Energy, Expansion, and Excitement in this week's edition of BEV Everything.

EV Marketplace Overview: The IRA is working

We are seeing a lot of the impact of the Inflation Recovery Act on the news cycles each week with the partnership from OEMs of vehicles with the OEMs of battery manufacturers. It has gone even further, with Tesla announcing this week they will halt a Germany plant due to the Inflation Recovery Act.   

As reported by Automotive News today, to get more EVs and batteries out the door of its new plant in Texas, Tesla will shift resources away from a similar project in Berlin. The EV maker told government officials in Germany it still intends to open a battery factory there. Still, the company now aims to ramp up battery production in Texas faster than planned. The urgency is to now in order to prioritize Texas comes after the new U.S. tax Rules under the Bill. 

Adoption will increase as well due to the Inflation Recovery Act, however, that will be a few years down the road and will impact the numbers we see by 2030 more than 2025. Those incentives, among them a point-of-sale tax credit of up to $7,500 for a new EV purchase, are likely to boost the pace of adoption, Bloomberg NEF analysts found in the report. Before the Inflation Reduction Act in August, projections for EV sales by 2030 2030 came in at 43 percent of the U.S. market. However, that estimate was revised to 52 percent with the climate-spending measure in place.

As reported this week by Energy DM Management’s Matt Damasceno, Automotive sales are expected to decrease in 2022. It does not apply to the EV market, though. PHEV and BEV market revenue is expected to increase ~10% this year.

In the News:  The EV Market is HOT

In 2021 over 6.8 million electrified vehicles were sold globally, as per International Energy Agency (IEA). Looking at the first semester of 2022, battery electric and plug-in hybrid vehicles have achieved a 12% market share globally, and this trend is expected to continue through the second semester.

 According to the international energy agency, global lithium-ion demand will be driven by electric vehicles such as passenger vehicles and commercial and E-dash delivery vehicles. By 2025 the demand for passenger vehicles will be responsible for 63.4% of global lithium-ion demand. Looking at EV market share, global sales projections say China will demand over 7.5 million electrified vehicles being, 75% of them BEVs.

Did you know you? The Tesla Plaid was named after a popular moved reference and is faster than a Bugatti Chiron?

The nameplate "Plaid" recently rolled off the assembly line and, as promised, fits the goal of it's top speed. Did you know it's name is a reference to the popular space parody Spaceballs which showed a spaceship reaching super speeds first dubbed "Ludicrous" speed, then "Plaid" speed. Tesla unveiled its Model S Plaid recently as the new highest-performance version of its flagship sedan. The electric car will have more than 520 miles of range, 200 mph top speed, and 0 to 60 mph acceleration in less than two seconds. Not only did they achieve a top speed of 200 mph, delivering on Tesla's promise for the Model S Plaid, but the electric vehicle achieved a top speed of 216 mph. The Bugatti Chiron cranks out nearly 1,500 horsepower and has a top speed of 261 mph. However, it can only rocket to 60 mph in 2.5 seconds as compared to 1.9 with the Tesla Plaid. You can see a video of me driving one of the first Plaid test drives in DRAG (race) Mode HERE.

 Happy Driving,

The BEV Guy.