Three Things to Expect in the EV Industry This Year

Electric vehicles are positioned for a killer new year in 2023 since many countries, with the exception of China, have already seen a decline in COVID-19, and the world is settling into the fact that there is a war in Ukraine. The following three forecasts point to significant events in this new year.

Tesla FSD Could Become Widely Available

Throughout its innovation, the full self-driving (FSD) feature for Tesla has generated a great deal of controversy. In 2019, Elon Musk even stated that a million robotaxis would hit the road in the year 2020, which was not the case; two years later nothing of the sort has happened. In addition, multiple lawsuits have been filed over the failure of FSD. A law has even been passed in California regarding self-driving vehicles.

However, the introduction of the Dojo supercomputer may represent a significant step forward. In the end, this will result in a significant change in the capabilities of Tesla’s FSD. The 160,000 available beta testers will be responsible for providing raw data to these models, which will then be processed by the supercomputers. Therefore, assuming that laws do not impede progress, the year 2023 might be the year when self-driving technology finally leaves the beta stage and enters the mass market.

The $25K Tesla Won’t Show Up Yet

Tesla has temporarily halted the development of its $25K model in order to concentrate on global distribution of its current models. At the moment, it has a lot on its plate before switching to a new model type because both the Model Y and the Model 3 are doing exceptionally well in the market. Furthermore, the ongoing problems with the supply network of car components make this a difficult time for the auto industry.

Due to unfortunate occurrences such as the pandemic and the war in Ukraine, affordable electric vehicles are unlikely to be on the market by 2023. Rechargeable battery cell prices in 2020 suggested that electric cars would become competitively priced with comparable petroleum vehicles in 2023 or 2024.

It is improbable that this will happen right away. But given the coming completion of large gigafactories for batteries and the anticipated sharp increase in supply in the coming years (2025 or 2026), it still might be on the horizon. The $25K Tesla will not have been canceled; it has only been delayed, just like the mainstream of cheap electric vehicles.

The Coming of China and Others

Tesla has long dominated the electric vehicle space, but this won’t be the case in the future given the rise of Chinese auto companies such as NIO Inc. (NYSE: NIO) and South Korean manufacturers that are attempting to increase their market share for electric vehicles. The formerly British and currently Chinese brand MG hopes that its MG4 game-changer, along with other fantastic electric vehicles, will revolutionize the automotive industry. The Niro EV, Soul EV and EV6 from Kia, as well as the Hyundai Kona Electric and IONIQ 5 from the Korean Hyundai Motor Group, will serve as a crucial beachhead into Europe. However, many more products are being introduced in 2023, including the even more innovative IONIQ 7.

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