Despite ongoing macroeconomic challenges and supply chain obstacles, the global EV market is gearing itself for yet another banner year of performance and growth. Ongoing consumer demand, against the backdrop of government support and sustainable legislation, is helping to fuel the global industry, as household names in the automaker industry seize the opportunity to release their version of the battery electric vehicle.
Data revealed that global sales for EVs and battery electric vehicles (BEVs) doubled in Q1 2022 compared to the same period a year before, and this year is looking no different.
Shipment for passenger battery electric vehicles grew 90% year-over-year, and by the end of 2022, global shipment saw more than 1.95 million units transported across the world.
With growing consumer demand, traditional automakers have seen a valuable opportunity to enter the market, with big-league names such as Volkswagen, Ford, Toyota, Hyundai, and BMW, among others all releasing their own EV version.
Other household names in the EV industry, including Tesla, Rivian, Lucid Group, and BYD have been fighting to remain on top, as new contenders enter the market with more affordable options that give them better charging range, and value for money.
The first quarter of the year is already looking promising, as droves of new EVs are set to launch this year, with some already in production.
A range of new EVs is coming to the roads in the Americas, with a new Lucid Studio opening in Montreal, Canada. Transport Canada statistics show that 14,593 federal EV purchase rebates were issued nationally in Q4 2022, bringing the total for 2022 up to 58,000 rebates claimed.
Citroen, Hyundai, Kia, and Mercedes are launching new EVs in February, making it one of the exciting months in Q1 for electric car enthusiasts and buyers looking to enter the market. French automaker Peugeot is also giving its 208 a bit of an update, with an all-electric version being released in late February. The e-308 will have a range of 248 miles on a single charge and a larger 51kWh battery.
Chinese EV automaker BYD is also set to launch its premium luxury electric car brand within the first quarter of the year. Back in August 2022, the company announced that it will be launching a premium EV brand, only to reschedule the initial launch to this year.
There has yet to be news on the type of premium EVs buyers can expect, but the company is enthusiastic that it will be positively received, as it looks to compete with other high-end brands such as Mercedes, BMW, Tesla, and Audi.
Over in the United Kingdom, BYD has also announced several British-based car dealers that will be key representatives of the brand in and around the UK. This will open new doors for the EV company, as it looks to tap into western consumer markets.
Then there is the Mumbai-based automaker, Mahindra, which late last year announced that it will be launching its all-electric SUV in the first half of 2023. Mahindra has been steadily growing its sustainability mobility business, hoping to compete with other local big automakers such as MG and Tata Motors.
Citroen is also now throwing its hat in the ring after the company announced the launch of the Citroen C3 Electric, set to be released in Q1 2023. Though the C3 Electric will be manufactured in India, it’s set to be exported globally in the coming months. The move to go electric is part of the company’s C-cubed programme, which aims to launch several affordable and sustainable vehicles in the years to come.
European buyers and motorists can soon expect to see another EV automaker brand enter their market this spring. The Chinese-based BEV automaker, NIO is set to launch its new ET 5 mid-size sedan on the European market. The vehicle was released late last year in December, and NIO is already active in Norway but is now seeking ways to broaden its reach into other European countries.
A lot is happening and taking place in the early months of 2023, it only shows the exciting year that’s still lined up. Automakers, big and small are now rushing to get in on the action, hoping to scoop up would-be EV buyers, as demand continues to grow.