https://www.strategyand.pwc.com/de/en/industries/automotive/electric-vehicle-sales-review-q2-2023/strategyand-electric-vehicle-sales-review-2023-q2.pdfShort
summary by chatgpt
- The BEV market continues its steady rise into the mainstream. Particular interest is being shown in the micro-BEV segment. Due to the high cost of the official approval process for conventional passenger cars, OEMs and start-ups are showing increasing interest in developing light (L6) and heavy (L7) quadricycles as BEVs for urban transport. For OEMs, there is the added benefit that these vehicles have fewer requirements for expensive safety equipment such as crumple zones, airbags, and radar sensors.
- Startups are struggling as funding becomes scarcer. While BEV startups received a lot of interest and investment from capital markets when they went public in recent years, their fortunes have since deteriorated. Missed production targets, supply chain issues, and an overall more pessimistic economic climate have led to a decline in share prices for companies like Rivian, which is down over 80% from its record high in 2021.
- Chinese BEV manufacturer Aiways is reportedly in financial trouble, while Lordstown Motors, Sono Motors and Lightyear recently filed for bankruptcy.
- OEMs look for opportunity to grab station wagons. The European station wagon market is booming, and many OEMs are planning to introduce electric versions. Electric station wagons have advantages in aerodynamics and efficiency compared to SUVs. Companies such as Nio, BMW, and Volkswagen are developing electric station wagons to drive the increasing electrification of the car market.
- Several automakers in the U.S. are adopting the Tesla charging system to increase BEV adoption. Several OEMs have reached agreements to integrate Tesla's proprietary charging port into their vehicles.
- Prices for BEVs are falling as OEMs compete for mainstream customers. Average rebates for BEVs in Germany have increased and are approaching rebates for internal combustion vehicles.
- LFP batteries are being developed by several OEMs. The lithium iron phosphate (LFP) battery is gaining traction as a low-cost battery material for BEVs. OEMs such as Ford and Tesla are investing in LFP technology.
- Solar panels in parking lots are gaining traction. Parking lots are increasingly being equipped with solar panels to generate clean energy. France has passed laws requiring the construction of solar canopies on parking lots.
- Governments around the world are providing incentives to stimulate the BEV market. The U.S. and China have taken initiatives to boost the BEV market and meet climate targets.
- BEV sales are accelerating and approaching the point of reaching the mainstream market. Europe is on its way to critical mass in the BEV sector.
- Prices for BEVs are falling as OEMs compete for mainstream customers. Rebates for BEVs in Germany have increased and are now similar to rebates for internal combustion vehicles.
- LFP battery development is gaining momentum as a low-cost alternative to other battery materials.
- Parking lots are increasingly being equipped with solar panels to generate clean energy and protect cars from solar radiation.
- Governments worldwide are providing incentives to stimulate the BEV market and meet climate targets.
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