China Sets to Dominate the Electric Vehicles Industry
EVs now account for 13.2 per cent of all global car sales, having tripled in two years since 2020 and China is leading the market with its home brands like CATL and BYD.
The post China Sets to Dominate the Electric Vehicles Industry appeared first on LUXUO.
The sales of electric cars are exploding on a global scale. Last year, the industry saw an increase of 60 per cent compared to 2021 with nearly 11 million vehicles put into circulation. In other words: EVs now account for 13.2 per cent of all global car sales, having tripled in two years since 2020. Germany, Great Britain, France and China are the most important users.
This phenomenon will have universal repercussions and crucial effects on the environment, economy and geopolitical spheres. In 2022 alone, electric and hybrid vehicles have reduced oil consumption by around four per cent. Furthermore, today’s electric cars are becoming more efficient and have an average of 425km. Progression with electric cars will continue and it promises to hit a range of 580km.
READ MORE: The Classic Car Market Looking Promising in 2023
Another poignant event reinforcing the attractiveness of EVs was the significant drop in the cost of batteries by more than 85 per cent, which constitutes a third of the overall price of this type of vehicle. The hyperbolic increase in demand also logically made it possible to increase battery production by 40 per cent in 2022 and the numbers would increase fivefold by 2025. This ...
The post China Sets to Dominate the Electric Vehicles Industry appeared first on LUXUO.
The sales of electric cars are exploding on a global scale. Last year, the industry saw an increase of 60 per cent compared to 2021 with nearly 11 million vehicles put into circulation. In other words: EVs now account for 13.2 per cent of all global car sales, having tripled in two years since 2020. Germany, Great Britain, France and China are the most important users.
This phenomenon will have universal repercussions and crucial effects on the environment, economy and geopolitical spheres. In 2022 alone, electric and hybrid vehicles have reduced oil consumption by around four per cent. Furthermore, today’s electric cars are becoming more efficient and have an average of 425km. Progression with electric cars will continue and it promises to hit a range of 580km.
READ MORE: The Classic Car Market Looking Promising in 2023
Another poignant event reinforcing the attractiveness of EVs was the significant drop in the cost of batteries by more than 85 per cent, which constitutes a third of the overall price of this type of vehicle. The hyperbolic increase in demand also logically made it possible to increase battery production by 40 per cent in 2022 and the numbers would increase fivefold by 2025. This ...
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