Who Is Winning The Global EV Race?
CNBC・41 minutes read
China and Volkswagen are leading the electric vehicle market with aggressive plans and investments, while Tesla dominates in the U.S. Volkswagen is expanding its EV offerings globally to challenge Tesla's market share and aims for 50% EV sales in the U.S. and China by 2030, focusing on software improvements and battery technology.
Insights
- China is positioned to lead global vehicle sales by 2025, driven by strong government support for electric vehicles and a commitment to transitioning to all electric or hybrid cars by 2035.
- Battery swapping stations for EVs are gaining traction globally, with Apple and others investing in this technology, offering quick swaps that are cost-effective, aid in grid sustainability, and are projected to grow significantly in market value by 2030.
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Recent questions
What is the future of electric cars?
Electric cars are considered the future of the automotive industry, with a shift towards battery charging swapping stations for convenience and efficiency.
Which country is expected to lead in electric vehicle sales?
China is anticipated to lead in global vehicle sales by 2025, supported by aggressive government backing for electric vehicles.
What are General Motors' plans for electric vehicles?
General Motors aims to exclusively offer electric vehicles by 2035, with a commitment to dominating the EV market in North America.
How is Volkswagen competing with Tesla in the EV market?
Volkswagen is aggressively pursuing EV dominance, planning to offer 50 electric models by 2030 and challenging Tesla's market share globally.
What are the challenges associated with battery swapping for electric vehicles?
Battery swapping faces challenges such as consumer reluctance due to concerns about battery history and degradation, as well as unique battery tech and structural considerations that automakers need to address for successful adoption.
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Summary
00:00
China Leads Global Electric Vehicle Market Growth
- Electric cars are seen as the future, with swapping stations for battery charging.
- China is expected to lead in global vehicle sales by 2025, with aggressive government support for electric vehicles.
- Volkswagen aims to compete with Tesla in the electric vehicle market.
- China is heavily investing in the electric vehicle industry, with plans to transition to all electric or hybrid cars by 2035.
- The U.S. is lagging behind China and Europe in electric vehicle sales, but is showing signs of commitment to going electric.
- General Motors plans to exclusively offer electric vehicles by 2035.
- China has been a leader in electric vehicle production due to government policies and subsidies.
- Battery production is concentrated in Northeast Asia, with China leading in capabilities.
- Tesla has seen significant success in China, benefiting from government support and unique deals.
- Tesla dominates the U.S. electric vehicle market, with significant market cap growth in 2020.
13:34
EV Market Shift: Traditional Automakers vs Startups
- The F-Series vehicle was the top-selling vehicle in 2019, generating $42 billion in revenue, surpassing the combined revenue of major sports leagues.
- New electric vehicle (EV) trucks are posing a threat to traditional truck makers like Ford and GM.
- General Motors (GM) plans to be fully electric by 2035, aiming to dominate the EV market in North America.
- China is a significant market for GM, with the Hongguang Mini EV gaining popularity due to its low cost.
- EV startups are well-funded and gaining traction in the global market, challenging traditional automakers like Ford and GM.
- Volkswagen is aggressively pursuing EV dominance, with plans to offer 50 electric models by 2030.
- Volkswagen's ID.3 and ID.4 EVs are gaining popularity in Europe and globally, challenging Tesla's market share.
- Volkswagen aims to have 70% of its vehicle sales in Europe be EVs by 2030, with a deep shift towards electrification.
- The Volkswagen Group's EV sales in Europe have nearly doubled, with plans to broaden its market share worldwide.
- Tesla currently dominates the U.S. EV market, while Volkswagen is striving to become a strong competitor in Europe and globally.
26:25
Volkswagen's EV Strategy Competes with Tesla
- Volkswagen may fill niches that Tesla doesn't reach, with VW having Audi and Porsche in the luxury and SUV market, areas Tesla has somewhat ignored.
- VW's Model 3 and Model Y are priced 20-30% below Tesla's offerings.
- Volkswagen's ID.6 began deliveries in China, seating seven for multi-generational family travel.
- By 2030, VW aims for 50% EV sales in the U.S. and China, needing software and battery tech improvements.
- Tesla excels in software, with over-the-air updates, inspiring VW's $19 billion investment in digitalization.
- VW aspires to be a software leader, investing heavily in digitalization and autonomous driving.
- VW plans six gigafactories by 2030 for battery production, aiming to control costs and supply chain.
- Volkswagen is heavily investing in charging infrastructure, targeting 400 stations in Europe, 100 in Germany, with a focus on every 120 kilometers.
- Battery swapping stations are being developed by Apple and others, offering quick swaps for EVs, with potential grid benefits.
- Ample battery stations are cost-effective, quick to install, and use less power than traditional charging, aiding in grid sustainability.
39:18
"Global EV Battery Swapping Market Trends"
- The global electric vehicle battery swapping market was valued at $100.1 million in 2020 and is projected to reach $852.6 million by 2030.
- Concerns exist in the United States regarding battery swapping, with skepticism about its success.
- Initial focus is on fleets due to the need for quick refueling and lack of charging infrastructure in cities.
- Apple is targeting last-mile delivery, municipal fleet, and ride-sharing partners like Uber for EV adoption.
- Commercial fleet users are seen as the primary beneficiaries of battery swapping due to quick and standardized swaps.
- President Biden aims to transition the entire presidential fleet to electric, but the U.S. may lag in adopting the technology.
- Challenges exist in convincing automakers to adopt battery swapping due to unique battery tech and structural considerations.
- Battery swapping may face consumer reluctance due to concerns about battery history and degradation, as seen in Tesla's limited success with the concept.
