LEC Team, Author at Learn Electric Cars

Kia EV3 Teased Ahead of May 23 World Premiere

Just 6 months after the concept was showcased, Kia announced the World Premiere of the EV3 electric SUV to be held on May 23, 2024. The much anticipated Kia EV3 has officially been teased before the May 23 World Premiere. Those interested could watch the live stream on YouTube at 19:00 KST (10:00 GMT / 12:00 CET). Interestingly, the teasers highlight the production model with many elements straight from the concept. I know people are always excited to see elements from the concept making their way to the production version. The Korean auto giant will ensure that it comes to pass. The launch is slated for later this year. Also, the EV4 sedan could follow in 2025. You might also like: Kia EV9 GT Will Boast 0-62 mph Time of 4 Secs, Debut in January 2025 Kia EV3 Teased Ahead of World Premiere The teaser confirms the continuation of Kia’s globally acclaimed ‘Opposites United’ design philosophy with the EV3 as well. We know that the existing EV6 and EV9 embody this design language already. The EV3 will also bear bold, geometric and robust aspects of this theme. One could evidently experience this in the boxy rear fenders, tailgate, signature Star Map Lighting, etc. The teaser image encapsulates the striking 7-shaped LED DRL which flanks the main headlamp cluster. In fact, it is positioned on the extreme edges of the bonnet. We even get a glimpse of the squared-off wheel arches adorned with black claddings. At the rear, the roof-mounted spoiler is visible. Apart from that, the elements from the C pillars seamlessly merge into the vertical component of the LED taillamp. Look closely and you will even see the glass panel connecting the taillamps. Concluding the inspection, I also like the hint of the roof rails to accentuate its SUV-ish traits. All in all, the inspiration from the larger sibling, the EV9, is apparent. It also means that the upright stance and rugged elements will lend an imposing road presence. I would be prepared to witness an attractive compact SUV that will offer similarities to the EV9 to some extent. Expected Specs Kia has been tight-lipped about the kind of specifications it will offer with the EV3. However, we know that it will use the established and widely successful E-GMP architecture of the Hyundai Motor Group (parent company of Kia). Apart from that, we also anticipate that the EV3 will draw power from either a 58 kWh and/or a 77.4 kWh battery pack. For the price-conscious buyers, there will be a single-motor 2WD variant. However, we might even have a dual-motor AWD trim for those seeking spirited performance. Needless to mention, more details will emerge at the World Premiere. You might also like: Upcoming Affordable Kia Electric EVs – EV2 and EV3 Learn Electric Cars Says Hyundai Motor Group in general and Kia in particular are slowly emerging as the players to beat in the global EV industry. Their products like the Hyundai Ioniq 5, Ioniq 5 N, Ioniq 6, Kia EV6, and EV9 have already tasted immense success from customers and critics alike. If you think about it, this entire success story of Hyundai and Kia is barely a couple of years old. It is already ahead of most legacy carmakers in EV sales across the globe. Going forward, they are now focusing on low-cost mass-market electric cars. That is where a product like the EV3 comes into the picture. The platform and battery aspects are already sorted, and the Korean giants are now readying an onslaught of new vehicles rapidly. Their product-offensive strategy might just be enough to make them market leaders within a short span of time. We shall keep an eye out for more developments in this space.

Tesla Model 3 and Y as Used Electric Cars

2 in Top 5 Used EVs Come From Tesla as Used Car Industry Grows

8 Comments / Featured / By LEC Team

The used electric car industry is growing strongly as more EVs get old and people have the option of choosing new models. In a recent study, it was found that 2 in every 5 used electric cars belong to Tesla. Now, that shouldn’t be a huge surprise for anyone. Tesla is the largest EV maker in the world. It has been widely regarded as the poster boy for the electric mobility revolution across the globe for almost a decade. As the EV market matures, we are bound to have a surge of EVs in the user car market. The trend of people opting for used electric cars is in an upward momentum. Let us glance at the top 10 used electric cars in the U.S. at the moment. You might also like: StoreDot and Polestar Achieve 10-Minute Charging w/ Si-Dominant Cells Top 10 Used Electric Cars The top 2 spots are reserved by Tesla Model 3 and Model Y, respectively. These are followed by the Nissan Leaf, VW ID.4 and Ford Mustang Mach-E at numbers 3, 4 and 5, respectively. The bottom half of the table is dominated by Audi e-tron, Chevrolet Bolt EUV, Bolt EV, Tesla Model S and Hyundai Ioniq 5, respectively. Hence, in total, there are 3 Tesla cars in the list of top 10 used electric cars on sale in the U.S. at the moment. Fun fact, the Tesla Model X fell out of this list this time around. Moreover, user car giant CarMax reports that searches for EVs on its website grew by 177% between 2021 and 2024. Also, the top vehicles which were traded-in include Ford F-150, Honda Accord, Honda Civic, Toyota Prius and Tesla Model 3. EV Average Price Tesla Model 3 $34,045 Tesla Model Y $43,896 Nissan Leaf $18,465 VW ID.4 $31,576 Ford Mustang Mach-E $38,713 Audi e-tron $41,205 Chevrolet Bolt EUV $26,776 Chevrolet Bolt EV $22,564 Tesla Model S $45,574 Hyundai Ioniq 5 $37,036 Top 10 User Electric Cars in the U.S. You might also like: Failure Rate of Modern EV Batteries is 0.1% – Study Learn Electric Cars Says With the expanding EV market across the globe, the used car industry is bound to experience a boost. However, things can get a bit complicated with EVs due to the astronomical expenses attached to battery replacement. I am particularly intrigued to see how will that shape the mindset of potential buyers. We know that battery replacement is the biggest cost associated with the ownership experience of electric cars. Generally, carmakers offer a warranty of around 150,000 – 200,000 km or 8 years (whichever is earlier). Therefore, if EVs are available well before that time period, people would be comfortable spending money. But I don’t see a scenario where anyone would want to risk it near the 8-year mark. Let’s see how things pan out in this regard going forward.

CATL Unveils World’s First LFP Battery With a 1,000-km Range

8 Comments / Battery / By LEC Team

At Auto China 2024, CATL unveiled the Shenxing PLUS battery which offers a range of 1,000 km (621 mi.) and 4C superfast charging capabilities. Chinese battery manufacturer and tech giant CATL has showcased its Shenxing PLUS LFP battery with an unprecedented 1,000 km (621 mi.) range. Contemporary Amperex Technology Co. Limited (CATL) is the largest EV battery company in the world. It is constantly innovating new tech to improve the range and charging rates of electric car batteries. Its Shenxing battery was launched last year with a charging time of just 10 minutes for 400 km (248 mi.). You might also like: New CATL Batteries To Retain 80% Capacity After 12 Years New CATL Shenxing PLUS LFP Battery w/ 1,000 km Range The Shenxing PLUS is the next-generation model of last year’s battery which is now capable of recovering 600 km (373 mi.) of range in just 10 minutes. This is the result of 4C superfast charging capability. The constant innovation at CATL regarding various aspects of an EV battery is commendable. As a result of this, the Chinese EV battery giant is pushing the boundaries of what Li-ion batteries can achieve on a daily basis. Remember, the figures we are discussing here are according to CLTC parameters. Continuous technological breakthroughs enable the Shenxing PLUS to achieve an impressive 1,000-km pure electric range. These breakthroughs are driven by innovations in both materials and design. Granular gradation technology crafts the cathode, meticulously arranging nanoparticles to achieve an ultra-high compact density. Complementing this, proprietary 3D honeycomb-shaped material integrates into the anode, enhancing energy density while effectively managing volume expansion during charging and discharging. Notably, the single-piece casing, a pioneering feat in the industry, optimizes internal space utilization, pushing Shenxing PLUS cells to an unprecedented level of energy density. At the system level, the Shenxing PLUS battery pack employs a topologically optimized structure built upon module-free CTP 3.0 technology, resulting in a 7% increase in packing efficiency. Through these material and structural breakthroughs, the energy density of the Shenxing battery system shatters the 200 Wh/kg barrier, achieving an impressive 205 Wh/kg. This groundbreaking achievement makes ranges exceeding 1,000 km a tangible reality You might also like: StoreDot and Polestar Achieve 10-Minute Charging w/ Si-Dominant Cells 4C Superfast Charging The 4C superfast charging allows the 600-km range to replenish in a mere 10 minutes. For this, Shenxing PLUS applies technologies including fast lithium-ion conductive coating, the addition of transition metal elements, and new nanometer encapsulation, rendering smoother and more efficient energy transmission between cathode and anode materials. CATL has expanded the overcurrent area and capacity of the terminals in the battery system to rapidly dissipate heat during high-current charging. In terms of BMS core algorithms, CATL’s newly developed AI polarization model can predict and control the charging current in real time, enabling faster and smarter energy replenishment. You might also like: Mazda and Panasonic To Work On Cylindrical Cells For EV Batteries Learn Electric Cars Says CATL already partners with some of the biggest car marques on the planet. These include BMW, Daimler AG, Hyundai, Honda, Li Auto, NIO, PSA, Tesla, Toyota, Volkswagen, Volvo and XPeng. It has been at the top in EV battery space for 7 consecutive years. Clearly, they are investing heavily in battery R&D. With incremental improvements in the already existing battery tech, the company continues to remain ahead of the curve. With so many large carmakers already using CATL batteries, the wide-scale impact of its new solutions can easily get translated into real cars rapidly. These are not one of those solutions which will take years to come to fruition. That is the best part about the new technologies from CATL. As a matter of fact, the Shenxing batteries developed last year are already in use in EVs at the moment. That is a positive sign going forward. We shall have to watch out for which new cars utilize this new LFP battery from CATL.

Polestar 5 and StoreDot 10-minute Extreme Fast Charging Technology

StoreDot and Polestar Achieve 10-Minute Charging w/ Si-Dominant Cells

7 Comments / Battery / By LEC Team

Israeli tech company, StoreDot, has run a successful experiment of installing a 77 kWh battery in a drivable Polestar 5 prototype and charging it from 10% to 80% in 10 minutes. StoreDot and Polestar have successfully completed an Extreme Fast Charging (XFC) experiment by achieving a 10-min charging time for 10% to 80%. The official press release confirms that the 77 kWh battery was charged at over 310 kW for the entire test procedure with the peak in excess of 370 kW. The silicon-dominant battery cells (300 Wh/kg) were installed in a fully drivable Polestar 5 prototype. All cell parameters including temperature, voltage and charged capacity were monitored throughout. You might also like: Mazda and Panasonic To Work On Cylindrical Cells For EV Batteries StoreDot and Polestar Achieve 10-Min Charging Tech The new test showed that an electric car can now charge in just 10 minutes using special batteries with the use of silicon. This fast charging can make people less worried about running out of power and encourage more people to use electric cars. These new batteries with silicon can store more energy and charge faster than the ones with graphite, which are used in most batteries now. The ones with graphite are almost as good as they can get, but the ones with silicon still have room to improve in the future. The company has chalked out a roadmap to production via its ‘100inX’ strategy. This represents 100 miles (161 km) of charge in X minutes. This X is 5 minutes for the 2024 production model (300 Wh/kg), 4 minutes for 2026 (340 Wh/kg), 3 minutes for 2028 (400 Wh/kg) and 2 minutes for 2032 (500 Wh/kg). Other upcoming milestones include shipping prismatic B-samples to OEMs and signing strategic manufacturing agreements. You might also like: Top 3 Potential Alternatives To Lithium-Ion Batteries For EVs CEOs’ Commentary On this occasion, Dr. Doron Myersdorf, CEO of StoreDot said, “We are very excited to share this impressive achievement today and are proud to be on this journey with Polestar, a leading car brand who envisions high performance cars with a sustainable future. We’re happy to see our partner is among the first EV car makers to acknowledge that XFC is now a necessary standard to make vast EV adoption a reality. With our extreme fast charging technology, you can add 200 miles in under 10 minutes. This breakthrough revolutionizes EV ownership experience by eradicating the barrier of range and charging anxiety once and for all. Drivers can now truly travel long distances with the same freedom and convenience as traditional petrol-powered vehicles.” Thomas Ingenlath, CEO of Polestar commented, “By eliminating charging times that were previously an obstacle, StoreDot’s XFC battery cells combined with our cutting-edge product development and battery engineering have unlocked new frontiers for electric mobility. This technology will reshape consumer expectations and accelerate mass EV adoption by making EV ownership a seamless experience for the mass market.” You might also like: Lithium-Sulphur Batteries For EVs Promise 5-Min Charging Time Learn Electric Cars Says EV battery technology is experiencing rapid and exponential innovation. Extensive R&D is going on in this field from established legacy players, as well as new startups from all across the globe. That is the reason why we are witnessing new breakthroughs almost every week. While it might seem too complicated at the moment, I feel this is the only way to scout through the heaps of new options available in the future. It is only natural that only a few robust companies will survive going forward. In any case, the potential EV owners stand to benefit from this large-scale innovation. We are observing some common signs to create the ideal EV battery solution for the future. Companies are experimenting with new cell chemistries, enhanced battery management systems, efficient cooling mechanisms, etc., to ensure low weight, high range, high energy density and fast charging rates. These are the most important factors when making EV batteries. Achieving balance among these aspects is a tricky process, which will need a lot of innovation and investment. That is where the future lies. We shall keep an eye out for more such tech products in times to come. Also, let us see when this StoreDot battery makes it into the first production EV.

Ford Will Have Hybrids In Every Segment – Ford CEO Jim Farley

3 Comments / EV News / By LEC Team

In the earnings call, Ford CEO also informed about the plans to make affordable EVs as part of their next-gen products. Ford CEO Jim Farley says that the company will offer hybrids in every segment of the market. This announcement comes during the earnings call where the executives were addressing the investors. The American auto giant, unfortunately, reported falling EV revenue last Wednesday. The only ray of hope was the growing sales of Mach-E after Ford cut its prices by 17%. This is an unequivocal indication that potential car buyers still hold affordability as the top priority. You might also like: Ford Hits Pause On Electric Pickup Plans, To Focus On Hybrids Instead Ford CEO Plans Hybrids For Every Segment After the run of poor sales of its electric cars, Ford has realized that affordability is the key to encouraging mass adoption. This was affirmed after the sales of the Mach-E picked up post price cuts. Farley mentions that Ford will be profitable with its next generation of products which will include affordable EVs. Also, it will add capacity for its well-established hybrids like F-150 PowerBoost and Maverick Hybrid. Note that Mach-E is the second-highest-selling electric SUV in the U.S. after the Tesla Model Y. At the moment, the cash flow is being attained from the likes of the Maverick, F-150, F-250 and Ranger. Farley says, “To keep the business relevant and reduce emissions, Ford will have hybrids in every segment.” Furthermore, Ford is already trying for affordable electric cars like its Equinox EV. Going forward, the Blue Oval will try to leverage the image and popularity of the aforementioned products to transition to EVs via hybrids. Farley also said, “What’s really exciting for us is we see an opening in the market. We believe we can be profitable at $25,000 or $30,000.” You might also like: Tesla Cars Cheapest To Maintain, Land Rover Most Expensive Learn Electric Cars Says The magic $25,000 number is looking more and more difficult to achieve as even Tesla lost interest in a more affordable EV than its Model 3. It is clear that the balance between profitability and affordability is hard to maintain. In this regard, Ford could leverage its superior and established supply chain, infrastructure and expertise which makes it sure to offer a profitable and sustainable $25,000 – $30,000 EV. Moreover, its Skunkworks Division might have something prepared in this domain. Only time will tell if it is able to achieve this. Also, its replenished focus on hybrids could also be just what was needed to ensure a smoother transition to EVs from ICE cars. Therefore, we should brace for a hybrid onslaught from Ford in the immediate future, along with a slew of affordable EV launches thereafter.

Failure Rate of Modern EV Batteries is 0.1% – Study

5 Comments / Featured / By LEC Team

An interesting study showcases how the EV battery failure rates have declined from 2011 to 2023. The health startup Recurrent published a study which encompasses the failure rate of modern EV batteries. This study was titled New Study: How Long Do Electric Car Batteries Last? The findings of this study were documented in a report by the U.S. Department of Energy’s Vehicle Technologies Office. This survey took data from around 15,000 rechargeable vehicles between 2011 and 2023. The outcome was quite surprising. You might also like: IEA Report Forecasts EV Sales Could Hit 17 Million in 2024 Failure Rate of Modern EV Batteries Now, we all know that the number of plug-in electric cars (PHEVs and BEVs) was little in the initial five years (2011 – 2015) and the battery technology was still taking shape. While there is still a long way to go, we are at a lot better and technologically advanced stage today, in comparison. Hence, the EV battery failure rate was a whopping 7.5% in 2011 and 1.6% in 2015. These stats don’t include the recalls. Things changed for the better post-2016. Advanced technologies like active liquid battery cooling, more sophisticated thermal management systems and new battery chemistries have emerged. That becomes visible from the battery failure rate in 2016, which was just 0.3%. Furthermore, this number went even lower to 0.1% in 2017. Hence, one could think of the time post-2016 as the second life for EV battery technology. The stats have danced around 0.1% to 0.5% from 2016 to 2023. This translates to – 1 in every 1,000 EV batteries could encounter failure. That is quite a healthy rate. However, it must be pondered whether the EV industry becomes successful in bringing this down even more by 2030 with the intense R&D work going on in battery tech and EV battery cell chemistry. You might also like: Tesla Cars Cheapest To Maintain, Land Rover Most Expensive Learn Electric Cars Says As the sales of electric cars rise exponentially across the globe, issues pertaining to EV battery failure become more prominent. In general, the EV batteries are considered safe. Sure, there have been a few fire cases in EV batteries. But the safety, maintenance costs and environmental factors are largely in favour of EVs. We must also mention that data will become more readily available as the existing EVs age and electric cars become mainstream in the next few years.

Tesla Model S has Lowest Maintenance Cost

Tesla Cars Cheapest To Maintain, Land Rover Most Expensive

7 Comments / Featured / By LEC Team

A latest study by Consumer Reports suggests that vehicles from the EV giant are the cheapest to maintain over a 10-year-long period. As per a recent study from Consumer Reports, Tesla cars came out to be the cheapest to maintain. The other end of the spectrum was occupied by Land Rover. The other expensive car marques in terms of ownership costs include the German luxury brands. On the other hand, the American carmakers featured toward the top of this list (cheaper to maintain). Tesla’s title also corroborates the theory of electric cars being less expensive to maintain. You might also like: Tesla Cuts FSD Prices By $4,000 and Model X, Y and S By $2,000 Tesla Cars Cheapest To Maintain In this survey, the ownership costs were calculated in two segments – 1-5 years and 6-10 years. We all know that vehicles generally don’t demand too many expenses during the initial few years. On top of that, a majority of this time period is covered under warranty. As a result, the maintenance costs are extremely low. But after let’s say, the first 5 years, the servicing and repairs costs start climbing. Spare parts are needed to keep the vehicles in top shape. Hence, the ownership costs are disproportionately high during this part of the lifecycle. The details of the maintenance costs related to specific carmakers are as follows: Company 1-5 Years 6-10 Years Total (10 Years) Tesla $580 $3,455 $4,035 Buick $900 $4,000 $4,900 Toyota $1,125 $3,775 $4,900 Lincoln $940 $4,100 $5,040 Ford $1,100 $4,300 $5,400 Chevrolet $1,200 $4,350 $5,550 Hyundai $1,140 $4,500 $5,640 Nissan $1,300 $4,400 $5,700 Mazda $1,400 $4,400 $5,800 Honda $1,435 $4,400 $5,835 Kia $1,450 $4,400 $5,850 Dodge $1,200 $5,200 $6,400 Jeep $1,100 $5,300 $6,400 Chrysler $1,600 $4,900 $6,500 Volkswagen $1,095 $5,435 $6,530 Cadillac $1,125 $5,400 $6,565 Ram $1,470 $5,200 $6,670 Lexus $1,750 $5,000 $6,750 GMC $1,400 $5,800 $7,200 Subaru $1,700 $5,500 $7,200 Mini $1,525 $6,100 $7,625 Acura $1,800 $6,000 $7,800 Infiniti $2,150 $6,350 $8,500 Volvo $1,785 $7,500 $9,285 BMW $1,700 $7,800 $9,500 Audi $1,900 $7,990 $9,890 Mercedes-Benz $2,850 $7,675 $10,525 Porsche $4,000 $10,090 $14,090 Land Rover $4,250 $15,000 $19,250 Ownership Costs of Car Companies You might also like: Tesla Eyeing Indian Factory With Capacity Of 500,000 EVs Learn Electric Cars Says Ownership cost is a crucial element that people consider prior to purchasing a car. It is often said that EVs have lower running and ownership costs in comparison to ICE cars. While there are not all that many EVs that have been around for 10 years, only the Tesla Model S has this title. The only real huge expense electric cars have is that of the batteries. But modern EVs often come with a warranty of up to 150,000 – 200,000 miles. Therefore, if owners change their electric cars before that expense sets in, there would be a significant cost-saving in comparison to ICE cars.

Kia EV9 GT Will Boast 0-62 mph Time of 4 Secs, Debut in January 2025

9 Comments / EV News / By LEC Team

The performance version of the ultra-practical 7-seat electric SUV from Kia will debut in the first month of next year. The fire-breathing Kia EV9 GT is slated to debut in January 2025, as per the official video from Kia’s 2024 CEO Investor Day Event which took place in Seoul, South Korea. Kia EV9, in case you forgot, is the 2024 World Car Of The Year. Not just that, it even boasts the title of the 2024 World Electric Vehicle Award. Hence, the 7-seat electric SUV is a critically acclaimed product already. With such validation for the regular model, the GT trim is bound to attract traction. Even though the spy media has spotted it testing at Germany’s iconic Nürburgring track, this is the first time Kia has officially shared some details. You might also like: Upcoming Affordable Kia Electric EVs – EV2 and EV3 Kia EV9 GT To Debut In Jan 2025 The 1-hour-27-minute-long video highlights Kia’s plans for the future. Around the 30-minute mark in this video, the President and CEO of Kia, Ho Sung Song, described the upcoming EV9 GT. While there were not too many specifics, there was enough data to point us towards the direction Kia is willing to take. Ho Sung Song mentions that it will continue to focus on the GT (performance) trims of its dedicated EVs. In fact, the GT version of the EV6 is already on sale in many international markets. The key details about the upcoming EV9 GT include “enormous power output” to achieve a remarkable 0-62 mph (0-100 km/h) acceleration time of just 4 seconds. That is a whole 1.3 seconds faster than the EV9 GT-Line and just 0.5 seconds slower than the EV6 GT. This is especially impressive considering the EV9 GT-Line weighs a gargantuan 2,674 kg (Kerb) aka 5,895 lbs and 3,240 kg (Gross) aka 7,143 lbs. Hence, we could expect a bump in 576 hp and 738 Nm (545 lb-ft) figures found in the EV6 GT. Generally, Kia’s GT models come with a tweaked suspension setup along with tons of bodywork to enhance aerodynamics, along with new alloys and tyres for added traction during enthusiast driving. Hence, we could safely assume this to be the case with the upcoming EV9 GT too. More details will surface as time progresses and the debut nears. You might also like: Kia EV6 Facelift Spotted Testing – Everything We Know So Far Learn Electric Cars Says Kia is certainly firing on all cylinders. This capability comes from its parent group, Hyundai Motor Company. It has been actively pursuing multiple approaches to grab a major chunk of future mobility. This includes updated IC engines, hybrid mills, electric powertrains, alternative fuel-powered cars, etc. Kia benefits from these technologies. Hence, Kia is ensuring that current-day driving enthusiasts don’t feel left out in the world of electrification. That is what the GT trims of Kia’s models cater to. This is based on the same parallels as Hyundai’s N Division. We have already seen the Ioniq 5 N and the upcoming Ioniq 6 N. In the same vein, we shall witness the GT versions of the EV6 (already on sale) and the EV9 next year. All things considered, exciting times lie ahead for Kia loyalists.

Honda Announces $11 billion Investment in Canada EV Ecosystem

Honda To Invest $11 Billion In Canada To Develop EV Ecosystem

4 Comments / EV News / By LEC Team

The CAD 15 billion (US$11 billion) is the biggest auto investment in Canada’s history. Honda announces its historic plans to invest a whopping CAD 15 billion (US$11 billion) to strengthen its EV supply system and capability to cater to the future demand in North America (Canada). In fact, it aims to sell 100% BEVs and FCEVs by 2040 with this amount which also includes investments by its joint venture partners to create a comprehensive electric vehicle value chain in Canada. With this investment, Honda will construct an innovative and environmentally responsible Honda EV plant and a stand-alone Honda EV battery plant in Alliston, Ontario. You might also like: Honda 0 Series EVs Mark Brand’s Foray Into The Electric Future Honda To Invest $11 Billion In Canada EV Ecosystem The news comes after speculations of a slowdown in EV sales in the U.S. and China. Nevertheless, the IEA report determining the sales for 2024 suggests that EV sales could hit a record 17 million this year. In any case, such humungous initiatives by legacy carmakers like Honda spell positive signs for long-term sustainable future mobility solutions. In fact, the plan even includes a cathode active material and precursor (CAM/pCAM) processing plant through a joint venture partnership with POSCO Future M Co., Ltd. and a separator plant through a joint venture partnership with Asahi Kasei Corporation. The anticipated production commencement is from 2028 onwards. Once fully operational, the plant will be able to belt out 240,000 EVs annually. On the other hand, the EV battery plant will produce 36 GWh per year. Honda also believes that it will need to hire at least 1,000 new associates for the EV and EV battery manufacturing facilities in addition to the existing 4,200 associates currently at its two existing facilities in Ontario. To start electrification in North America, Honda chose Ohio as its EV production center. They’re upgrading their existing factories, putting $700 million into it. Plus, they’re teaming up with LG Energy Solution to build a new EV battery plant, planning to invest $4.4 billion. The Ohio EV hub will be the foundation of EV and EV battery production in North America and Honda expects EV production at the Marysville Auto Plant in late 2025. Honda Management Comments On this momentous occasion, Toshihiro Mibe, Global CEO of Honda said, “Honda is making progress in our global initiatives toward the realization of our 2050 carbon neutrality goal. In North America, following the initiative to establish our EV production system capability in the U.S., we will now begin formal discussions toward the establishment of a comprehensive EV value chain here in Canada, with the support of the governments of Canada and Ontario. We will strengthen our EV supply system and capability with an eye toward a future increase in EV demand in North America.” You might also like: Upcoming Affordable Kia Electric EVs – EV2 and EV3 Learn Electric Cars Says North America is Honda’s largest market which is why it has such ambitious plans to enable a comprehensive and detailed transition from ICE cars to electric cars. This heavy investment points to the single-pointed focus on sustainable and green mobility solutions of the future. In comparison to the other carmakers, Honda is still lagging behind in this EV race. Sure, it had announced its 0 Series concept for the next couple of years. Still, there is nothing concrete and production-ready at the moment apart from Honda e. In 2022, Honda said it aims to make 30 new EVs and sell over 2 million each year by 2030. They’ve already started selling e:NS1 and e:NP1 in China and e:Ny1 in Europe. In 2024, they’re launching EV SUVs made with GM: Honda Prologue and Acura ZDX/Acura ZDX Type S in North America, and N-VAN e: in Japan. After 2024, Honda will keep making more EVs at a fast pace. Let us bear witness to the future of this ambitious investment strategy.

IEA Report Forecasts EV Sales Could Hit 17 Million in 2024

7 Comments / Featured / By LEC Team

International Energy Agency (IEA) has released its data for expected trends in the electric mobility space for this year, as well as long-term predictions for the future. The most recent IEA report about the Global EV Outlook for 2024 predicts that the total global sales could hit the unprecedented 17 million mark this year. Now, this might seem a bit contradictory to some, with all the news reports going on about the slowdown in the EV industry. While this might be true for some concentrated markets, the overall global sales data will remain strong. We caught of glimpse of this trend after the first quarter of 2024 which saw a growth of 25% on a year-on-year basis (Q1 2023). You might also like: US Tells China Not To Flood Its Auto Market IEA Report on Global EV Sales Digging further, the IEA believes that the market share of EVs could reach 45% in China, 25% in Europe and over 11% in the U.S. in 2024. That should give you an idea of just how far ahead China is in this EV race. In 2023, the global EV sales almost touched 14 million, which amounts to 18% of all cars sold. This number was just 14% in 2022. Furthermore, electric car sales in 2023 were 3.5 million higher than in 2022, a 35% year-on-year increase. Chinese carmakers produced more than half of all electric cars sold worldwide in 2023. In 2023, China (60%), Europe (25%) and the U.S. (10%) contributed 65% to the overall global EV sales. Evidently, these regions form the concentrated electric car markets at the moment. However, emerging economies are growing rapidly even though their share of EVs is not yet too significant. For instance, the EV share in total car sales in Vietnam was 15%, Thailand was 10%, India was 2%, Brazil was 3%, Indonesia was 2% and Malaysia was 2%. Hence, we will see these nations become prominent players in the EV space in a matter of a few years. This report also suggests that every other car sold globally in 2035 will be electric based on today’s energy, climate and industrial policy settings. This is a part of the IEA’s Stated Policies Scenario. In fact, by 2030, almost 1 in 3 cars on roads in China will be electric, and almost 1 in 5 cars in the U.S. and EU will be electric as well. You might also like: 91.5% of All Cars Sold in Norway in March 2024 Were Electric EV Battery Recycling The battery recycling industry is preparing for the 2030s, emphasizing the importance of recycling and reusing batteries for supply chain sustainability and security. Despite the growing interest from technology developers, planned recycling locations may not align with the anticipated retirement locations of electric vehicle (EV) batteries. Global battery recycling capacity reached 300 gigawatt-hours in 2023, projected to exceed 1,500 gigawatt-hours by 2030, with China leading with 70% of the capacity. However, the announced recycling capacity globally exceeds three times the potential supply of batteries by 2030, according to the Announced Pledges Scenario. EV battery retirement is forecasted to rapidly increase in the latter half of the 2030s, indicating a growing demand for recycling services. You might also like: Tesla Eyeing Indian Factory With Capacity Of 500,000 EVs Learn Electric Cars Says These are some intriguing observations by IEA. These unequivocally indicate that the overall growth in global EV sales will be in line with the previous years despite concerns regarding a slowdown. IEA also says that it anticipates EVs to cost the same as ICE cars by as early as 2030. This is due to the economies of scale, cheaper batteries, low manufacturing costs, etc. Once that happens, global EV sales will see an exponential boost, this time even with contributions from emerging economies.

LEC Team

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