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Failure Rate of Modern EV Batteries is 0.1% – Study

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

11 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.

IEA Report Forecasts EV Sales Could Hit 17 Million in 2024

9 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.

Tesla Cuts FSD Prices By $4,000 and Model X, Y and S By $2,000

11 Comments / Featured / By LEC Team

The largest EV maker on the planet is certainly feeling the heat with increased competition and declining sales in the first quarter. Tesla announced a $2,000 cut in the prices of Model Y, X and S, each in addition to a $4,000 cut in FSD. Note that Tesla was already offering its Fully Self-Driving technology (Level 2+ ADAS) at an offer price of $12,000. To spur the demand further and entice more customers, the Elon Must-led auto giant is now offering it for $8,000. Finally, it will also end the referral program on April 30. This used to offer owners additional incentives if they persuaded their friends or family members to purchase a Tesla car. You might also like: Tesla Eyeing Indian Factory With Capacity Of 500,000 EVs Tesla Model Y, S and X Prices Cut by $2,000 Each After the $2,000 price cut, the Model Y now has a base price of $42,990, its lowest ever. With this, the long-range trim now starts at $47,990 and the performance variant commences at $51,490. It is interesting to note that the Tesla Model Y was the highest-selling EV on the planet last year 2023. Offering discounts on the most popular EV in its lineup indicates how tough the situation is for Tesla. Also, the Model S now retails for $72,990, while the Plaid starts at $87,990. Finally, the base model of Model X starts at $77,990, whereas the Plaid trim has a retail sticker of $92,990. The discounts are not just offered for the US market, but also for the Chinese market. Hence, the largest EV maker in the world is offering benefits to spur demand in two of its biggest markets globally. If that was not enough, last week was particularly testing for Musk’s Tesla. It had to recall 3,900 Cybertrucks due to a faulty acceleration because of the accelerator pedal cover which kept getting stuck in such a position that it was flat to the floor keeping the futuristic electric in perennial acceleration. Not just that, Tesla even had to let go of 10% of its global workforce, and two key executives and sought investor approval for a $56 billion pay package for Elon Musk. All this led to a whopping 40% drop in the share price of Tesla year-to-date. You might also like: Tesla Clocks 6 Million Lifetime Sales, 1 Million In Last 6 Months Learn Electric Cars Says Tesla was the poster boy for the electric mobility revolution across the globe just a decade ago. However, as the industry embraces electrification, new players are emerging. Not just that, the legacy carmakers are putting in valiant efforts to transition to EVs. Amidst all this, Tesla has somehow managed to stay on the top for this long. But offering discounts, running ads, laying the workforce off, etc. are signs that the business is not sustainable just yet. Not to mention, the challenges for the potential customers in the mass adoption of electric cars are still immense. As a result, the current growth in EV sales has been underwhelming, especially when seen in conjunction with the ambitious forecasts. Prime regions including the USA and China are bracing for a slowdown in EV sales this year. One aspect we are intrigued to explore and witness is how well the emerging markets are going to adopt electric cars. That could determine the next wave of electric mobility.

Upcoming Affordable Kia Electric EV2 and EV3

Upcoming Affordable Kia Electric EVs – EV2 and EV3

14 Comments / Featured / By LEC Team

Kia targets launching 8 electric car models in the USA by 2029 including the likes of the EV2, EV3, EV4 and EV5. Kia is planning an onslaught of affordable electric cars with its upcoming models which include EV2 and EV3. In recent announcements and spy media, the EV2 has been spotted, while the EV3 also looks to go into production based on the concept version soon after. The future of electric mobility will rely heavily on the availability of affordable EVs. The Chinese car marques are already flooding the international markets with their inexpensive compact EVs. Even Ford has deployed its Skunkworks division to develop a range of cheap EVs from scratch. Since the Chinese carmakers don’t offer their models in the USA yet, thanks to exorbitant tariffs, legacy players like Kia can stretch their lead in this space with more mass-market electric cars. The EV2 and EV3 could be key products in that strategy. You might also like: Kia EV6 Facelift Spotted Testing – Everything We Know So Far Upcoming Affordable Kia EV2 and EV3 The Kia EV2 spy media stems from the 숏카 SHORTS CAR channel on YouTube. The visuals capture a heavily camouflaged, upright and compact vehicle plying on the road. One could deduce the sleek vertically-oriented LED DRLs, a boxy silhouette, prominent roof rails, stylish alloy wheels and an upright and tall-boy stance. Apart from that, the wheel arches are quite pronounced, lending it a rather muscular demeanour. Not many details are available about the specs or features. Nevertheless, if it were to launch in the USA, the prices could be in the vicinity of $20,000 – $25,000. In fact, the video mentions that the EV2 in its native market of South Korea could even start at $14,500 (20 million Won). On the other hand, the EV3 will be a compact electric crossover SUV. As a matter of fact, we might witness the EV3 in the flesh later this year (2024). In this case, we can infer a few aspects from the concept version. The front end will borrow aesthetic cues from the larger EV9 with a sleek LED DRL setup along with a slim LED headlamp cluster. The overall silhouette will bear SUV-ish traits with most design elements inspired by the EV9. In a detailed interview with the Automotive News, Kia America COO Steve Center said, “We’re ahead of most, and we’re trying to rush out ahead because our technology will be more evolved. You can’t just jump in and catch up. You have to have your own R&D, your own secret sauce.” This is a clear indication that the Korean auto giant will launch an affordable EV onslaught. You might also like: Kia EV8 Could Replace The Iconic Stinger In Electric Avatar Learn Electric Cars Says The entire automobile industry is evidently worried about the inexpensive Chinese EVs flooding the international markets in the immediate future. Sure, the demand for electric cars in top economies like the USA and China seems to have slowed down a little in comparison to the forecasts. Nevertheless, we have to remember that a whole lot of developing regions are still at a nascent stage when it comes to EV adoption. Markets like Thailand, Singapore, India, Brazil, the Middle East, and countries in Europe and South East Asia are yet to experience the EV explosion. The legacy carmakers have a presence in all these nations. Hence, everyone wants to get in the game of mass volume, low-cost EVs. That is where the future growth is set to derive from. Car marques like Kia and Hyundai have positioned themselves perfectly to cater to these regions with their mass EVs. With electric car models like the Ioniq 5, Ioniq 6, EV6 and EV9, Hyundai and Kia have already established themselves as pioneers in this space across the globe. They want to maintain their lead and expand their footprint before other auto giants catch up. Essentially, they are leveraging their first mover’s advantage to set up global dominance before the Chinese car companies do so.

Hyundai Ioniq 6 N To Be A Meaner Avatar Of The Ioniq 5 N

11 Comments / Featured / By LEC Team

The Korean auto giant is reportedly working on the fire-breathing iteration of the low-slung electric sedan. After gathering positive reviews from industry experts for the Ioniq 5 N, Hyundai is gearing up to launch the Ioniq 6 N. The Korean car marque is evidently excited about the performance versions of its Ioniq electric vehicle range. Having gained massive prominence, the Ioniq 5 is already available with the N badge, the first EV to wear it, while the Ioniq 6 could follow by 2025. Hyundai wants to ensure that performance enthusiasts don’t miss out on the fun as the industry transitions from coal-burning IC engines to electric cars. You might also like: Hyundai IONIQ 5 N Starts At $66,100 – How Does It Compare To The Rivals? Hyundai Ioniq 6 N The test mule has been spotted by hawk-eyed automobile aficionados multiple times now. The latest case comes from somewhere in Germany. It makes sense to test in Deutschland at the iconic Nürburgring track. By the looks of things, the electric monster will borrow most elements from the regular Ioniq 6. However, there will be a few aspects to enhance the performance. This ranges from aesthetic and aerodynamic components to mechanical modifications. Some of the most visual alterations include the likes of wider tracks, fender extensions, red brake callipers, an upgraded braking system, an extension of the rear spoiler and more. Furthermore, there will be an aggressive body kit in the production model. Still, these spy images give us a clear clue as to what the final product will look like. Notably, Hyundai could also deploy its Active Skirts technology to enhance aerodynamics even more. Hyundai Ioniq 6 N – Specs Albeit there are no official announcements from the Korean carmaker, it should be safe to assume that the Ioniq 6 N will borrow the powertrain from the Ioniq 5 N. Hence, we could see the dual-motor AWD version which could produce 641 hp of peak power for 10 seconds using the N Grin Boost function, just like the Ioniq 5 N. In regular settings, this mill will churn out a still impressive 601 hp and 770 Nm of peak power and torque. Powering the electric performance sedan will be an 84 kWh battery. To take things to a whole new level in terms of driving engagement, the Ioniq 6 N could take advantage of the N e-shift function which mimics an 8-speed automatic transmission to give the jolts experienced during actual gear shifts in IC cars by regulating motor torque. On top of that, it will also get the N Active Sound+ mode which imitates the sound of Hyundai’s 2.0-litre turbocharged engine. The overall aim is to bring the driving engagement and feel as close to orthodox performance vehicles as possible. You might also like: Hyundai Plans To Launch A Mini Electric SUV And Electric Van Learn Electric Cars Says It is clear that Hyundai is leaving no stone unturned when it comes to developing electric cars, hybrid cars, hydrogen cars as well as ICE cars. Since the exact path to the future of mobility is not certain just yet, Hyundai is active in all major categories. When the time comes, they can pivot and concentrate on any single route. It is quite commendable how Hyundai is able to juggle all these alternatives to ensure that it caters to all sorts of potential customers. For now, let us see how soon we get to experience the Ioniq 6 N in the flesh. Source

Tesla Autopilot Death Lawsuit Settled Before Trial Started

Tesla Settles Autopilot Death Lawsuit Hours Before Trial Started

9 Comments / Featured / By LEC Team

The case about the death of a 38-year-old former Apple employee back in 2018 due to Tesla’s Autopilot was about to go before the jury for hearing. In a rather shocking turn of events, Tesla settles the notorious lawsuit over the death of a former Apple engineer, Walter Huang, while using Autopilot. This took place in 2018 on a San Francisco Bay Area highway. He was travelling in his Tesla Model X with Autopilot ON. The details of the settlement are still under secrecy. Tesla said that it agreed to settle this case to end years of litigation. Note that Huang’s family had filed the lawsuit in 2019. You might also like: Tesla Eyeing Indian Factory With Capacity Of 500,000 EVs Tesla Settles Autopilot Death Lawsuit The aim of this lawsuit was to hold Tesla responsible for exaggerating the capabilities of Tesla’s self-driving technology. Many cases against Tesla Autopilot have been filed, highlighting the ambiguity in the way Tesla promotes and advertises its semi-autonomous driving capabilities. Note that Walter Huang was allegedly playing a game on his iPhone during the crash. However, the Autopilot had been working for 18 minutes prior to the accident. This was revealed by the investigation conducted by the National Transportation Safety Board (NTSB). During the time of the unfortunate event, the vehicle was at a speed of 71 mph (114 km/h). The report also mentions that just 7 seconds before the crash, the Autopilot “began a left steering movement” and sped up. That is what ultimately caused the vehicle to hit the concrete barrier on the side of the highway. Walter succumbed to his injuries on the spot. We must also mention here that the NTSB report, after collecting the telemetry data from Apple, suggested that there was “possible user interaction”. Still, Huang’s family fought this finding because the report also cited “limitations” in Tesla’s Autopilot software which potentially contributed to the crash. Remember, the National Highway Traffic Safety Administration (NHTSA) has launched investigations into more than 950 crashes involving Tesla cars where Autopilot was claimed to be used. There are more than 3 dozen probes into crashes which resulted in 23 fatalities so far. Finally, Tesla decided to settle, at least, this case before it ever made it to the jury room. You might also like: Tesla Clocks 6 Million Lifetime Sales, 1 Million In Last 6 Months Learn Electric Cars Says Autonomous driving technology is constantly in the news for various reasons. While we understand the need and appeal, the implementation will be much harder than one would expect. We have to take into consideration the potential issues with not just the technology itself, but with the mentality of how people perceive, and ultimately use it. That is something no one can predict. Hence, even if we reach a point where the technology reaches its zenith and behaves perfectly (aka Level 5 Autonomous Driving Technology), we can never be sure about how car owners abuse it. That is something that policymakers, as well as car companies, will need to think about prior to declaring any car capable of autonomous driving without human intervention. We shall be watchful of how things pan out in this regard in times to come. Image Source

US Treasury Secretary Janet Yellen in China

US Tells China Not To Flood Its Auto Market

18 Comments / Featured / By LEC Team

US Treasury Secretary Janet Yellen was on a 4-day trip to China’s southern city of Guangzhou and capital Beijing. In the recent trip of US Treasury Secretary Janet Yellen to China, the US was concerned about China about to flood the market. China, as we all know, is the manufacturing capital of the world. Its over-production capabilities have resulted in flooding the international markets. Fearing the dominance of EVs, the US is staying vigilant to not let Chinese carmakers into its territory. The EV war between America’s Tesla and China’s BYD has been going on for quite some time now. In the last quarter of last year, BYD overtook Tesla for the highest EV sales worldwide between the September to December period. That was the first time Tesla lost its top spot. However, in Q1 of 2024, Tesla regained the pole position. Still, the concerns regarding Chinese EVs flooding international markets, including the USA, at cost-effective prices are a threat to many countries. You might also like: Tesla Eyeing Indian Factory With Capacity Of 500,000 EVs US Tells China Not To Flood Its Auto Market Yellen mentioned that the massive Chinese government support more than a decade ago had led to below-cost steel flooding the global market, which “decimated industries across the world and in the United States”. She told a news conference at the US ambassador’s residence that, “I’ve made clear that President Biden and I will not accept that reality again.” She held the meeting with her Chinese counterparts Vice Premier He Lifeng and Premier Li Qian for a total of 11 hours. Yellen said she was especially worried about China’s weak household consumption and business overinvestment, “imbalances” she said were “aggravated by large-scale government support in specific industrial sectors.” Needless to say, the Chinese officials countered this allegation. China’s Commerce Minister Wang Wentao called the fears of overcapacity “groundless”. Premier Li told Yellen earlier that Washington should view the matter of production capacity “objectively” and from a “market-oriented” perspective. Beijing had expressed its “serious concerns” to Yellen about the US sanctions, tariffs and restrictions. The two countries have also agreed to open channels for further talks on excess capacity. You might also like: Toyota Hilux Electric Pickup To Enter Into Production By 2025 Learn Electric Cars Says This is a geopolitical situation where the overproduced and underpriced Chinese EVs and other products are threatening to take over various international markets. We have seen how Chinese electric cars are slowly expanding their global footprint. Moreover, they are offering great products with the latest technology, cheaper batteries, and exhilarating performance at incredibly attractive prices. That has been China’s approach since the inception of its globalization. The USA’s concerns are understandable since there would be too much dependency on one country. That has, unfortunately, been the case for the longest time. For instance, the EV battery raw materials and manufacturing largely take place in China. This is similar to the world’s most semiconductor chips being produced in Taiwan. During lockdown, the entire world reeled under the effect of this. Hence, too much dependence on one country for anything is not ideal in today’s world. Every major country is, therefore, focusing on local manufacturing. Utilizing its own resources, technology and labour is the best way to approach the future to become self-reliable. But then again, we live in a world of global connectivity, both physically and digitally. Hence, isolating a single nation won’t be easy. In any case, let us keep an eye out for further developments in this case.

91.5% of All Cars Sold in Norway in March 2024 Were Electric

11 Comments / Featured / By LEC Team

Norway is well on its way to banning the sales of petrol cars by as early as next year! Norway has displayed exemplary practices in embracing electric cars, boosting sales and banning petrol and diesel cars in the next few years. We know that Norway has been ahead of the entire world in terms of EV adoption for a long time now. You would be surprised to know that in March 2024, the BEVs sold in Norway comprise of 91.5% of all new car sales in the country. Out of these, 89.3% were BEVs, 5.7% were hybrids (HEV), and 2.2% were plug-in hybrids (PHEV). Shockingly, there were only 2% cars which had a diesel engine. Intriguingly, the sales of petrol cars were almost negligible. That has to be one of the most unique sales distribution charts you’ll see in this modern world. You might also like: Ford Hits Pause On Electric Pickup Plans, To Focus On Hybrids Instead Norway Electric Cars Sales Norway is one of those nations, where EVs from the USA and China sell together. The Chinese carmakers include the likes of BYD and Xpeng. Apart from that, there are other major car marques including Tesla, Toyota, VW, Hyundai, Nissan, Honda and more. Hence, there are tons of options for the buyers to choose from. This has led to a situation where the country has 700,358 BEVs on the road and 776,003 petrol cars. By the end of this year, it is possible that the total BEVs will outnumber the petrol cars. Additionally, there are a total of 339,724 hybrid cars on Norwegian roads. However, there is still some time for BEVs to overtake diesel cars – 1,068,929. But it is clear that the sales of petrol cars are negligible and are unlikely to grow going foward. Hence, BEVs can overtake petrol car sales by the end of 2025. Let us also take a look at the top 10 BEVs sold in Norway in March 2024. Model Sales Tesla Model Y 1,987 Toyota bZ4 759 Hyundai Kona 257 VW ID.Buzz 244 Toyota Proace 234 MG 4 230 Tesla Model 3 220 Nissan Leaf 199 Hyundai IONIQ 5 190 Nissan Arya 161 Top 10 Highest-Selling EVs in Norway in March 2024 You might also like: Tesla Eyeing A $3 Billion Indian Factory With Capacity Of 500,000 EVs Learn Electric Cars Says Norway has set a classic example of how to embrace EVs fully. In all fairness, the government of Norway was extremely persuasive in convincing people to switch to electrified vehicles. That becomes clear from their enticing incentives for EVs. This includes free tolls, free parking, and tax exemptions for EVs while increasing the taxes on ICE cars. Apart from that, the small country has over 5,600 fast chargers throughout its area. Finally, the country produces over 90% of its electricity from hydroelectric power and almost all the rest comes from wind power. Hence, it is not just about EVs and EV infrastructure, but the country completely shifted to renewable sources of energy across the board. With such normalization of electric transportation and green energy generation, no wonder over 91% of all new car sales in the country come from electric powertrains. Image Source

Tesla Eyeing Indian Factory With Capacity Of 500,000 EVs

16 Comments / Featured / By LEC Team

Elon Musk has been trying to enter the Indian market for a couple of years but the 100% import duty was a huge hurdle. The Indian factory of Tesla might soon become a reality which could have an annual capacity of 500,000 EVs. The recent EV policy of the government of India to reduce the import duties on premium cars from over 100% to 15% has created a buzz among interested parties. On top of this list was Elon Musk’s Tesla. It was in talks with the Indian government for the past couple of years, seeking a reduction in import tariffs. However, the Indian government had unequivocally clarified that it is willing to do so only if the foreign carmaker is prepared to set up local manufacturing with a minimum investment of $500 million. With the new EV policy, the import taxes are just 15%. Hence, Tesla is sending out officials to India to look for the ideal location to set up a factory which could incur a cost between $2 billion and $3 billion. You might also like: Tesla Reclaims Title Of World’s Largest EV Maker With Q1 Sales Tesla Plans Indian Factory With 500,000 Capacity This won’t be the first time Tesla will be sending out officials to India. There were many reports last year suggesting that the American EV maker was already scouting for Tesla headquarters in Bangalore, Karnataka. Apart from that, the officials were present to have dialogues behind closed doors with the Indian government officials to hurry with this EV policy. Now that it is finally here, it is Tesla’s turn to keep its end of the promise. The Indian automobile industry is the 4th largest in the world, behind only China, the USA and Japan. Hence, Tesla understands the importance of this burgeoning marketplace. This is especially crucial since the EV demand, in top developed countries like the USA and China, is dwindling. In fact, the industry is anticipating a slower growth this year. In such a scenario, expanding its footprint across diverse nations like India, the Middle East, South East Asia and parts of Europe seems logical. Tesla’s $25,000 EV A crucial part of Tesla’s future plans is the much-talked-about ~$25,000 EV. It is very much possible once manufacturing shifts to a country like India. In India, Tesla is closely evaluating regions like Gujarat, Maharashtra and Tamil Nadu to set up the production facility due to the already existing automobile infrastructure in these regions, the availability of OEM suppliers, and proximity to the ports in order to flood the neighbouring markets with Made-in-India EVs. Once Tesla commences its operations here, many auto ancillaries will also be attracted. This would increase the foreign investment in India significantly. In return, the government of India will extend enticing subsidies and incentives to Tesla to sell their vehicles in the country. In that way, the local economy will get a boost with this investment, and Tesla will be able to manufacture its EVs are affordable prices to compete with tons of newcomers in various new markets in this part of the world. Hence, it will be a win-win for both stakeholders. You might also like: Tesla Clocks 6 Million Lifetime Sales, 1 Million In Last 6 Months Learn Electric Cars Says Tesla, just like many other international companies with varied backgrounds, is ideally trying to shift operations from China to India. While that is a big deal, choosing India makes sense otherwise too. In order to expand its global footprint, having a base in one of the biggest automobile markets in the world is prudent. Even though the EV demand in China and the USA is slow, the Indian and its neighbouring markets are still at a nascent stage. There is a ginormous room for growth, at least for the next few years. Let us see how fast Tesla can capture the Indian market and commence production there.

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