According to a survey released on Tuesday, the number of battery electric cars (BEVs) sold globally is expected to reach the 10-million mark this year, which would be a major accomplishment for the passenger vehicle sector.
As to the Counterpoint Research report, the expansion will be facilitated by the restructuring of production procedures and the establishment of strategic alliances with battery producers. These initiatives are intended to reduce production expenses, generate reasonably priced electric vehicles, and reinforce supply networks.
“By revamping supply chains and preparing to produce affordable EVs priced below $35,000, automakers like Ford, GM, Stellantis, and Volkswagen are positioning themselves to compete with market leaders,” said Abhik Mukherjee, a research analyst.
According to him, this strategic reorganization intends to revive the global BEV market beginning at the end of 2025 by not only meeting tighter emission laws but also taking advantage of changing subsidies and rising consumer demand.
In an effort to level the playing field for European EV makers who are finding it difficult to compete with cheaper Chinese imports, the European Union has imposed new tariff rates on Chinese electric vehicles.
“These tariffs might push Chinese automakers towards emerging markets like the Middle East and Africa, Latin America, Southeast Asia, Australia, and New Zealand,” Liz Lee, Associate Director, stated.
Hybrid vehicles (PHEVs and HEVs) will soon rule the electric vehicle market, said the report.
