Sales of Electric Vehicles Shaping the Auto Industry
Electric vehicles are shaping the auto industry as commercial acceptance has recently increased. Amid the ongoing price war in the Chinese auto industry, the sales figure of ICE is either flat or negative, whereas that of EVs and HEVs has witnessed significant growth. Further, it has led to high sales figures for Chinese automaker BYD as they break into the world’s top 10 automakers list (H1-2023), leaving behind a few European players.
It shows that the automakers need to adopt a regional strategy to excel. Also, for the EV market, the auto OEM needs to adopt the integrated battery + car business as it helps them lower the cost and reduce supply-chain constraints such as inconsistent supply of Lithium-ion battery raw materials.