Electric vehicles could account for two thirds of global car sales by 2030, according to a recent study. Investment in new battery materials are making EVs not only more efficient, but more affordable. Costs are projected to be on par with gas-powered vehicles as early as 2024 in Europe and by 2026 in the United States.

An interesting and insightful read from the Society of Motor Manufacturers and Traders (SMMT) about how the current car market is faring so far this year! #NewVehicle #Milestone #OneMillionMotors

Good stuff by Automotive News and JD Power today confirming what we CR found in our analyses in 2020 and again in 2023, that EVs are cheaper to own than similar new ICE vehicles for most people in most places. Great to see this analysis in the mainstream automotive press from a well respected industry data/service provider. The more consumers/dealers/industry professionals who come to understand this fact, the faster demand for EVs will grow. Of course the work is not done until EVs are cheaper for all people, in all places. The market still needs more EVs in the lower cost end of the market. We also have a huge amount of work to do to ensure that home charing is available, convinient, and affordable for Americans who don't own a single family home. Check out the deep dive by Automotive News on EV Economics: https://lnkd.in/eJ8BHjAs

EVs are on track to save close to 4 million barrels of oil per day, leading to a significant impact on the automotive industry. Ice car sales have plummeted as electric vehicles (EVs) continue to surge, with growth rates exceeding 2000 percent in certain regions. By 2025, projections show that 38 percent of all new cars will be electric, highlighting the accelerating shift towards sustainable transportation solutions. It’s amazing and upwards of 4 million barrels of oil a day is not being burned. Wow

The "Road to 2035" report by Auto Trader focuses on the progression of electric vehicle (EV) adoption in the UK, highlighting challenges and opportunities in the industry. Key points include the cooling of retail demand for new EVs despite rising incentives, increasing supply of used EVs leading to price drops, and the pressure on traditional car manufacturers due to the emergence of new, often Chinese, entrants in the market. This landscape shift, compounded by government policy changes and consumer hesitancy, underscores the need for strategic adaptations by automotive executives to drive EV adoption and meet future targets. For a detailed understanding, you can access the full report [here](https://lnkd.in/efQwvWgD).

April marked another positive month of growth for new car registrations, albeit by just 1%. With new car prices up almost 30% in just four years, and new EVs over a third more expensive than their petrol and diesel counterparts, there’s a risk of new models being pushed out of reach for many new car buyers. With electric sales up over 10%, recent discounting has clearly helped get more people behind the wheel of a BEV, but with big targets to reach this year and a need to stimulate the retail market, we’ll need to see a lot more of this activity over the months ahead.

New car market hits ‘million motors’ milestone at half year - New car market grows 1.1% in June to reach 179,263 units – and breaks million motors mark at the half year point for first time since 2019. - Battery electric cars record highest monthly market share since December 2023, but uptake in year to date remains stable at 16.6%. - Industry calls on next government to back consumers as fewer than one in five new battery electric cars go to private buyers. https://lnkd.in/exsf46Ct

Nearly one in five cars sold in the world 2023 was electric Personally, I counted in Shanghai and Beijing 6 cars out of 10 being Electrical. In Europe, new electric car registrations reached nearly 3.2 million in 2023, increasing by almost 20% relative to 2022. As in China, the high rates of electric car sales seen in Europe suggest that growth remains robust as markets mature" However, the phase-out of several purchase subsidies in Germany slowed overall EV sales growth. In December 2023, all EV subsidies ended after a ruling on the Climate and Transformation Fund. In Germany, the sales share for electric cars fell from 30% in 2022 to 25% in 2023. This had an impact on the overall electric car sales share in the region.

New car registrations were up in April, albeit by just 1% and driven entirely by the fleet sector. A key factor in the stalling in retail sales is due to the circa 29% increase on average new car prices since 2020, pricing many consumers out of the market. Electric vehicles have seen a more modest price increase, up by just 7% over the same period, but remain 35% more expensive than the equivalent petrol and diesel models. However, manufacturer discounts are attracting buyers with over 700,000 views of new electric vehicles on our platform last month and overall EV registrations currently up vs 2023. #smmt #newcar #newcarsales #insight #electric

For years, there has been no hotter topic in the Automotive Industry than Electric Vehicles. I have seen numerous posts on LinkedIn of people either touting the success of the transition to EVs or those who are negative towards the issue. Supporters of the transition to Electric Vehicles point to the fact that EV sales reached an all-time high in 2023. Detractors point out that EV inventory is significantly higher than ICE vehicles and many OEMs have cut production levels. So, who is right? Well, both are right. The transition is occurring, but just a not at the pace that many predicated and hoped for. The current situation is simply a case of supply and demand. Economics always wins out. I am a believer that the transition from ICE vehicles to EVs should occur and is ultimately a good thing. The timing of this transition is really at the heart of things and where the challenges, and opportunities, exist.