s electric vehicle strategy is built on its MEB electric platform architecture, while Porsche targets the delivery of its first electric vehicle, the Mission E by 2020 and Audi, an electric SUV based on the e-Tron Quattro by 2018. Both vehicles will have various degrees of autonomy as part of its offering.
TOP 5 EV NEWS #3 – FORD’s CHINA STRATEGY
In the same week where Ford was dethroned by GM as the USA’s number two automaker, due to Tesla taking the top spot, the company released a new electric vehicle strategy for its Chinese operations. Ford, suffering from a shareholder revolt due to its lack of a convincing electric vehicle strategy and declining sales on Thursday announced that it targets 70% contribution from EV’s of its Chinese auto sales by 2025. The first phase of the strategy will be to produce a PHEV early 2018 together with its Chinese partner, Changan, also known as Chana. The company aims to have a small electric SUV within the next 5 years, capable of a battery electric range of 280 miles / 450km. The company still lacks a proper global electric vehicle strategy and the current attempt is too little and too late.
TOP 5 EV NEWS #4 – MAHINDRA & SSANGYONG ANNOUNCE EV
The Chairman of Indian automaker Mahindra and Mahindra, Anand Mahindra announced at the Seoul Motor Show this week that Mahindra and its Korean subsidiary SsangYong aims to develop a luxury electric vehicle by 2019, targeting entry into Chinese and US markets.
TOP 5 EV NEWS #5 – NAVIGANT RESEARCH DISCOUNTS WAYMO AND TESLA AUTONOMOUS EFFORTS
Navigant Research placed Ford and GM at the top of its autonomous driving leaderboard, surprisingly far above Waymo (7th), the pioneer of autonomous driving. Waymo was only listed as a contender, and Tesla who has already clocked over 300 million miles in Autopilot (Level 2 Autonomy) did not make the Top 10 list. Waymo, not aiming to develop a car, but rather focusing on autonomous technology has partnered with Chrysler and Ford on testing autonomous technology. Making Navigant’s findings even more surprising to us is that Waymo performed exceptionally well compared to other automakers on the list when comparing across all permit holders allowed to test autonomous tech on Californias public roads. According to CA DMV regulations, each permit holder must annually file a disengagement report, reflecting the number of events where a driver essentially has to take over from the vehicle’s autonomous mode to either prevent a traffic incident or where the system fails. Waymo posted a record 0.2 disengagements per 1,000 miles in its 2016. For a breakdown of each permit holders testing in California read our recent blog providing detailed analysis.
Navigant’s criteria are based on the following ten factors; vision, go-to-market strategy, partners, production strategy, technology, sales, marketing, and distribution, product capability, product quality and reliability, product portfolio and staying power. The Top Ten on Navigant’s list are Ford, GM, Renault–Nissan Alliance, Daimler, Volkswagen Group, BMW, Waymo, Volvo/Autoliv/Zenuity, Delphi and Hyundai Motor Group.
Despite Tesla aiming to have a market ready Level 5 autonomous product by the end of the year, it is only listed as a contender. Tesla is criticized by some, for being too aggressive, using its customers as guinea pigs for its AutoPilot software. Not surprising though is that Uber features on the bottom end of the list, the controversial ride-hailing company has been in the news lately for losing its right to test in San Francisco, being sued by Waymo and a crash in Tempe, Arizona, temporarily halting its pilot program.
The highlights for USA electric car sales in Q1 2017 was:
There are no surprises in the Top 3 Electric Vehicle Brands as Tesla remained on top, due to increase sales of the Tesla Model X, and GM and Toyota brought new models to book. Quarter 1 2017 was the first full quarter for the Chevrolet Bolt, the world’s first mass-market car. The Chevrolet Bolt‘s performance was rather disappointing, with sales dropping from a January high. The reason can be one of two, either GM‘s slow roll-out is to blame, or most buyers are waiting for the Tesla Model 3. Toyota’s only Plug-In Hybrid (PHEV) vehicle, the Toyota Prius Premium, performed remarkably well, taking in consideration that the battery capacity and range does not offer a real advantage to its competitors.
The bad boy on the block was Ford, barely hanging on to the Top 5 list of electric cars. Were it not for Porsche’s bad performance in the VW Group; the German automaker would have unseated Ford in the Top 5. BMW dropped out of the Top 5 list as Toyota entered the list in the third position. Daimler showed commendable improvement while Hyundai and Volvo joined Ford on the losing side. Nissan still shows consistent growth with its only electric vehicle, the Nissan Leaf.
Of the new electric vehicle models that came to market in this quarter, the Toyota Prius Premium, a PHEV outperformed GM‘s Chevrolet Bolt, a BEV by nearly 30%, a disappointing performance for the first mass-market electric vehicle. Both Mercedes-Benz and BMW had two more models in this quarter compared to 2016, with the Mercedes-Benz C350e and Mercedes-Benz GLE 550e outselling the BMW 330e and BMW 740e.
The Mercedes Benz S550 PHEV, BMW i3 2017 and Tesla Model X were the best performing existing models, although for the BMW i3, its the 50% improvement in battery capacity that attributed to its increase in sales.
The Tesla Model S sales remained flat on a year-to-year basis, despite continued improvements in its software and hardware.
Sales of the Cadillac ELR fizzled out completely in anticipation of the release of the Cadillac CT6 PHEV this month. Both the Porsche Cayenne and Panamera showed big losses in sales from a year ago, impacting on total growth for the VW Group. Judging from the Ford models sales slump, it is clear the century-old automaker needs to reassess it electric vehicle strategy. The big drop in the Volvo XC90 T8 can be attributed to the challenge faced by all automakers coming late to the electric vehicle party. To enter the electric vehicle market, lagging brands alter existing models to include batteries but in the process lose performance as drivers complain about smaller fuel tanks.
Battery Electric Vehicle’s (BEV), of which nearly half is constituted by the two Tesla models, outperformed plug-in hybrid electric vehicles. Over 20,000 BEV units were sold in the first quarter of 2017 compared to just under 15,000 a year ago. Q1 2017’s 19.2% increase in sales showed a slight improvement for the technology on Q1 2016 when BEV outsold PHEV with 17%. The USA is one of the few countries where BEV vehicles outsold PHEV’s since 2016, read our blog on the Top 10 EV Markets.
In total there is 13 BEV models and 20 PHEV models available in the USA market in 2017 so far. Consumers had a choice of seven new PHEV models in Q1 2017 and one BEV compared to the same period in 2016.
New model’s coming to market in the next quarter include three plug-in hybrids, the Cadillac CT6 PHEV, BMW 530e, and the Porsche Panamera 4 E-H, while only one BEV, the Hyundai IONIQ Electric will be released, should there be no surprises from Tesla on the Model 3.
Please leave us a comment on your thoughts regarding the electric vehicle models available to the US consumer.
Electric vehicle sales have breached the 2 million unit mark internationally in 2016, and most automakers have committed to an electric vehicle strategy, some more aggressive than others and in the minority of cases not having a strategy is also seen to be a strategy. The Top 10 Electric Vehicle Brands constitutes a good proxy to evaluate trends within the market and to determine the reason for a brand’s success or failure. Also, as we reach the halfway mark to the point where electric vehicles are expected to reach between 9% and 11% of the total vehicle fleet by 2025, a look into the Top 10 will provide guidance on the expected winners and losers as the disruptive nature of the technology takes effect.
Sales of the Top 10 Electric Vehicle Brands constitute 65% of all electric vehicle (EV’s) sales, and for the Top 10 BEV list, 85% of all pure electric or Battery Electric Vehicles (BEV’s) are from the Top 10 Brands in the segment. However, the trend on both lists is on the decline as more and more brands participate in the market. The Top 10 Brands in the pure electric space owns a bigger percentage of the market segment as BEV’s requires more specialization and greater risk. Due to the high cost of battery technology and range anxiety, most automakers excluded themselves from the pure electric segment, providing a golden opportunity for a few dedicated brands to seize the opportunity and leapfrog their competitors into the coming decade.
The following interesting point emerges when comparing the Top 10 Electric Vehicle Brands positions in 2012 with the overall standings and the latest standings in 2016:
Looking at the Top 10 Electric Vehicle Brands list when one only include Battery Electric Vehicles an entirely different picture emerges in many respects:
With EV sales rapidly climbing in 2016 and countries such as Norway now reaching EV sales of over 30% of new vehicles, owning an EV is not just an environmental requirement anymore drawing early adopters. Owning an EV’s has become cool and entering the growth phase in markets such as Norway and The Netherlands, where a couple of “Big Auto” manufacturers have opted to target the mainstream market through bringing Plug-In Hybrid versions of existing models. Many of the “Big Auto” brands are play stalling tactics by calling for the easing of emission standards or blocking Tesla’s direct sales model. Meanwhile, they are falling further and further behind in a market that is becoming ever more popular. Most of these manufacturers might be of the opinion to follow a wait and see approach, hoping that the first mover’s trips and falls due to the high risk and cost, with the intention to swoop in later with their big budgets to poach talent and ideas. We will analyze the tussle between Battery Electric Vehicles and Plug-in Hybrid Electric Vehicles in a follow-up post.
Picture Ellon Musk: The New Yorker