The EV Market Is Entering An Exciting Phase
One of the first real mass production EVs, the Nissan Leaf, took about 10 years to produce and sell 500,000 units. Just the other day, VW announced that it has sold 500 000 of its ID series, one year ahead of schedule. It took 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 progress was even hotter. It took about 3 years for Tesla to sell 1 million units of the Model 3. Another one that has delivered incredible sales figures is the Wuling Mini EV. Since its launch in the middle of 2020, it has gone on to sell more than 800,000 units in China. The fact that it has sold over three quarters of a million units in about two years shows how fast the EV market is growing. It also points to the fact that EVs are now starting to go mainstream.
Yesterday, BYD announced that it has now produced over 3 million NEVs. BYDs range of New Energy Vehicles (NEVs) is composed of battery-electric vehicles as well as plug-in hybrids. BYD stopped making full ICE vehicles earlier this year to focus only on its growing range of NEVs. BYD’s plug-in hybrids have fairly large battery packs (some over 20 kWh) using the Blade battery and therefore give good all electric range. BYD is exporting some of these to South America as well as other places. They are very useful in a lot of 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 over 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 earlier this year hit 3 million EVs sales cumulatively.
1 million NEVs in just 6 months is very impressive. This is just the beginning. BYD has embarked on a massive overseas expansion plan and is even reported to be buying ships for this export drive. The report says the 8 ships, which will cost almost $700 million, will each have a capacity to carry 7,700 vehicles. Interesting times ahead, and all good for accelerating the adoption of electric vehicles. Last month, BYD’s factories produced 220,107 NEVs compared with 81,575 NEVs in October 2021. So far in 2022, BYD has produced 1,411,690 NEVs, according to a company announcement. The company is planning to produce at least 300,000 NEVs per month very soon. This is probably why BYD now has more room to ship its EVs to more markets around the world than other OEMs from North America or Europe are able to or willing to do.
300,000 NEVs per month will mean that BYD will soon make the next million NEVs in just over 3 months. Tesla will also be ramping up production in Berlin and its other factories. SAIC, which is producing the popular MG range of EVs such as the impressive MG4 hatchback, MG5 station wagon, and the ZS EV SUV, is also looking to ramp up production for both its local and overseas markets. Then there is Hyundai, Kia, and others who will also be eying larger market shares for their EVs. Consumers will soon be spoiled for choice (hopefully). Exciting times ahead.
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