NewsRoom Articles - Page 62 of 119

TuesdayJul 12, 2022 3:46 pm

Data Shows EV Sales Soared 55% Globally in May

Electric vehicles are said to be the next stage in vehicular transportation. However, they are very costly, require charging infrastructure that simply isn’t there yet and are currently battling with a crippling global shortage of semiconductor chips. But despite these mitigating factors, EV makers managed to sell a record number of electric cars in May, indicating that the nascent EV space is still going strong. Global electric vehicle sales reached almost 700,000 in May, increasing by a whopping 55% amid economic woes and supply chain constraints. Data from EV-Volumes shows that customers registered 699,708 passenger electric cars in May, raising…

MondayJul 11, 2022 12:48 pm

BYD Overtakes Tesla as Largest EV Maker Globally

After dominating the electric vehicle sector for more than a decade, Tesla has finally been dethroned as the top-producing electric vehicle firm in the world. BYD Auto, a Shenzhen-based and Warren Buffet-backed automaker, has overtaken Tesla as the most prominent maker of EVs on the globe. Tesla’s production figures were undoubtedly impacted by supply chain disruptions and the closure of Gigafactory Shanghai because of COVID-19-related safety measures. Company filings show that BYD delivered 641,350 alternative energy cars over the first half of the year, a whopping 314% year-on-year increase in sales compared to the first half of 2021. The Chinese…

FridayJul 08, 2022 11:05 am

Tesla June Production Hits Record High

June was a record month for electric car maker Tesla as the Austin, Texas-based company saw its sales increase by 50% in the first half of 2022 compared to last year. The world’s largest producer of electric cars recently released its production and delivery results for Q2 2022, revealing that it also experienced its first down quarter in a long time. Although Tesla did not state exactly how many EVs it produced in June, the company stated that June 2022 was a record production month. Over the second quarter of 2022, Tesla produced 258,000 EVs in total and delivered more…

ThursdayJul 07, 2022 12:36 pm

Ongoing Semiconductor Shortage Has Potential to Slow Electric Vehicle Adoption

The global semiconductor shortage has had a massive impact on the automotive industry, forcing automakers to halt the production of millions of cars. Last May, AlixPartners estimated that automakers could end up losing around $210 billion in revenue in 2021 amid halted production. And the chip shortage hasn’t just affected traditional cars; the nascent electric vehicle industry, which consumes a lot more semiconductor chips compared to fossil-fuel vehicles, may also see slowed growth in the next few years if the shortage drags on. According to management consultancy firm P3 Group, electric vehicles require almost twice as many semiconductors as fossil-fuel…

WednesdayJul 06, 2022 2:16 pm

DoE Report Says EV Jobs Skyrocketed in 2021

With many countries looking to transition away from fossil fuels to clean, renewable energy, the electric vehicle sector is poised to experience explosive growth over the next decade. Although electric vehicle adoption is pretty low, primarily due to high prices and insufficient public charging infrastructure, the industry is still seeing steady growth. According to a recent report from the Department of Energy (DOE), EV jobs skyrocketed in 2021. The DoE’s 2022 U.S. Energy and Employment Report (USEER) reveals that electric vehicle jobs increased by 26.2% in 2021, adding a total of 21,961 job opportunities to the industry. In fact, the…

TuesdayJul 05, 2022 2:12 pm

Sony, Honda Team Up to Manufacture Electric Vehicles

Apple isn’t the only company from outside the automotive ecosystem to hedge its bets on electric vehicles. Electronics giant Sony has announced that it will be partnering with Japanese automaker Honda to form a joint venture dedicated to building purely electric cars. First revealing news of the partnership to the public in March, the two companies said they would develop and sell battery electric vehicles jointly. Furthermore, they stated that they were open to extending the partnership to other players. A statement from the two companies stated that they would form the joint venture by the end of 2023 and…

FridayJul 01, 2022 10:57 am

Advocates Say EV Batteries Have Many Uses

The electric vehicle battery segment is poised to grow significantly as the demand for EVs increases and automakers electrify their vehicle lineups. Experts predict that the market for EV batteries will see a compound annual growth rate of 26% and achieve a $175.11 billion valuation by 2028. Thanks to the versatility of EV technology, EV owners could soon be using their car batteries in a lot of ways. Back in 2019, winemaker James Tolroy watched his Adelaide Hills vineyard burn down thanks to the Cudlee Creek Bushfire. He tried to fight the fire with water from his dam, but since…

ThursdayJun 30, 2022 2:16 pm

To Lease or Buy an EV: The Pros and Cons

If you are in the market for a new car, you have probably thought about getting an electric vehicle. With tons of automakers looking to electrify their vehicle lineups over the next few decades, the market will see a major influx of EV models. This could be the time for you to take the plunge and choose an electric vehicle rather than a fossil-fuel-powered car. One question is whether you should buy or lease an electric car. It's no secret that zero-emission cars are super expensive, and thanks to an increase in prices of EV battery metals such as lithium,…

WednesdayJun 29, 2022 12:52 pm

New Report Shows EV Inputs Doubled in Price During COVID Pandemic

Electric vehicles may see a significant reduction in adoption after the coronavirus pandemic led to a significant increase in EV raw material costs. According to a new AlixPartners report, the cost of crucial electric vehicle inputs increased by more than 100% during the pandemic and subsequent lockdowns, forcing automakers such as Tesla and General Motors to hike the prices of their new vehicles. The increased production costs are partly due to the increase in cobalt, nickel and lithium prices. These metals are currently quite rare in supply and are integral to building electric vehicle and truck batteries. AlixPartners states in…

TuesdayJun 28, 2022 1:42 pm

EV Battery-Management Market Predicted to Exceed $17 Billion in 2030

As we transition from fossil-fuel-powered vehicles to zero-emission battery electric cars, the need for efficient electric-vehicle battery-management systems (EVBMs) will increase exponentially. Data from the latest issue of Reports and Data shows that the EVBMS market is poised to grow at a compound annual growth rate (CAGR) of 15.2% and reach a whopping $17.13 billion by 2030. This growth will be supported by rising demand for alternative energy vehicles such as EVs. With several countries across the world pledging to phase out internal combustion engine vehicles (ICE) in favor of electric cars, we will see the number of electric vehicles…

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