Hello dear readers!
It is a great day to talk about EVs! Just in time for World EV Day, the industry brings us some really exciting news. Manufacturers including BYD, Mercedes, Volvo, and Chevrolet are all making headlines with new launches and partnerships. Newbies in the industry such as Rivian, Bollinger Motors, and Mullen Automotive are taking bold steps, stirring up the industry.
Exciting Partnerships!
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The EV world is a-buzz with veteran automaker Mercedes-Benz and EV start-up Rivian joining hands to manufacture electric vans. The venture marks Rivian's first international expansion in the lucrative European market. The EV maker is all set to manufacture delivery vans based on its Rivian Light Van platform along with the Mercedes-Benz VAN.EA (MB Vans Electric Architecture). The company is expected to build on its expertise from the successful production of electric delivery vehicles for Amazon in the U.S. This is great news for the commercialization of electric vans and ramping up production in the segment. The trend might soon pass on to larger freight transport vehicles in the near future, especially with Mercedes-Benz (and Daimler) being in the picture. Yayy for electrification as two of the biggest supporters of electric mobility team up!
In other news, EV fresh face Mullen Automotive has acquired 60 percent controlling stake in Bollinger Motors. Mullen invested over USD 148.2 million in this acquisition, aimed at producing class 3-8 trucks and SUVs by 2023. With its existing class 1 and class 2 EV cargo van programs, Mullen and Bollinger together hope to make their mark in the electric commercial vehicle segment. Bollinger is also slated to restart production of its B1 & B2 electric SUVs, which just means more EVs on the road soon!
Eccentric New Product Launches
Speaking of SUVs, Indian automobile manufacturer Mahindra & Mahindra is gearing up to launch a new electric SUV model for the Indian market. With the soaring demand for SUVs in India, it is safe to say that the manufacturer is striking the iron while its hot. The company is banking on the success of its ICE XUV models to launch the new XUV400 electric with a range of over 450 km on a single charge! As per claims, the car will charge up to 80% in just 50 minutes with a fast charger. However, the limited charging infrastructure in India could make that a challenge for users. On the off-road front, Jeep is launching its first 4X4 electric SUV, Avenger at the Paris Motor Show in October 2022 with Europe and North America as key target markets.
The upfront cost of EVs still remains a major pitfall in their widespread adoption. Car makers such as Chevrolet and Volkswagen have begun to cut down prices in response to the market sentiment. For instance, in June 2022, Chevrolet announced a price cut of a whopping USD 6,000 on the MSRP of the 2023 Bolt EV and EUV. The 2023 Volkswagen ID 4. is also expected to be sold at a starting price just north of USD 35,000.
Electrifying Sales
EV sales are growing at an unprecedented rate all over the globe. According to the U.S. Department of Energy, all-electric car sales increased by 60% to reach over 160,000 in the U.S., in the first quarter of 2022. China still remains the largest EV producing and selling country across the globe with over one million electric cars sold by Q1 2022. Talking about China and its EV production, in September 2022, Chinese automaker BYD Auto overtook Tesla to become the highest-sold EV brand globally with sales mark hitting 2.18 million units as of Q2 2022! to wrap it up, there is much to be celebrated on this World EV Day as the electric mobility trend magnifies, not one, but several EV models at a time!
Find out more about World EV Day here: www.worldevday.org
A really well described post on the EV market. Since it does take time to charge a battery, and compared to how fast a gas refill is, that becomes a factor to stunt the EV market growth. I do foresee a trend where pre-charged batteries can be installed in vehicles to make this instantaneous.
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