The electric vehicle market is entering an exciting phase

The electric vehicle market is entering an exciting phase

One of the first true production electric vehicles, the Nissan Leaf, took about 10 years to produce and sell 500,000 units. The other day, VW announced that it had sold 500,000 of its ID series, a year ahead of schedule. It has taken VW just 2 years to sell half a million units of its ID electric vehicle models since their initial launch in 2020. The Tesla Model 3 production ramp and sales progression have been further higher. It took about 3 years for Tesla to sell 1 million units of the Model 3. Another one that recorded incredible sales numbers is the Wuling Mini EV. Since its launch in mid-2020, it has sold over 800,000 units in China. The fact that it has sold more than three-quarters of a million units in about two years shows how fast the electric vehicle market is growing. It also underscores the fact that electric vehicles are now starting to go mainstream.

Yesterday, BYD announced that it had produced over 3 million NEVs. BYD’s line of New Energy Vehicles (NEVs) consists of battery electric vehicles as well as plug-in hybrid vehicles. BYD stopped making complete ICE vehicles earlier this year to focus solely on its growing line of NEVs. BYD’s plug-in hybrids have fairly large batteries (some over 20kWh) using the Blade battery and therefore offer good all-electric range. BYD exports some to South America as well as other places. They are very useful in many places around the world where the charging infrastructure is not yet fully developed.

BYD also released some interesting statistics. From the first BYD NEV to the 1 millionth NEV, production spanned 13 years. BYD then went from 1 million to 2 million in just one year, which was even faster than the Model 3. Then this year, BYD went from 2 million sales to 3 million in just 6 months. 1 million in just 6 months! Tesla also hit 3 million electric vehicle sales earlier this year.

1 million NEV in just 6 months is very impressive. This is just the beginning. BYD has embarked on a vast overseas expansion plan and is said to have even purchased ships for this export campaign. The report says the 8 ships, which will cost nearly $700 million, will each have a capacity to carry 7,700 vehicles. Interesting times ahead, and all good ones for accelerating the adoption of electric vehicles. Last month, BYD factories produced 220,107 NEVs compared to 81,575 NEVs in October 2021. So far in 2022, BYD has produced 1,411,690 NEVs, according to a company announcement. The company plans to produce at least 300,000 NEVs per month very soon. That’s probably why BYD now has more room to ship its EVs to more markets around the world than other OEMs in North America or Europe can or will.

300,000 NEVs per month will mean that BYD will soon be manufacturing the next million NEVs in just over 3 months. Tesla will also increase production in Berlin and its other factories. SAIC, which produces the popular range of MG electric vehicles, such as the impressive MG4 sedan, MG5 station wagon and ZS EV SUV, is also looking to increase production for its local and overseas markets. Then there are Hyundai, Kia and others who will also be aiming for bigger market shares for their electric vehicles. Consumers will soon be spoiled for choice (hopefully). Exciting times ahead.

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