# Towards EV Solutions --- ## Pages - [Meet the Team](http://www.towardsevsolutions.com/meet-the-team/): Mahima Meet Mahima, a voice you’ll want to follow in the electric vehicle (EV) industry. With a rich background in - [Privacy Policy](http://www.towardsevsolutions.com/privacy-policy/): This Privacy Policy describes Our policies and procedures on the collection, use and disclosure of Your information when You use - [Terms and Conditions](http://www.towardsevsolutions.com/terms-and-conditions/): Please read these terms and conditions carefully before using Our Service. Interpretation and Definitions Interpretation The words of which the - [About Us](http://www.towardsevsolutions.com/about-us/): Welcome to Towards EV Solutions, your go-to destination for the latest and most comprehensive news coverage of the Electric Vehicle - [Contact Us](http://www.towardsevsolutions.com/contact-us/): Thank you for your interest. Please use this general contact form for any request you may have If you need - [Home](http://www.towardsevsolutions.com/): Discover electric vehicle solutions-your source for the latest in charging stations, battery tech, autonomous vehicles, and electric mobility news. --- ## Posts - [Thunderplus’s “Charger Lagao Paise Kamao” Initiative to Support Economic and Sustainable Growth in India](http://www.towardsevsolutions.com/empowering-communities-thunderpluss-ev-charging-initiative-in-india/): ThunderPlus's 'Charger Lagao Paise Kamao' empowers communities by turning homes into EV charging points, promoting sustainable growth and income opportunities. - [Major Asian Carmakers and Technology Companies to Develop Solid-State Batteries](http://www.towardsevsolutions.com/solid-state-batteries/): Solid-state batteries are poised to reshape the EV market. Leading Asian firms like Toyota and Samsung SDI invest in safer, high-density battery innovation. - [Honda Activa EV is Set to Revolutionize India’s Electric Two-Wheeler Market](http://www.towardsevsolutions.com/honda-eactiva-electric-scooter-set-to-revolutionize-the-indian-ev-market/): The eActiva, Honda's first electric scooter, promises eco-friendly performance, advanced features, and affordability for India’s growing EV market. - [Production-ready Maruti Suzuki eVX Launched on November 4](http://www.towardsevsolutions.com/production-ready-maruti-suzuki-evx-launched-on-november-4/): Maruti Suzuki’s eVX SUV debuts with a 500km range, marking a key step in India’s EV market growth and advancing sustainable mobility solutions. - [Maruti Suzuki Unveils e Vitara: A High-tech EV to Compete Globally](http://www.towardsevsolutions.com/maruti-suzuki-unveils-e-vitara-a-high-tech-ev-to-compete-globally/): Every car enthusiast in India awaits the latest electric SUV, e-Vitara, from the Maruti Suzuki. e Vitara will be launched - [24M Technologies Introduced High-performance EV Battery](http://www.towardsevsolutions.com/24m-technologies-introduced-high-performance-ev-battery/): 24M Technologies’ latest EV battery innovation reaches 1,000 miles per charge, enhancing range, safety, and the future of electric vehicles - [EV LAB Unveiled the First Electric Mobility Experience Centre in Dubai](http://www.towardsevsolutions.com/ev-lab-launches-dubais-first-electric-mobility-experience-center-at-dwtc/): EV LAB opens the first electric mobility experience center in Dubai, aligning with UAE’s Net Zero 2050 goal and showcasing sustainable transportation innovations. - [Mahindra to Launch New Electric SUVs, Entering the Luxury Vehicle Market](http://www.towardsevsolutions.com/mahindra-to-launch-two-luxury-electric-suvs-in-india/): Mahindra plans to launch two luxury electric SUVs, marking a significant milestone in India's EV market. With advanced technology, eco-friendly materials, and over 400 km range, Mahindra targets sustainability in style. - [Princeton’s Scalable Recycling Solution to Reduce EV Battery Waste](http://www.towardsevsolutions.com/princetons-scalable-recycling-solution-to-reduce-ev-battery-waste/): Discover Princeton NuEnergy's LPAS, a sustainable EV battery recycling solution, enabling efficient recovery with less environmental impact. - [Tata Reaches a New Height by Achieving 50,000 Unit Sales in India](http://www.towardsevsolutions.com/tata-motors-hits-50000-ev-sales-milestone-in-india-with-tiago-ev/): Tata Motors celebrates 50,000 unit sales of the Tiago EV in India, highlighting a strong market presence as the electric vehicle sector expands, projected to reach $1,053.10 billion by 2034. - [EVgo Received a Conditional Commitment for a $1.05 Billion DOE Loan Guarantee to Accelerate Public Fast Charging Expansion Across the U.S.](http://www.towardsevsolutions.com/evgo-secures-1-05-billion-doe-loan-to-expand-u-s-fast-charging-network/): EVgo receives a $1.05 billion DOE loan guarantee to grow the U.S. fast-charging network, aligning with federal goals for 500,000 stations by 2030 and driving sustainable transportation infrastructure. - [3ti Energy Hubs Launched Portable EV Charging Station in the UK](http://www.towardsevsolutions.com/3ti-energy-hubs-launched-portable-ev-charging-station-in-the-uk/): 3ti Energy Hubs introduces a portable EV charging station for up to 12 EVs, expanding UK green infrastructure with accessible, eco-friendly solutions. - [ABB’s Energy-efficient Motor and Inverter Pack Solution to Enhance Electric Buses Performance](http://www.towardsevsolutions.com/abb-launches-advanced-hes580-inverter-amxe250-motor-package-for-electric-buses/): ABB’s HES580 inverter and AMXE250 motor package boosts electric bus performance and efficiency, supporting cleaner transportation. Global electric bus market projected to hit USD 113.06B by 2034. - [PowerX and Mercedes-Benz Partnered to Develop Electric Vehicle Charging Network in Japan](http://www.towardsevsolutions.com/powerx-and-mercedes-benz-partner-to-expand-ev-charging-network-in-japan/): PowerX partners with Mercedes-Benz to launch 100 EV charging stations across Japan. The EV charging infrastructure market is projected to reach USD 274.49B by 2033. - [Kia Carnival is Back Again in India](http://www.towardsevsolutions.com/kia-carnival-is-back-again-in-india/): Kia’s EV9 electric SUV and Carnival MVP return with premium features and luxury appeal, targeting India’s booming EV market projected at USD 1,053.1B by 2034. - [Hyundai Motor India Aims to Achieve 15% Market Share in the Near Future](http://www.towardsevsolutions.com/hyundai-motor-india-aims-to-achieve-15-market-share-in-the-near-future/): Hyundai Motor India debuts on stock exchanges, setting a record IPO and aiming for 15% EV market share with four new models. India’s EV market is projected to reach USD 1,053.1B by 2034 - [Rivian Unveils New R2 Compact Electric SUV](http://www.towardsevsolutions.com/rivian-unveils-new-r2-compact-electric-suv/): Rivian introduces the R2 compact SUV with 300+ mile range, aiming at the EV market dominated by Tesla’s Model Y. Global EV market set to grow to USD 2,108.80B by 2034. - [Nissan to Launch Bi-Directional EV Charging Technology by 2026](http://www.towardsevsolutions.com/nissan-to-launch-bi-directional-ev-charging-technology-by-2026/): Nissan’s bi-directional charging tech aims for 2026 as India's EV market grows to USD 1,053.10B by 2034. Public charging stations increased from 1800 to 16,347 in just 2 years. - [VLF Tennis Electric Scooter is set to launch in India](http://www.towardsevsolutions.com/vlf-tennis-electric-scooter-is-set-to-launch-in-india/): Italy's VLF Tennis Electric Scooter launches in India in Nov 2024 with standout design and 130+ km range. escooters market to reach $88.75B by 2032. - [JBM Auto Ltd has secured $100 million in funding to boost the supply and operations of e-buses](http://www.towardsevsolutions.com/jbm-auto-ltd-has-secured-100-million-in-funding-to-boost-the-supply-and-operations-of-e-buses/): JBM Auto receives $100M from ADB & AIIB for e-bus expansion. Global electric bus market to grow from USD 32.15B in 2024 to USD 113.06B by 2034. - [GM is Discontinuing the “Ultium” Name for its Batteries](http://www.towardsevsolutions.com/gms-ultium-battery-platform-to-revamp-ev-portfolio-with-improved-efficiency-and-lower-costs/): GM unveils Ultium battery tech to cut EV costs by 30% and boost efficiency. EV battery market to grow from USD 76.59B in 2024 to USD 573.08B by 2033. - [Nissan plans to introduce excellent and affordable V2G technology in 2026](http://www.towardsevsolutions.com/nissan-to-launch-v2g-technology-by-2026/): Nissan to introduce V2G tech in 2026, allowing EVs to power homes or sell electricity. V2G market to hit USD 45.09B by 2033 at a 28.13% CAGR. - [Toyota Announced Plans for New Solid-state Battery-powered EV](http://www.towardsevsolutions.com/toyota-announced-plans-for-new-solid-state-battery-powered-ev/): Toyota’s first EV with solid-state battery promises 500-mile range by 2027. Solid-state battery market to reach USD 1,645.60M by 2030. - [Lucid Motors Expands Electric Vehicle Lineup with the Long-awaited "Gravity" SUV, Pushing Boundaries in Range and Performance](http://www.towardsevsolutions.com/lucid-motors-unveils-gravity-suv/): Lucid Motors launches the Gravity SUV with a 500-mile range, pushing EV performance and luxury. The global EV market to reach USD 2108.80B by 2033. - [Ford to Introduce All-Electric Ranger Truck by 2025](http://www.towardsevsolutions.com/ford-to-introduce-all-electric-ranger-truck-by-2025/): The Ford Motor Company is set to launch an EV model of the renowned Ranger pickup truck by 2025. The EV truck is set to touch $20.25 Bn. - [Rivian Announced Partnership with Amazon for Fleet Electrification](http://www.towardsevsolutions.com/rivian-announced-partnership-with-amazon-for-fleet-electrification/): Rivian to deliver 100,000 electric vans to Amazon by 2027, boosting net-zero goals. Vehicle electrification market set to reach USD 419.55B by 2034 - [Polestar Introduced Polestar 4: A New Benchmark in Performance and Sustainability](http://www.towardsevsolutions.com/polestar-4-the-new-benchmark-for-performance-and-sustainability/): Polestar unveils the Polestar 4, an electric SUV with a 400-mile range, dual-motor AWD, and a focus on performance and sustainability in the global EV market. - [Fuel-efficient Tyres: A Suitable Choice for Electric Vehicles](http://www.towardsevsolutions.com/fuel-efficient-tyres-a-suitable-choice-for-electric-vehicles/): TVS Srichakra's new fuel-efficient tires cut rolling resistance by 10%, enhancing EV mileage. As India's EV market surges, explore innovations and policies driving growth. - [NIO Unveils All-Electric ES7 SUV: A Strong Competitor in the Growing Global EV Market](http://www.towardsevsolutions.com/nio-unveils-all-electric-es7-suv-a-strong-competitor-in-the-growing-global-ev-market/): NIO introduces the all-electric ES7 SUV, targeting global markets with 350k yearly production by 2025. Competing with Tesla and BMW, the ES7 boasts long-range, luxury, and battery swapping. - [Fisker Unveils the Ocean Force E: A Rugged EV SUV for Extreme Adventure](http://www.towardsevsolutions.com/fisker-unveils-the-ocean-force-e-a-rugged-ev-suv-for-extreme-adventure/): Discover Fisker's new Ocean Force E SUV, designed for extreme off-road adventures with 540 HP, 300-mile range, and sustainable features at an $80K price. - [Rivian Expands R1 Lineup with R1V: Electric Van for Last-mile Delivery](http://www.towardsevsolutions.com/rivian-expands-r1-lineup-with-r1v-electric-van-for-last-mile-delivery/): Rivian expands its lineup with the R1V electric van, designed for last-mile delivery, offering 350 miles of range and eco-friendly materials. - [Skoda Plans to Launch a Hybrid Car in India, Which Aims to Expand Fuel Options and Cut Emissions](http://www.towardsevsolutions.com/skoda-to-launch-hybrid-car-in-india/): Skoda plans to launch a hybrid car in India, expanding fuel options and cutting emissions, as the hybrid vehicle market grows at a CAGR of 28.80% by 2032 - [XPeng Motors Launches G6 Electric Crossover SUV with Autonomous Capabilities](http://www.towardsevsolutions.com/xpeng-motors-launches-g6-electric-crossover-suv-with-autonomous-capabilities/): Newpower car maker XPeng Motors announced its fully electric crossover SUV, the XPeng G6, which has advanced autopilot features and a higher battery range than its competitors in China. - [Hyundai Ready to Launch 4 New EVs In India](http://www.towardsevsolutions.com/hyundai-ready-to-launch-4-new-evs-in-india/): The Korean automotive brand Hyundai is all set to launch four new EVs in the Indian electric vehicle market. The market will be touch USD 1,053.10 Bn by 2034. - [Lucid Motors Debuts the Lucid Air Sapphire: Pushing Performance Limits in the EV Luxury Market](http://www.towardsevsolutions.com/lucid-motors-debuts-the-lucid-air-sapphire/): Lucid Motors debuts the Lucid Air Sapphire, a 1,200 hp luxury electric vehicles with a 550-mile range, competing with Tesla's Model S Plaid, setting new performance standards. - [Tesla CEO Elon Musk has unveiled the Robotaxi](http://www.towardsevsolutions.com/tesla-ceo-elon-musk-has-unveiled-the-robotaxi/): Elon Musk unveils Tesla's Cyber Cab at 'We the Robots' event, launching in 2026. Priced under $30K, it offers autonomous driving with no steering wheel or pedals. - [Germany’s leading electric aircraft manufacturer, Lilium, is all set to launch its first-ever all-electric vertical take-off and landing (eVTOL) plane](http://www.towardsevsolutions.com/germanys-leading-electric-aircraft-manufacturer-lilium-is-all-set-to-launch-its-first-ever-all-electric-vertical-take-off-and-landing-evtol-plane/): Germany’s Lilium prepares to launch its first all-electric eVTOL aircraft. Electric aircraft market set to grow at 20.6% CAGR, reaching $50.86 Bn by 2032. - [Auto Expo to Launch 20 New Cars in India by the End of 2024](http://www.towardsevsolutions.com/auto-expo-to-launch-20-new-cars-in-india-by-the-end-of-2024/): Explore India's 2024 car launches, including Mahindra & Kia EVs. Get insights into trends, pricing, and the growing EV market before the 2025 Auto Expo. - [Tesla Unveils Revolutionary 'CyberRoadster' with Enhanced Battery Technology](http://www.towardsevsolutions.com/tesla-unveils-revolutionary-cyberroadster-with-enhanced-battery-technology/): Tesla’s CyberRoadster offers 620 miles per charge, 0-60 mph in 1.99 seconds, using solid-state batteries for faster charging and performance. - [BMW Announces All-electric iX2 SUV to Expand Its EV Lineup](http://www.towardsevsolutions.com/bmw-announces-all-electric-ix2-suv-to-expand-its-ev-lineup/): BMW unveils the all-electric iX2 SUV, boasting a 310-mile range, eco-friendly materials, and xDrive. This compact SUV aims to expand BMW’s EV market share. - [Rivian to Double EV Production in 2025 Amid Soaring Demand for Electric Trucks](http://www.towardsevsolutions.com/rivian-to-double-ev-production-in-2025-amid-soaring-demand-for-electric-trucks/): Rivian targets 60,000 EV deliveries in 2022, plans to double production by 2025 to meet R1T and R1S demand, aiming for 300,000 units annually with new USA and Germany factories. - [Nissan Expands Electric Vehicle Lineup with the Launch of Ariya e-4ORCE, Targeting SUV Market Domination](http://www.towardsevsolutions.com/nissan-expands-electric-vehicle-lineup-with-the-launch-of-ariya-e-4orce-targeting-suv-market-domination/): Explore the Nissan Ariya e-4ORCE, an electric SUV with dual-motor AWD, 330-mile range, and 4.5 sec 0-60 mph, driving Nissan's goal of 50% EV sales by 2030. - [Ford Unveils Next-Generation F-150 Lightning with Extended Range and Enhanced Towing Capacity](http://www.towardsevsolutions.com/ford-unveils-next-generation-f-150-lightning-with-extended-range-and-enhanced-towing-capacity/): Ford's F-150 Lightning boasts a 400-mile range and 12,500-pound towing power, leading the electric pickup market as Ford aims to scale electric vehicle production. - [General Motors to Launch 20 New Electric Vehicle Models Globally by 2027](http://www.towardsevsolutions.com/general-motors-to-launch-20-new-electric-vehicle-models-globally-by-2027/): The biggest automotive company in the world of automobiles, General Motors (GM) has declared its multinational intent to launch 20 new models of electric cars by 2027. - [BMW to Invest €10 Billion in Solid State Battery Technology by 2030](http://www.towardsevsolutions.com/bmw-to-invest-e10-billion-in-solid-state-battery-technology-by-2030/): BMW is targeting up to €10 billion for research and development of solid state batteries by the end of the general goal 2030. - [Hyundai Targets Affordable EV Market with Launch of Ioniq 2 by 2025](http://www.towardsevsolutions.com/hyundai-targets-affordable-ev-market-with-launch-of-ioniq-2-by-2025/): Hyundai to launch Ioniq 2 by 2025, targeting the affordable EV market with a sub-$30,000 price, 250-mile range, and customizable features for urban mobility. - [BMW Unveils Vision Neue Klasse, Aiming for Full Electric Fleet by 2030](http://www.towardsevsolutions.com/bmw-unveils-vision-neue-klasse-aiming-for-full-electric-fleet-by-2030/): BMW unveils Vision Neue Klasse, its electric future with 600 km range, 80% charge in 20 minutes. Fully electric fleet by 2030. - [Volkswagen Unveils New ID.4 Electric SUV in Global Market Expansion](http://www.towardsevsolutions.com/volkswagen-unveils-new-id-4-electric-suv-in-global-market-expansion/): Volkswagen launches the ID.4 electric SUV, offering sleek design, 250-mile range, and smart tech, advancing its global EV strategy amid soaring market demand. - [Ford Expands Electric Vehicle Lineup with the Launch of the All-Electric F-150 Lightning](http://www.towardsevsolutions.com/ford-expands-electric-vehicle-lineup-with-the-launch-of-the-all-electric-f-150-lightning/): Ford launches the all-electric F-150 Lightning, boosting its electric vehicle lineup with powerful performance, advanced tech, and sustainable features to meet growing EV market demand. - [Luxury Electric Vehicles Market Statistics 2023 to 2032](http://www.towardsevsolutions.com/luxury-electric-vehicles-market-statistics/): The luxury electric vehicles market size is worth $223.05 billion in 2024, calculated at $263.25 billion in 2025, and is projected to touch $839.57 billion by 2032. - [The Climate Pledge launched a network of electric vehicle charging stations in Bengaluru](http://www.towardsevsolutions.com/the-climate-pledge-launched-a-network-of-electric-vehicle-charging-stations-in-bengaluru/): Climate Pledge’s new project called Joint Operation Unifying Last-mile Electrification to deploy a shared network of EV charging stations in Bengaluru in a major push to advance EVs in India. - [Ferrari is “fully on track” with its electric supercar set to be unveiled in the fourth quarter of 2025](http://www.towardsevsolutions.com/ferrari-is-fully-on-track-with-its-electric-supercar-set-to-be-unveiled-in-the-fourth-quarter-of-2025/): The launch of Ferrari's electric supercar, the luxury car industry is trying to reduce emissions. This move toward cleaner models was made even trickier by China's hold on battery cell production. - [Mahindra Zeo: A Convenient Small Commercial Vehicle Launch in India](http://www.towardsevsolutions.com/mahindra-zeo-a-convenient-small-commercial-vehicle-launch-in-india/): Mahindra Zeo, an electric small commercial vehicle (e-SCV), is launched in India by Mahindra Last Mile Mobility. With its permanent magnet synchronous motor, and liquid-cooled battery, Mahindra Zeo promises to deliver top speed of 60kmph. - [Hyundai Unveils IONIQ 7: A New Full-Sized Electric SUV for Global Market](http://www.towardsevsolutions.com/hyundai-unveils-ioniq-7-a-new-full-sized-electric-suv-for-global-market/): NEW HYUNDAI IONIQ 7 made world debut at 2024 PARIS MOTOR SHOW. The South Korean car maker has publicly launched its long-awaited IONIQ 7, a full-sized electric SUV at the latest edition of the 2024 Paris Motor Show. - [Combination of Scooter and Bike: BMW CE 02 EV’s "eParkourer" Launch in India](http://www.towardsevsolutions.com/combination-of-scooter-and-bike-bmw-ce-02-evs-eparkourer-launch-in-india/): BMW Motorrad is ready to launch its new model, the BMW CE 02, a blend of electric scooters and bike, - [Electric Vehicle Charging Station Market Statistics 2024 to 2032](http://www.towardsevsolutions.com/electric-vehicle-charging-station-market-statistics/): The electric vehicle charging station market size is calculated at $44.52 billion in 2024 and is anticipated to reach over $344.61 billion by 2032. - [Electric Vehicle Market Statistics 2023 to 2032](http://www.towardsevsolutions.com/electric-vehicle-market-statistics/): The global electric vehicle market size is estimated to grow from USD 317.26 billion in 2024 to approximately USD 2,108.80 billion by 2033. - [Maruti Suzuki Set to Launch First Electric Vehicle and Promote Eco-Friendly Technologies in FY25](http://www.towardsevsolutions.com/maruti-suzuki-set-to-launch-first-electric-vehicle-and-promote-eco-friendly-technologies-in-fy25/): Maruti Suzuki, India’s leading automobile manufacturer, has announced plans to launch its first electric vehicle (EV) in Fiscal Year 2025. - [Partnership Between Vidyut and JSW MG Motor India Launches Rental Battery Backups](http://www.towardsevsolutions.com/partnership-between-vidyut-and-jsw-mg-motor-india-launches-rental-battery-backups/): The partnership between Vidyut and JSW MG Motor India which is based on a Bengaluru-based EV ecosystem startup is gearing up launch Battery-as-a-Service (BaaS) Financing program for passenger cars. - [India Electric Vehicle Market Statistics 2023 to 2033](http://www.towardsevsolutions.com/india-electric-vehicle-market-statistics/): The India is predicted to increase from USD 11.36 billion in 2024 to approximately USD 1,053.10 billion by 2034, with a CAGR of 57.3%. - [India Unveils First Public Wireless EV Charging Station in Bengaluru – Transforming the EV Infrastructure](http://www.towardsevsolutions.com/india-unveils-first-public-wireless-ev-charging-station-in-bengaluru/): India has taken a significant step toward revolutionizing its electric vehicle (EV) infrastructure with the launch of the country’s first public wireless EV charging station in Bengaluru. - [Volkswagen Introduces the ID. Buzz Electric Van: A New Era for Urban Mobility](http://www.towardsevsolutions.com/volkswagen-introduces-the-id-buzz-electric-van/): Volkswagen has officially launched the ID. Buzz, an all-electric van designed to revolutionize urban mobility and promote sustainable transportation. - [Skoda Launches New Electric Vehicles in the Indian Market by 2025](http://www.towardsevsolutions.com/skoda-launches-new-electric-vehicles/): Skoda announced to launch of three new electric vehicles in the Indian market in the upcoming year 2025. - [Germany Launches World’s First Nationwide Wireless EV Charging Network – Transforming Global EV Infrastructure](http://www.towardsevsolutions.com/wireless-electric-vehicle-charging/): The wireless electric vehicle charging market size is expected to grow from USD 56.71 million in 2024 to USD 9,370.25 million by 2032. - [Faraday Future Launches Affordable Electric Vehicles](http://www.towardsevsolutions.com/faraday-future-launches-affordable-electric-vehicles/): Faraday Future announced to launch of the Faraday X–FX series with the launch of two models FX 5 and FX 6 having affordable prices between $20,000- $30,000 and $30,000- $50,000 respectively. - [Off-highway Electric Vehicle Market Statistics 2024 to 2033](http://www.towardsevsolutions.com/off-highway-electric-vehicle-market-statistics/): The global Off-highway electric vehicle market size is predicted to increase from USD 7.83 billion in 2024 to USD 102.26 billion by 2033 with a CAGR of 29%. - [Mahindra Announces to Launch of New Commercial Electric Four-Wheeler, ‘eZEO’ Helping the Electric Vehicle Power Inverter Market](http://www.towardsevsolutions.com/electric-vehicle-power-inverter-market/): The electric vehicle power inverter market size is worthy around USD 26.58 billion in 2024 and is predicted to surpass USD 51.99 billion by 2032, with a CAGR of 8.7%. - [Oben Electric to Launch Electric Two-Wheelers Enhancing Electric Mobility in the Electric Vehicle Market](http://www.towardsevsolutions.com/electric-two-wheelers-enhancing-electric-mobility/): The shift towards adopting sustainability in vehicle manufacturing has led to the initiative to launch four advanced electric two-wheelers by Oben Electric which is one of the leading players in the market. - [E-bike Market Statistics 2023 to 2033](http://www.towardsevsolutions.com/e-bike-market-statistics/): E-bike market size was USD 20.36 billion in 2023 and is predicted to increase from USD 22.09 billion in 2024 to USD 53.63 billion by 2033, with a CAGR of 10.16%. - [ZF Introduces Hydrogen Recirculation Blower Improving the Fuel Cell Energy Efficiency](http://www.towardsevsolutions.com/zf-introduces-hydrogen-recirculation-blower-improving-the-fuel-cell-energy-efficiency/): The ZF Commercial Vehicle Solutions announced the launch of its latest innovation of hydrogen recirculation blower to optimize the hydrogen levels in fuel cell electric vehicles. - [MG Windsor Launched the Battery Rental Scheme Fueling the Expansion of the Electric Vehicle Battery Market](http://www.towardsevsolutions.com/mg-windsor-launched-the-battery-rental-scheme-fueling-the-expansion-of-the-electric-vehicle-battery-market/): The new advanced EV of MG Windsor is priced at 9.99 lakhs excluding the cost of the battery pack and was introduced in India after the MG ZS EV and MG Comet EV. - [BMW CE 02 Electric Scooter Enters India’s Thriving EV Market – Pre-Bookings Begin](http://www.towardsevsolutions.com/bmw-ce-02-electric-scooter-enters-indias-thriving-ev-market/): As India’s electric vehicle industry gains momentum, BMW has announced the beginning of booking for its ‘CE 02 Premium electric scooter’ across the country. - [Building Charging Stations: A Smart Move by Maruti Suzuki Ahead of its Launch](http://www.towardsevsolutions.com/building-charging-stations-a-smart-move-by-maruti-suzuki-ahead-of-its-launch/): India’s charging stations will see a growth in its market as Maruti Suzuki India gears up to launch its first electric vehicle, midsize SUV named Concept eVX, it also plans to build 25,000 EV charging stations across the country. --- # # Detailed Content ## Pages - Published: 2024-09-26 - Modified: 2024-10-29 - URL: http://www.towardsevsolutions.com/meet-the-team/ Mahima Meet Mahima, a voice you’ll want to follow in the electric vehicle (EV) industry. With a rich background in journalism and mass media, Mahima doesn’t just report the facts; she tells the story behind the revolution. Her expertise of over four years in writing positions her uniquely as someone who knows how to engage, inform, and inspire her audience. Whether she’s diving into the latest EV technologies or exploring the future of sustainable mobility, Mahima delivers insights that go beyond the surface, making her work a must-read for enthusiasts, professionals, and curious readers alike. In every article, blog, or feature, she brings a human touch to the world of electric vehicles. She weaves narratives that highlight how the shift toward electrification is transforming economies, reshaping consumer preferences, and pushing the boundaries of innovation. Her sharp analytical skills allow her to see connections others might miss, offering fresh perspectives on trends that are shaping the automotive landscape. Her commitment to delivering top-tier content ensures that readers come away informed and inspired. Mahima's attention to detail, combined with her broad knowledge of the automotive industry, means that her articles often spark conversations and offer the depth that today’s informed readers seek. If you’re looking to stay ahead in the ever-evolving world of electric vehicles, Mahima’s work is your go-to guide for thoughtful, innovative, and engaging content. Email: mahima@towardsevsolutions. com Aditi Aditi, a powerhouse in the world of market research with over 14 years of experience, driving insightful narratives for the rapidly evolving electric vehicle (EV) industry. With a sharp eye for detail and an innate ability to decode trends across multiple sectors, Aditi is more than just an expert—she's a trendsetter. Her special interest in the ICT and automotive industries, combined with cross-domain expertise, allows her to approach EV news from a fresh, multifaceted perspective. Aditi’s writing doesn’t just inform, it engages. She brings the technical world of EVs to life with clarity and vision, making complex trends digestible for professionals and curious readers alike. Her years of market research mean she’s always one step ahead, identifying the hidden shifts that shape the future of mobility. Whether it's the latest technological breakthroughs in battery innovation, or the impact of ICT developments on the automotive supply chain, Aditi ensures her readers are never in the dark. Aditi’s passion shines through in every article, making her work a must-read for anyone interested in the pulse of the EV world. Her insights, backed by years of research, aren’t just relevant—they’re actionable. For investors, policy-makers, and industry professionals looking to stay ahead, Aditi’s writings offer a roadmap to navigate the future of transportation. In an industry that’s constantly charging forward, Aditi’s blend of expertise, curiosity, and forward-thinking approach makes her a key voice in the conversation. Her work empowers readers with knowledge, ensuring they understand not just where the EV industry stands today but where it’s headed tomorrow. Email: aditi@towardsevsolutions. com Radheckaa Meet Radheckaa, a dynamic force in the world of EV industry news and... --- - Published: 2024-09-26 - Modified: 2024-10-03 - URL: http://www.towardsevsolutions.com/privacy-policy/ This Privacy Policy describes Our policies and procedures on the collection, use and disclosure of Your information when You use the Service and tells You about Your privacy rights and how the law protects You. We use Your Personal data to provide and improve the Service. By using the Service, You agree to the collection and use of information in accordance with this Privacy Policy. 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Our platform is built on the foundation of knowledge-sharing, fueling industry professionals, investors, and enthusiasts alike with comprehensive news and analysis to navigate this electrified future. Our Services: We Empower the Field of Electric Mobility At the nexus of innovation and insight, we pride ourselves on delivering unparalleled coverage of the electric vehicle (EV) industry, enriched with a foundation of meticulous market research. From the intricate dynamics of electric vehicles to the critical infrastructure of charging stations, advanced battery technologies, cutting-edge electric bikes, and the essential tools and equipment that drive this electrified revolution, we offer a confluence of real-time intelligence and strategic foresight. Our commitment is to illuminate the multifaceted dimensions of the EV sector, enabling you to traverse the complexities of this rapidly transforming landscape. Our services don’t just stop at news. We provide market research-backed data and strategic insights tailored for industry professionals, investors, and EV enthusiasts alike. Whether you seek to unravel the intricacies of next-generation battery innovations or navigate the burgeoning expansion of charging networks, we provide the intellectual rigor and depth of insight necessary to shape informed, strategic decisions. Our services are engineered to ensure that you are not just keeping pace but leading the charge in the dynamic world of electrification. Our Expertise: The Pulse of EV Insights We're not just part of the electric vehicle game, we're driving it! Constantly pushing boundaries, we make sure our insights cover every angle of the EV world. From cars to charging stations, batteries to bikes, and the tools that make it all work, we’ve got it nailed. Our expertise lies in a profound understanding of the intricate dynamics that govern the electric vehicle industry. From the ever-evolving frameworks of charging infrastructure to the sophisticated advancements in battery technologies, we offer unparalleled insights that dissect the complexities of these pivotal domains. With a holistic approach, we navigate the vast intersections of electric mobility, drawing upon data-driven analysis and forward-looking market trends. At the confluence of market research and industry insight, our team excels in distilling the most convoluted developments into coherent, insightful knowledge. By... --- - Published: 2024-09-24 - Modified: 2024-09-24 - URL: http://www.towardsevsolutions.com/contact-us/ Thank you for your interest. Please use this general contact form for any request you may have If you need more information do not hesitate to ask our team: sales@towardsevsolutions. com Please enable JavaScript in your browser to complete this form. Please enable JavaScript in your browser to complete this form. Name *FirstLastEmail * Message Email Name Message ( function { const style = document. createElement( 'style' ); style. appendChild( document. createTextNode( '#wpforms-6500-field_4-container { position: absolute ! important; overflow: hidden ! important; display: inline ! important; height: 1px ! important; width: 1px ! important; z-index: -1000 ! important; padding: 0 ! important; } #wpforms-6500-field_4-container input { visibility: hidden; } #wpforms-conversational-form-page #wpforms-6500-field_4-container label { counter-increment: none; }' ) ); document. head. appendChild( style ); document. currentScript? . remove; } ); Submit --- > Discover electric vehicle solutions-your source for the latest in charging stations, battery tech, autonomous vehicles, and electric mobility news. - Published: 2019-12-17 - Modified: 2024-10-22 - URL: http://www.towardsevsolutions.com/ Electric Vehicle Electric Vehicle EV News Skoda Launches New Electric Vehicles in the Indian Market by 2025 September 27, 2024September 27, 2024 Swapnil Skoda announced to launch of three new electric vehicles in the Indian market in the upcoming year 2025. According to the media reports, the Czech carmaker is working on three new electric cars including Enyaq EV, Elroq EV, and Skoda Epiq EV that will be launched in the year 2025. The Skoda Enyaq EV will be the first electric car of Skoda that will be presented in the Indian selling market next year. The Skoda Elroq EV will be the first compact electric SUV of Skoda with an 82-kWh battery pack and 286 bhp electric motor. The Czech carmaker is Germany Launches World’s First Nationwide Wireless EV Charging Network – Transforming Global EV Infrastructure September 27, 2024September 27, 2024 Aditi Mahindra Announces to Launch of New Commercial Electric Four-Wheeler, ‘eZEO’ Helping the Electric Vehicle Power Inverter Market September 26, 2024September 26, 2024 Rushikesh Oben Electric to Launch Electric Two-Wheelers Enhancing Electric Mobility in the Electric Vehicle Market September 26, 2024September 26, 2024 Radheckaa ZF Introduces Hydrogen Recirculation Blower Improving the Fuel Cell Energy Efficiency September 25, 2024September 25, 2024 Mahima Popular News Off-highway Electric Vehicle Market Statistics 2024 to 2033 September 27, 2024September 27, 2024 Mahima Skoda Launches New Electric Vehicles in the Indian Market by 2025 September 27, 2024September 27, 2024 Swapnil Faraday Future Launches Affordable Electric Vehicles September 27, 2024September 27, 2024 Swapnil Germany Launches World’s First Nationwide Wireless EV Charging Network – Transforming Global EV Infrastructure September 27, 2024September 27, 2024 Aditi Mahindra Announces to Launch of New Commercial Electric Four-Wheeler, ‘eZEO’ Helping the Electric Vehicle Power Inverter Market September 26, 2024September 26, 2024 Rushikesh Charging Station Germany Launches World’s First Nationwide Wireless EV Charging Network – Transforming Global EV Infrastructure September 27, 2024September 27, 2024 Aditi Building Charging Stations: A Smart Move by Maruti Suzuki Ahead of its Launch September 24, 2024September 25, 2024 Mahima Electric Bike Oben Electric to Launch Electric Two-Wheelers Enhancing Electric Mobility in the Electric Vehicle Market September 26, 2024September 26, 2024 Radheckaa BMW CE 02 Electric Scooter Enters India’s Thriving EV Market – Pre-Bookings Begin September 24, 2024September 25, 2024 Swapnil Battery MG Windsor Launched the Battery Rental Scheme Fueling the Expansion of the Electric Vehicle Battery Market September 25, 2024September 27, 2024 Rushikesh Statistics Off-highway Electric Vehicle Market Statistics 2024 to 2033 September 27, 2024September 27, 2024 Mahima E-bike Market Statistics 2023 to 2033 September 26, 2024September 26, 2024 Aditi Latest News Off-highway Electric Vehicle Market Statistics 2024 to 2033 September 27, 2024September 27, 2024 Mahima The global Off-highway electric vehicle market size was valued at USD 6 billion in 2023. The market is predicted to increase from USD 7. 83 billion in 2024 to USD 102. 26 billion by 2034, expanding at a double-digit CAGR of 29% from 2024 to 2034. Off-highway Electric Vehicle Market Statistics 2024 to 2033 The construction segment accounted for the biggest... --- --- ## Posts > ThunderPlus's 'Charger Lagao Paise Kamao' empowers communities by turning homes into EV charging points, promoting sustainable growth and income opportunities. - Published: 2024-11-13 - Modified: 2024-11-13 - URL: http://www.towardsevsolutions.com/empowering-communities-thunderpluss-ev-charging-initiative-in-india/ - Categories: Charging Station, Electric Vehicle, EV News - Tags: EV Charging ThunderPlus, an EV charging enterprise in India, has introduced a new campaign, ‘Charger Lagao Paise Kamao,’ to transform household units into earners using electric vehicle charging points. This program goes a step further and provides a solution to the challenge in the growth of sustainable energy exploitation, targeting communities, most particularly women and disabled people. The participants do not have to do much as the initiative provides the necessary electric vehicle charging infrastructure and allows them to earn a viable income. Such a concept is easy to understand and practice owing to the familiarity of coin-box phones. ThunderPlus’s 3. 3 KW OCPP AC Charger is compatible with two, three, and four-wheelers. The chargers are rated IP67 for robustness and are weatherproof, ensuring that dust, rain, and sun rays do not damage them. This hybrid design allows the placement of chargers in many different places, for example, home, wall, or commercial. As highlighted in a recent Precedence Research report, the global electric vehicle charging station market size is calculated at USD 44. 52 billion in 2024 and is projected to hit around USD 344. 61 billion by 2032 with a remarkable CAGR of 29. 1% from 2023 to 2032. ThunderPlus claims that one can earn a maximum of Rs 15,000 a month using one charger. In busy areas, users who set up three chargers could earn up to Rs 50,000 monthly. This economic opportunity will help people, especially women and physically challenged people, become financially independent. ThunderPlus electric vehicle chargers are very cheap at Rs 9,999, whereas the other market options often exceed Rs 25,000. This allows a wider segment of the population to participate in the EV charging business and consequently supports wider acceptance of electric vehicles and the development of associated infrastructure throughout the country. Apart from budget-friendly services, ThunderPlus is focused on reaching out to government institutions, non-state actors, and corporate social responsibility programs to increase the scope of the program. These collaborations are meant to ensure that the initiative achieves its positive purposes to the fullest, enabling more individuals to access the benefits of economic growth. In the words of Rajeev YSR, ThunderPlus Chief Executive Officer, the initiative's primary objective is to enable local communities to transform their social and economic status. He stresses that the initiative paves the way toward financial self-sufficiency while opening decent jobs for the underprivileged. Through the campaign' Charger Lagao Paise Kamao, ' ThunderPlus hopes to develop a sustainable community for the growth of EVs in India. It is an initiative that calls on the people to come together, irrespective of their background, and work towards the country's clean energy goals while ensuring their own economic security. While the emphasis is on poverty alleviation, there is also a recognition that technology alone is not enough, thus claiming an initiative within society that is unlike technological progress. In doing so, individuals can participate in attaining sustainable objectives for India. We’ve prepared a service to support you. please feel free to contact us at... --- > Solid-state batteries are poised to reshape the EV market. Leading Asian firms like Toyota and Samsung SDI invest in safer, high-density battery innovation. - Published: 2024-11-11 - Modified: 2024-11-11 - URL: http://www.towardsevsolutions.com/solid-state-batteries/ - Categories: Battery, Electric Vehicle, EV News Leading Asian carmakers and tech giants, including Nissan, Toyota, and Samsung SDI, plan to develop solid-state batteries. Solid-state batteries (SSBs) are an evolving technology that significantly advances traditional lithium-ion batteries. They utilize a solid electrolyte rather than the liquid or gel electrolytes that are found in conventional batteries, which promises enhanced safety and energy density. However, the manufacturing process for solid-state batteries is complex and still needs a fully developed supply chain. These challenges contribute to higher production costs, deterring many major manufacturers from fully committing to this technology at scale. Electric Vehicle Battery Market According to Precedence Research’s detailed report, the global electric vehicle battery market size is calculated at USD 63. 51 billion in 2023 and is projected to surpass around USD 573. 08 billion by 2033, expanding at a CAGR of 25. 1% over the forecast period 2024 to 2033. Nonetheless, there is a growing interest in solid-state batteries due to their potential benefits, particularly in the electric vehicle (EV) sector. Energy density improvements mean SSBs can store more energy in the same amount of space, leading to longer driving ranges for EVs. Additionally, the solid design offers enhanced safety by reducing risks of leaks and thermal runaway, which can occur with liquid electrolyte batteries. As advancements in SSB technology continue, major Asian automakers and technology companies, such as Toyota, Nissan, and Samsung SDI, are competing fiercely to develop and produce solid-state batteries. Each company is investing heavily in research and development to gain a competitive edge in this emerging market. Recent insights from Trendforce, a Taipei-based market intelligence provider, suggest that the production volume of solid-state batteries may reach gigawatt-hour (GWh) levels by 2027. This forecast reflects the urgent pace at which competitors are racing to innovate and bring new technologies to market. As a result of this rapid development, consumers will likely benefit from a broader range of high-performance batteries for electric vehicles, significantly enhancing choice and driving range. Solid-state batteries could revolutionize the EV market with the right investments and advancements and contribute to the global transition toward more sustainable energy solutions. In October 2023, Toyota, a prominent electric vehicle (EV) market leader, made headlines by entering into a strategic partnership with Idemitsu Kosan, a key player in the energy and materials sector. This collaboration aims to leverage Idemitsu's expertise in battery technology to enhance the performance and efficiency of EVs. Alongside this partnership, Toyota also secured governmental approval to significantly increase the production of electric vehicles that are integrated with advanced solid-state batteries. This initiative marks a pivotal moment for Toyota, as it aims to solidify its commitment to innovation in the EV sector, particularly by focusing on developing solid-state batteries known for their superior safety, energy density, and longevity compared to traditional lithium-ion batteries. By investing heavily in this battery technology, Toyota seeks to bolster its reputation for producing reliable vehicles and contributes to Japan's status as a leading nation in the advancement of solid-state battery manufacturing. This move is expected to... --- > The eActiva, Honda's first electric scooter, promises eco-friendly performance, advanced features, and affordability for India’s growing EV market. - Published: 2024-11-11 - Modified: 2024-11-11 - URL: http://www.towardsevsolutions.com/honda-eactiva-electric-scooter-set-to-revolutionize-the-indian-ev-market/ - Categories: Electric Bike, Electric Vehicle, EV News - Tags: Scooter Honda Motorcycle and Scooter India, a subsidiary of Honda Motor Company, is preparing to step into the electric vehicle (EV) sector with plans for the eActiva, which is the electric variant of its bestselling Activa scooter. The Honda Activa EV is scheduled to be launched in the Indian market on November 27, 2024, and will be a revolutionary product for the two-wheeler segment. In India, the EV industry is expanding at a high pace as more people embrace eco-friendly means of transport. Electric Scooters Market Size 2024 to 2032 According to the Precedence Research report on the electric scooters market size was valued at USD 40. 92 billion in 2024 and is predicted to surpass around USD 88. 75 billion by 2032, growing at a solid CAGR of 57. 3% from 2024 to 2032. The eActiva is designed to meet the diverse needs of Indian consumers, from eco-friendly riders to more practical daily commuters who would prefer an affordable and efficient mode of transport. In addition, though officials have not confirmed the actual figure, the eActiva is likely to be priced at around ₹1 lakh, enabling it to compete effectively with most of its major rival brands, such as Bajaj Chetak, TVS iQube, and Ather 450X. For ages, the two-wheeler segment in India has made Honda Activa the best-known model among the 110cc internal combustion engine (ICE) scooters due to its durability, user-friendliness, and versatile appeal. The eActiva is designed with advanced features and performance that customers usually expect. According to Honda's plans, the distance that an eActiva would be able to cover on a full charge will be around 100 kilometers, like ranges provided by other players in the market. The eActiva will combine ease of use, new-age technology, and comfort to serve urban commuters. Some of the main highlights are expected to be LED Headlights and Taillights for better look and visibility, spacious seating for comfortable riding, and a modern-day digital dashboard to show important information in a single look. Over-the-air (OTA) update services are also expected to be used by Honda to allow users to get upgrades and modifications without taking their vehicles to licensed service providers. Thee integrated Tire Pressure Monitoring System (TPMS) support would bring additional safety and convenience during rides. The company plans to manufacture eActiva at its facility in Karnataka or Gujarat, further strengthening Honda's promise of supporting the Indian government's "Make in India" initiative. By making the electric scooter locally, Honda intends to minimize costs without compromising on their quality standards. Local manufacturing will also enable a relatively easy supply chain and reduce the delivery periods of customers in India. It is important to note that pricing is critical to eActiva's market positioning. While the projected cost is close to ₹1 lakh, suggesting a premium of nearly 30% over its equivalent ICE model, this increase charges the sophistication of the technology and the advantages of possessing an electric scooter. Lower running costs, plus the likely occurrence of government incentives or subsidies on... --- > Maruti Suzuki’s eVX SUV debuts with a 500km range, marking a key step in India’s EV market growth and advancing sustainable mobility solutions. - Published: 2024-11-07 - Modified: 2024-11-07 - URL: http://www.towardsevsolutions.com/production-ready-maruti-suzuki-evx-launched-on-november-4/ - Categories: Electric Vehicle, EV News - Tags: India EV Leveraging the current business environment in the Indian automotive industry, Maruti Suzuki presented the new production electric SUV eVX on November 4, 2024. This is a notable milestone for Maruti Suzuki to formally establish its involvement in the global electric vehicle industry, highlighting its commitment toward sustainable mobility. India EV Market According to Precedence Research's report on the India electric vehicle market size accounted for USD 11. 36 billion in 2024 and is predicted to be worth around USD 1,053. 10 billion by 2034, growing at a solid CAGR of 57. 3% from 2024 to 2034. The eVX is designed to meet increasing consumer interest in electric SUVs for use on roads in India and other countries. Many features and innovative technologies implemented in the eVX design claim to revolutionize users' experience of electric transportation. The eVX is assembled with an advanced electric powertrain, which brings quite tangible performance characteristics, including a maximum speed of 180 km/h (112 mph), while the acceleration to one hundred kilometers per hour is in 6. 9 seconds or even less, which indicates its performance in the segment of electric SUVs. Another key highlight of the SUV is a high-capacity battery that, according to the company, enables approximately 500 kilometers (about 310 miles) range on a single charge to address the range issues that potential EV buyers worry about. The launch of the eVX is one of the company's strategies to contribute to EV production in India. According to the Ministry of Heavy Industries and Public Enterprises, the Indian EV market will have a vast growth prognosis, assuring electric vehicle sales of over one million per year from 2025. Projected Electric Vehicle Sales in India (2023–2025) Year EV Sales (Million Units) 2023 0. 9 2024 1. 3 2025 1. 5 The eVX proves Maruti Suzuki’s intent to disrupt the existing EV SUV segment dominated by Tata Motors and Mahindra. The French automobile giant is keen on aiming the eVX in the middle of the market, following its attractive and competitive pricing and the feature-laden elements that the eVX is expected to come with. Thus, the eVX is expected to attract a broad customer base in its target market, such as environmentally conscious consumers and technophiles. Current and Upcoming Electric SUVs in India (2024) Company Current Models Upcoming Models Projected Launch Date Maruti Suzuki 0 eVX November 2024 Tata Motors 1 Nexon EV 2024 Mahindra 1 XUV400 2024 Hyundai 1 Ioniq 5 2024 The eVX has the potential to revolutionize the Indian market for electric vehicles by increasing the discoverability of electric SUVs. These two transformations in Maruti Suzuki’s business reflect a new clear tendency towards more sustainable means of transportation. The first production version of Maruti Suzuki eVX is an important step for the company and the entire auto industry in India. Additionally, Pininfarina and Rivian unveiled their new high-end electric sport utility vehicle, eVX. As more car manufacturers join the electric vehicle bandwagon in India, the eVX is ready to be a torchbearer in... --- - Published: 2024-11-07 - Modified: 2024-11-07 - URL: http://www.towardsevsolutions.com/maruti-suzuki-unveils-e-vitara-a-high-tech-ev-to-compete-globally/ - Categories: Electric Vehicle, EV News - Tags: EV Every car enthusiast in India awaits the latest electric SUV, e-Vitara, from the Maruti Suzuki. e Vitara will be launched at the Bharat Mobility Global Expo 2025. The e Vitara is the mass-market rendition of the eVX EV proposal, which was presented at the Auto Expo in January 2023 and at the Japan mobility show in October 2023. The e Vitara is designed to penetrate and position itself within the lucrative electric mobility vehicle sector, where it shall patiently wait along other existing and emerging competitors such as the MG ZS EV, Tata Curvv EV, Hyundai Creta EV, as well as the Mahindra BE 05. According to Precedence Research’s report on the global electric vehicle market was USD 255. 54 billion in 2023, calculated at USD USD 317. 26 billion in 2024, and is projected to cross USD 2,108. 80 billion by 2033 with a notable compound annual growth rate (CAGR) of 23. 42% from 2024 to 2033. The production of e Vitar will begin at Suzuki Motor Gujarat in India in spring 2025, and sales are expected to begin in various countries, including India, Europe, and Japan, around summer 2025. In October 2024, total sales by Maruti Suzuki registered an increase of 3. 6% to stand at 206,434 units. However, this was accompanied by a dip in domestic sales by 2. 3% to 173,266 units. In April, sales increased by 2% to 184727 units. In the financial year ending March 2024, Maruti Suzuki recorded a net profit of INR 132,094 million, showing an increase of 64% from last year's performance driven by higher sales volume, favorable commodity cost, reduced costs, and a higher yield of non-operating income. The e Vitara has successfully incorporated Suzuki Motor Corporation's design principles, preserved the tough and adventurous look and added high technology features. Its aesthetics comprise an SUV's sturdy, tough, cradled base fused with contemporary electric vehicle battery dynamics. The Heartect-e engineered platform meant for electric cars epitomizes lightweight structure with high voltage CE (composite electric) protection. E Vitara provides an option to use two-wheel drive (2WD) and advanced electric 4WD, also known as the AllGrip-e system, for better off-roading features. The driver's cockpit is completed with a big LCD installed on the dashboard, which facilitates an infotainment system and also works as a digital console for professional drivers. We’ve prepared a service to support you. please feel free to contact us at sales@precedenceresearch. com | +1 804 441 9344 --- > 24M Technologies’ latest EV battery innovation reaches 1,000 miles per charge, enhancing range, safety, and the future of electric vehicles - Published: 2024-11-07 - Modified: 2024-11-07 - URL: http://www.towardsevsolutions.com/24m-technologies-introduced-high-performance-ev-battery/ - Categories: Battery, Electric Vehicle, EV News - Tags: EV Battery 24M Technologies, a Massachusetts-based company, has made unprecedented progress in electric vehicle (EV) battery technology by launching a new battery that could reach 1,000 miles on a single charge. This innovation is set to reshape the auto industry, addressing a major concern among EV consumers: limited driving range. The company leveraged its extensive research and expertise in energy storage solutions to develop this battery. Founded after the company's separation from the Massachusetts Institute of Technology (MIT) in 2015, 24M Technologies has focused on merging pre-existing technologies to create a superior battery that meets the evolving needs of EV manufacturers and consumers alike. According to Precedence Research’s detailed report, the global electric vehicle battery market size was valued at USD 76. 59 billion in 2024, grew to USD 92. 72 billion in 2025, and is predicted to be worth USD 573. 08 billion by 2033, expanding at a CAGR of 25. 1% during the forecast period 2024 to 2033. This cutting-edge battery is designed with efficiency in mind, prioritizing range over luxury features, which appeals to consumers who value practicality and performance. By offering such an extended range, 24M Technologies is positioned to significantly enhance the appeal of electric vehicles, particularly for long-distance travelers who previously hesitated due to range anxiety. With this innovative product, 24M Technologies aims to provide electric vehicle manufacturers with a competitive edge, enabling them to offer vehicles that can travel considerable distances without the frequent need for charging—an essential factor for accelerating the adoption of electric mobility in the United States and beyond. The widespread adoption of lithium-ion batteries has led to significant safety concerns among consumers, primarily due to their high energy density and the necessity for frequent recharging after only a few miles of driving. These factors have fueled anxiety regarding the potential risks associated with battery malfunctions or overheating. To address and mitigate these concerns, 24M is innovatively employing lithium metal as a separator within battery designs. This breakthrough approach not only enhances the overall safety of the batteries by significantly reducing the risk of fires but also reassures consumers and electric vehicle (EV) manufacturers about the reliability of their products. Furthermore, 24M is spearheading an initiative to implement semisolid electrolytes in their batteries. This advancement is designed to eliminate the need for traditional thermal conductive materials, such as plastics, copper, and aluminum, which have been commonly used in battery construction. By moving away from these materials, 24M aims to improve both the safety and efficiency of its batteries, ultimately contributing to the creation of more resilient and long-lasting energy storage solutions for electric vehicles. This comprehensive approach reflects the company’s commitment to enhancing battery technology while prioritizing consumer safety and environmental sustainability. After the launch of the battery, EVs integrated with 1000-mile ranges will not be available in the US for the upcoming years since they have yet to be tested and checked to see whether they fulfill all the regulatory requirements of the EV companies. China’s plug-in hybrid could reach 1300... --- > EV LAB opens the first electric mobility experience center in Dubai, aligning with UAE’s Net Zero 2050 goal and showcasing sustainable transportation innovations. - Published: 2024-11-06 - Modified: 2024-11-06 - URL: http://www.towardsevsolutions.com/ev-lab-launches-dubais-first-electric-mobility-experience-center-at-dwtc/ - Categories: EV News, Electric Bike - Tags: Electric Mobility EV LAB, a pioneering Retail-as-a-Service (RaaS) electric mobility startup, officially opened the region's first electric mobility experience center in Dubai. Located in Dubai World Trade Center (DWTC), the state-of-the-art facility transforms the way consumers engage with sustainable mobility solutions. The center supports the UAE's Net Zero 2050 goal, promotes green transportation, and educates the public about the benefits and opportunities of electric mobility. Electric Mobility Market According to Precedence Research’s report on the global electric mobility market size was valued at USD 597. 27 billion in 2024 and is expected to reach around USD 4719. 79 billion by 2034, growing at a CAGR of 22. 96% from 2024 to 2034. The Global Environment Facility (GEF) program is also partnering with the EC SOLUTIONSplus project to promote the adoption of electric mobility, which would reduce greenhouse gas and air pollutant emissions, cut energy consumption, and increase socio-economic co-benefits such as lower energy costs and imports and improved public health in low—and middle-income countries around the world. Electric Mobility Schemes Scheme Funding Purpose Electric Mobility Promotion Scheme 2024 (EMPS 2024) Rs. 500 crores for 4 months The scheme is implemented for faster electric two-wheelers (e-2W) and electric three-wheelers (e-3W including registered e-rickshaws and e-carts, L5), to give a further boost to green mobility and to develop an electric vehicle manufacturing ecosystem in the country. PM E-DRIVE ₹10,900 crore The initiative imagines the promotion of the utilization of electric cars by giving incentives such as rebates and tax credits on electric cars and their charging equipment. The state governments are given incentives to offer other fiscal and non-fiscal incentives. The Precedence Research report mentions that due to the increase in greenhouse gas emissions, especially from the automotive industries, international regulatory authorities have introduced various policies to boost the adoption of energy-efficient vehicles. Further, the mobility as a service (MaaS) and declining costs of a lithium-ion battery drive electric mobility. It also leads to a reduction of toxic emissions, therefore playing a pivotal role in fighting global warming. Asia Pacific Electric Mobility Market A recent report from Precedence Research reveals that the Asia Pacific electric mobility market size was valued at USD 325. 96 billion in 2023 and is expected to be worth USD 3,209. 46 billion by 2034, at a CAGR of 23% from 2024 to 2034. Various governments will offer subsidies under the Electric Mobility Promotion Scheme until FAME-III is launched. The Electric Mobility Promotion Scheme (EMPS), 2024, with an outlay of Rs 780 crore for six months from April 1, 2024, to September 30, 2024, will provide incentives to buyers of e-2W and e-3W. According to Invest India, a state fund investment agency, the Indian government has set a target of electrifying 30% of vehicles by 2030. We’ve prepared a service to support you. please feel free to contact us at sales@precedenceresearch. com | +1 804 441 9344 --- > Mahindra plans to launch two luxury electric SUVs, marking a significant milestone in India's EV market. With advanced technology, eco-friendly materials, and over 400 km range, Mahindra targets sustainability in style. - Published: 2024-11-06 - Modified: 2024-11-06 - URL: http://www.towardsevsolutions.com/mahindra-to-launch-two-luxury-electric-suvs-in-india/ - Categories: Electric Vehicle, EV News - Tags: Electric SUV Mahindra & Mahindra revealed its plan to launch two high-profile electric SUVs on November 26, 2024. This launch is expected to create a historical event in the Indian automotive industry and depict how Mahindra calmly implements new values and innovation in its future vehicles. It also wants to meet the increasing market need for luxury electric vehicles and strengthen its market leadership. India Electric Vehicle Market Revenue Precedence Research’s analysis uncovers that the India electric vehicle market revenue was USD 11. 36 billion in 2024 and is expected to cross USD 1,053. 10 billion by 2034. The Indian EV sector is growing at a compound annual growth rate (CAGR) of 57. 3% from 2024 to 2034. The new SUVs will be fitted with Mahindra’s newest electric vehicle platforms, with potent acceleration and peak velocities, and will be competitive with luxury car makers in the market. Mahindra is using next-generation battery technology that plans to deliver a driving range of over 400 km, an indication that is equivalent to 250 miles per charge. A new generation of SUVs incorporates environment-friendly interiors, being trendy around the world to imbibe the policy of luxury with sustainability. Such components are recycled plastics and pulled materials that speak volumes of the company’s environmental conservation plans. Specialized luxury electric vehicles are also part of the automotive industry, which is likely to grow rapidly as consumers begin to embrace pro-environment messages. A report by the Society of Indian Automobile Manufacturers (SIAM) notes that electric SUVs are some of the most demanded cars in India, with estimates showing that the country may sell up to 1. 5 million electric vehicles by 2025. Projected Electric Vehicle Sales in India (2023–2025) Electric 4-Wheeler Sales Year Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Total FY 2018 89 162 81 73 95 116 113 86 81 96 116 96 1204 FY 2019 146 175 210 179 116 139 75 176 126 74 228 241 1885 FY 2020 139 65 57 111 100 180 194 218 105 290 493 425 2377 FY 2021 3 84 296 357 371 338 462 567 525 650 615 886 5154 FY 2022 634 257 817 1119 1105 1322 1383 1629 2617 1563 2452 3724 18622 FY 2023 2255 2967 3214 3410 3371 3548 3916 3981 3832 3439 4738 8828 47499 FY 2024 6041 7718 7974 7771 7016 6365 7602 7526 7490 8440 7438 9051 90432 FY 2025 7781 8081 7308 8000 6738 6062 5336 49306 Launching the luxury electric SUV will bring other major automobile manufacturers into electric mobility. Some automakers are already in this category, including Tata Motors and Hyundai. However, Mahindra planned to compete with them based on durability, advanced technology, and an affordable price range. Current and Projected Luxury EV Offerings in India (2024) Company Current EV Models Projected Launches in 2024 Mahindra 0 2 Tata Motors 1 1 Hyundai 1 1 MG Motors 1 1 Consumers appreciate it, especially those who have been seeking luxurious vehicles that are... --- > Discover Princeton NuEnergy's LPAS, a sustainable EV battery recycling solution, enabling efficient recovery with less environmental impact. - Published: 2024-11-06 - Modified: 2024-11-06 - URL: http://www.towardsevsolutions.com/princetons-scalable-recycling-solution-to-reduce-ev-battery-waste/ - Categories: Battery, Electric Vehicle, EV News - Tags: Electric Vehicle Battery Market Princeton NuEnergy (PNE) introduced a new method using low-temperature plasma-assisted separation (LPAS) to recycle EV batteries. This method employs plasma to remove impurities from battery components and recover anode and cathode materials for reuse in new batteries. EV Battery Market As per the Precedence Research’s detailed report on the global electric vehicle battery market size was valued at USD 63. 51 billion in 2023 and is expected to hit around USD 573. 08 billion by 2033, expanding at a CAGR of 25. 1% over the forecast period 2024 to 2033. The global adoption of electric vehicles (EVs) has led to increased concerns about battery waste. By reducing carbon emissions, EVs contribute to a sustainable future. As EV production accelerates, the need to dispose of or recycle lithium-ion batteries has become increasingly urgent. Current recycling methods for EV batteries are limited in scope and effectiveness, underscoring the need to develop more robust and comprehensive recycling strategies. These strategies should focus on recovering valuable materials—such as lithium, cobalt, and nickel—and aim to minimize the ecological footprint associated with battery disposal. With projections indicating that as many as 150 million EV batteries may reach the end of their useful life by 2035, it is crucial to implement innovative solutions to handle this impending surge in battery waste. These solutions could involve advancements in recycling technology, enhanced battery design for easier disassembly and reuse, and improved regulatory frameworks to support sustainable practices. By prioritizing these innovations, we can significantly mitigate the environmental impacts associated with battery waste, ensuring a more sustainable future in the electric vehicle sector. In 2020, around 550,000 electric vehicle (EV) batteries were disposed of, which has risen in subsequent years due to the increasing adoption of electric vehicles. Lithium-ion batteries, which power most electric vehicles, are classified as hazardous waste due to the potential environmental risks associated with their disposal. If these batteries are not disposed of correctly, they can release harmful chemicals into the environment, contaminating soil and groundwater. To mitigate the negative impacts of improper battery disposal, the Environmental Protection Agency (EPA) has established guidelines that advocate for the recycling and reusing of valuable metals in these batteries. Key materials such as lithium, cobalt, and nickel are critical components of lithium-ion batteries and can be extracted and repurposed. Recycling these metals may reduce the environmental hazards associated with battery waste and promote sustainability by conserving natural resources and minimizing the need for mining new materials. This approach can significantly contribute to a circular economy in the battery industry, ensuring that valuable resources are utilized efficiently and responsibly. The initiative to recycle electric vehicle (EV) batteries marks a crucial advancement in sustainable practices, especially as the popularity of EVs continues to grow. However, it is important to note that most recycling facilities currently rely on processes such as shredding and high-temperature smelting. While effective at recovering valuable metals, these methods are highly energy-intensive and contribute to environmental pollution through the release of toxic emissions. The two main methods employed... --- > Tata Motors celebrates 50,000 unit sales of the Tiago EV in India, highlighting a strong market presence as the electric vehicle sector expands, projected to reach $1,053.10 billion by 2034. - Published: 2024-11-05 - Modified: 2024-11-05 - URL: http://www.towardsevsolutions.com/tata-motors-hits-50000-ev-sales-milestone-in-india-with-tiago-ev/ - Categories: Electric Vehicle, Electric Bike, EV News - Tags: EV Tata Motors reached a milestone by achieving sales of 50,000 units in India over two years when the Tiago EV was launched in September 2022. The model is available in four trim levels and two battery packs with excellent features. The price range of the new model starts between Rs 7. 99 lakh and Rs 11. 49 lakh (ex-showroom). The key highlight of the car is that it was the most affordable electric vehicle at the time of its launch. India Electric Vehicle Market As per the Precedence Research’s detailed report on the India electric vehicle market was USD 11. 36 billion in 2024, accounted for USD 18. 79 billion in 2025, and is estimated to surpass around USD 1,053. 10 billion by 2034, with a solid CAGR of 57. 3% from 2024 to 2034. The EV model depends on the battery pack, with the smaller unit being paired with a 45-kW motor that develops 105 Nm of peak torque. In contrast, the larger one is paired with a stronger 55 kW motor developing 114 Nm. The exciting feature of EVs is that they provide customers with two modes: city and sport. The model represents an aura of the beast with five color schemes: signature teal blue, Daytona grey, tropical mist, pristine white, and midnight plum. The multiple EVs launches in India of foreign brands is made possible by the Indian Government's proactive role in providing subsidies to the automotive sector. According to a report, the Ministry of Heavy Industries reduced the Electric Vehicle (EV) subsidy per unit to 15%. The increasing penetration of EVs is the result of the implementation of Faster Adoption and Manufacturing of Hybrid Electric Vehicles and Electric Vehicles in India (FAME India). This government support is a promising bright future of EVs in India. Electric Vehicle Sales in India in 2023 State Unit Maharashtra 320,189 Rajasthan 182,376 Gujarat 149,066 Goa 13,735 Tamil Nadu 8,089 Delhi 181,037 Madhya Pradesh 442,858 Uttarakhand 30,195 Bihar 167,136 Odisha 66,336 West Bengal 57,195 Jharkhand 36,336 The EV market in India has picked up its pace with the launch of several EVs in the past few years, such as the Tata Nexon EV. The EVs and their USP offer low costs and zero tailpipe emissions. On the other hand, if compared with conventional petrol and diesel vehicles, premium features cost customers dearly. The market also offers an alternative to petrol and diesel, reducing costs and carbon emissions. Apart from this, CNG cars, although more expensive than their petrol counterparts, are more affordable than EVs. The segment of cars also differs based on their space inside the cabin or seating positions. Tata has observed the change to new dual-cylinder technology, which replaces the single large CNG tank. Comfort is the highlighting feature of both the CNG and EV models. We’ve prepared a service to support you. please feel free to contact us at sales@precedenceresearch. com | +1 804 441 9344 --- > EVgo receives a $1.05 billion DOE loan guarantee to grow the U.S. fast-charging network, aligning with federal goals for 500,000 stations by 2030 and driving sustainable transportation infrastructure. - Published: 2024-11-05 - Modified: 2024-11-05 - URL: http://www.towardsevsolutions.com/evgo-secures-1-05-billion-doe-loan-to-expand-u-s-fast-charging-network/ - Categories: Charging Station - Tags: Fast-Charging Network EVgo Inc. , a major player in the public fast-charging service network for EVs in the U. S. , said that it has received USD 1. 05 billion as a loan from the U. S. Department of Energy (DOE). This funding is expected to expand the network of high-speed EV chargers across the nation. This will further increase electric vehicle use across U. S. roads and ensure adequate station availability for both urban and rural areas. The DOE loan guarantee will ensure that America develops sustainable transportation infrastructure and achieve net-zero emissions. Electric Vehicle Charging Station Market According to Precedence Research’s report on the global electric vehicle charging station market was valued at USD 44. 52 billion in 2024 and is anticipated to touch USD 344. 61 billion by 2032, expanding at a CAGR of 29. 1% from 2024 to 2032. The U. S. aims to install public fast chargers in various locations, especially in areas where EV usage is high and the ratio of communities that are not well served. The company plans to take out a USD 1. 05 billion loan. Thus, the expansion plan developed by the acquirer, EVgo, corresponds to federal objectives to provide necessary charging infrastructure for EVs, avoid range problems in people, and promote the sales of electric vehicles. The loan aimed at advancing clean energy and sustainable technologies. Through this initiative, EVgo aligned with its aim of helping to decrease the transportation sector's carbon emissions by offering fast charging services to EV owners across the country. The market for fast chargers has grown swiftly due to the rapidly growing popularity of EVs in the United States. Government goals for 500,000 stations across the country by 2030 make EVgo's investment relevant in bridging the infrastructure deficit. U. S. Fast Charging Station Infrastructure Years EV Charging Ports 2018 64,249 2019 85,439 2020 107,561 2021 128,904 2022 151,273 2023 184,098 DOE said that with this recent prospect, its total funding commitment for clean energy infrastructure, including EV charging stations, battery factories, and renewable power projects stands at USD 10 billion. This effort is a part of the Biden-administered plans for providing the necessary infrastructures to adapt to electric vehicles and make the charging points for electric cars as easily available as the fuel stations. These storage resources enable EVgo to grow its array of fast-charging services incredibly quickly and place it at the forefront of the EV charging industry. It will also help with job creation in the clean energy sector, with further predictions showing that tens of thousands of new jobs are connected to the installation, maintenance, and management of charging stations. Projected Employment Impact of EVgo Expansion Initiative (2025–2028) Year Estimated Jobs Created Role Types 2025 5,000 Installation, Maintenance 2026 7,500 Installation, Tech Support 2027 9,000 Management, Customer Service 2028 11,000 Expansion, Operations EVgo intends to expand new station installations along interstate highways further and within metropolitan areas for rapid charging services as well as in other rural regions where charging stations are comparatively... --- > 3ti Energy Hubs introduces a portable EV charging station for up to 12 EVs, expanding UK green infrastructure with accessible, eco-friendly solutions. - Published: 2024-11-05 - Modified: 2024-11-05 - URL: http://www.towardsevsolutions.com/3ti-energy-hubs-launched-portable-ev-charging-station-in-the-uk/ - Categories: Charging Station, EV News - Tags: EV Charging Station 3ti Energy Hubs launched a portable EV charging station that can charge up to 12 EVs simultaneously. This initiative helps the UK extend green infrastructure and facilitate a shift towards more EV use. The charging station is adaptable for deployment, expansion, and interconnection with renewable energy sources, such as solar energy, in densely populated regions, important events, and contexts of temporary high usage density. Electric Vehicle Charging Station Market According to Precedence Research’s latest findings, the electric vehicle charging station market was USD 44. 52 billion in 2024 and is predicted to be worth around USD 344. 61 billion by 2032, growing at a solid CAGR of 29. 1% from 2024 to 2034. This charging station is expected to overcome all obstacles linked with conventional electric vehicle infrastructure. It will help fulfill the increasing demand for easily accessible, affordable, and environmentally friendly charging for consumers in cities and those who do not have dedicated charging space at home. EV Charging Points Expansion in the UK (2020–2024) Year Total EV Charging Points Portable Charging Stations (%) 2020 18,265 2% 2021 25,500 4% 2022 35,000 6% 2023 43,800 7% 2024 55,000 8% The latest research pays attention to the accessibility problem in EV charging systems. As more people in the UK own EVs, they rely heavily on public or portable chargers. Additionally, this conception implies involving a non-discriminatory layout concept with the fundamental principles of sustainability, thus, 3ti Energy Hubs’ solution also decreases pressure on the UK’s national grid during its peak loads. EV Ownership and Charging Accessibility in the UK (2023) Parameter Number of EVs Access to Public Charging (%) Total EVs 760,000 50% EVs Without Home Charging 304,000 100% EVs Relying on Public Charging 456,000 75% The 3ti portable EV charging station is expected to be a milestone in the UK’s transition to green energy and electric vehicles. It caters directly to urban EV users who do not have charging facilities at home but also increases charging convenience for mass gatherings and popular destinations. Additionally, by providing options for charging solutions, 3ti Energy Hubs could potentially be the key to driving people to use EVs and achieving the goal of the UK being customs net-zero by 2050. We’ve prepared a service to support you. please feel free to contact us at sales@precedenceresearch. com | +1 804 441 9344 --- > ABB’s HES580 inverter and AMXE250 motor package boosts electric bus performance and efficiency, supporting cleaner transportation. Global electric bus market projected to hit USD 113.06B by 2034. - Published: 2024-11-05 - Modified: 2024-11-05 - URL: http://www.towardsevsolutions.com/abb-launches-advanced-hes580-inverter-amxe250-motor-package-for-electric-buses/ - Categories: Electric Vehicle, EV News - Tags: Electric Bus Market ABB’s new package, which encompasses a HES580 inverter and AMXE250 motor, is specifically designed for electric buses. The new propulsion package is more reliable and efficient than conventional inverters, highlighting a significant leap forward in sustainable, cleaner transportation options. Electric Bus Market According to Precedence Research’s report on the global electric bus market size was estimated at USD 32. 15 billion in 2024 and is projected to cross USD 113. 06 billion by 2034, registering a solid CAGR of 13. 4% from 2024 to 2034. In September 2023, the UK Government imposed regulations to ban petrol and diesel cars and vans. Petrol and diesel vehicles emit a large amount of CO2, contributing to air pollution. Thus, the UK has set a target to eliminate greenhouse gases by 2050, accelerating the transition toward electric vehicles and, therefore, electric motors. Funding Raised by EV and Electric Motor Manufacturers in 2024 Company Raised Funding Purpose Matel $4 million Matel intends to diversify its product portfolio and offer solutions for commercial vehicles. It also aims to supply electric motors required for defense applications. DeepDrive €30 million The funding will help to assemble production lines and commercialize its new patented Dual-Rotor motor technology, which will enhance the diffusion of EVs. Infinitum $35 million The company raised funding to drive decarbonization with sustainable, high-efficiency motor systems. Euler Motors $24 million The company will utilize the funding for pan-India presence and raising servicing infrastructure in 40 cities by March 2025. According to a recent study by Precedence Research, factors such as increasing focus on existing bus electrification due to the increasing concerns about CO2 emissions may boost the adoption of this new package. Moreover, the automotive industry is focusing on achieving net-zero emission targets by developing and utilizing cleaner, more sustainable solutions in vehicles. The HES580 inverter reduces power losses and also benefits the AMXE250 motor by boosting its reliability and lifespan. The motor provides high torque density for improved dynamic performance. This technology enhances the performance of electric vehicles by reducing stress on motor windings. Moreover, this package can be installed quickly into a vehicle owing to its simple parameter setting, making it ideal for electrifying buses. Asia Pacific Electric Bus Market A recent report from Precedence Research reveals that the Asia Pacific electric bus market size was estimated at USD 24. 38 billion in 2023 and is predicted to be worth around USD 97. 23 billion by 2034, registering a CAGR of 13. 6% from 2024 to 2033. In July 2023, NITI Aayog announced a plan for electric mobility in India to contribute the Indian Government’s vision of becoming a net zero emitter by 2070. The rising adoption of electric vehicles consequently accelerates the adoption of this new package. We’ve prepared a service to support you. please feel free to contact us at sales@precedenceresearch. com | +1 804 441 9344 --- > PowerX partners with Mercedes-Benz to launch 100 EV charging stations across Japan. The EV charging infrastructure market is projected to reach USD 274.49B by 2033. - Published: 2024-11-05 - Modified: 2024-11-05 - URL: http://www.towardsevsolutions.com/powerx-and-mercedes-benz-partner-to-expand-ev-charging-network-in-japan/ - Categories: Charging Station, EV News - Tags: Electric Vehicle Charging Tokyo-based PowerX, a producer of EV charging infrastructures, is set to establish charging stations for Mercedes-Benz in Japan. PowerX will lead the deployment and management of charge points. PowerX will design and produce its Hypercharger units and is responsible for all the processes, from location sourcing to charging station management. The company plans to achieve the development of a network of 100 charging stations in 25 locations, particularly in metropolitan areas. Electric Vehicle Charging Infrastructure Market A report by Precedence Research projects that the electric vehicle charging infrastructure market was valued at USD 45. 91 billion by 2024 and is projected to reach around USD 274. 49 billion by 2033, growing at a double-digit CAGR of 23. 13% during the forecast period 2024 to 2033. According to the International Energy Agency (IEA)'s prediction, there will be 2. 7 million charging points available to the public globally by the end of 2022. According to the Stated Policies Scenario (STEPS) and Announced Pledges Scenario (APS), the total number of public charging points worldwide will be 15 million or more by 2030. The installation in 2023 was nearly 4 million. It will grow to nearly 25 million by 2035, more than six times the 2023 levels. State governments also play a major role in the planning and development of EVs and EV charging infrastructure. State Planning and Funding for Electric Vehicle Charging Infrastructure Program Amount Administering Agency Highlights Public Transportation Research, Demonstration, and Deployment Funding $5. 6 billion DOT Federal Transit Administration (FTA) The Low or No Emission Bus Grants offer capital grant funding from fiscal year 2022 to fiscal year 2026 for shuttle service of low or no-emission transit buses and for the purchase of fueling and maintenance facilities. Clean School Bus Program $5 billion U. S. Environmental Protection Agency (EPA) The Clean School Bus Program grants funds from the fiscal year 2022 to 2026 toward buying zero-emission or low-emission school buses. Carbon Reduction Program $6. 4 billion FHWA Grants for states may be made through the Carbon Reduction Program from the current fiscal year ending 2026 for projects mitigating transport emissions. Battery Manufacturing and Recycling Grants $3 billion DOE's Office of Energy Efficiency and Renewable Energy (EERE) and Office of Manufacturing and Energy Supply Chains (MESC) The Battery Manufacturing and Recycling Grants are to support projects from FY2022 to the fiscal year in which funds are exhausted that will help build a North American battery supply chain, including demonstration, construction of commercial factories, and modification of existing factories for battery part production along with advanced battery and recycling plants. Battery Materials Processing Grants $3 billion EERE and MESC Battery Materials Processing Grants are available from FY 2022 until funding is expended to support the development of a battery supply chain as well as demonstration projects and construction and retrofit/retooling of battery material processing facilities in North America. Precedence Research’s analysis uncovers that various factors are responsible for the growth of the electric vehicle charging infrastructure market. Smart charging technology is improving... --- > Kia’s EV9 electric SUV and Carnival MVP return with premium features and luxury appeal, targeting India’s booming EV market projected at USD 1,053.1B by 2034. - Published: 2024-10-31 - Modified: 2024-10-31 - URL: http://www.towardsevsolutions.com/kia-carnival-is-back-again-in-india/ - Categories: Electric Vehicle, EV News - Tags: India EV The much-awaited return of Kia Carnival after the MVP’s debut back in 2020. The Korean auto giant will expand its portfolio in India by introducing the lavish and luxury electric car EV9, showcased in India during the Auto Expo 2023. The three-row EV SUV personifies itself as a beast, with features like LED headlamps, digital Tiger Face, and Star Map LED. EV9 shows that it is built for terrains with a ground clearance of 200mm and wheel sizes ranging from 20 to 22 inches. India EV Market Size and Growth As per the Precedence Research’s detailed report on the India electric vehicle market size accounted for USD 11. 36 billion in 2024, grew to USD 18. 79 billion in 2025, and is anticipated to touch USD 1,053. 10 billion by 2034. The Indian EV industry is growing at a healthy CAGR of 57. 3% from 2024 to 2034. The MVP concept influences the Kia Carnival, making it unique and suppressing the possibility of rivals in the Indian electric vehicle market. In fact, the premium features and advanced technology used in Kia EV9 and Kia Carnival will attract a consumer base from some of the big giants in the Indian vehicle market like Toyota Innova Hycross, Maruti Suzuki Invicto, Toyota Fortuner, and MG Gloster. Luxury brands like Mercedes-Benz EQE and BMW iX will be tough opponents for the Kia EV9. The premium features are based on the Electric-Global Modular Platform (E-GMP), which is expected to make a path for Hyundai electric cars in India. With a power output of 378 bhp and acceleration ranging from 0-100 kmph in a mere 5. 3 seconds, the Kia EV9 promises consumers a powerful electric rush. The price range of Korean EVs is expected to be between Rs. 85 lakhs and Rs. 90 lakhs (ex-showroom). Apart from this, Carnival MVP, which was priced at Rs. 35 lakhs will be priced at Rs. 50 lakh (ex-showroom), and will be introduced through Completely Built Unit (CBU). Kia EV9 being the second electric car of the brand, offered to India had also won World Car of the Year Award since it was globally launched last year. A recent report from Precedence Research reveals that India's EV production capacity is projected to grow by 38% in 2024, showcasing the consumption and demands of the consumers for electric vehicles. The integration of technological advancements will increase the popularity of the Kia EV9 in a very short period. Safety features like ADAS, blind-spot monitoring, lane-keeping assistance, adaptive cruise control, and automatic emergency break will ensure consumers that their safety is in good hands. The Indian Government initiative will also strengthen the promotion of new models, as NITI Aayog has set targets to achieve 30% EV sales penetration by 2030. Vehicle Type Target Private Cars 30% Commercial Vehicles 70% Buses 40% Two-wheeler 80% Three-wheeler 80% The Indian government has set a target of 100% local production of EVs as part of the 'Make in India' initiative. With a target of 49% CAGR... --- > Hyundai Motor India debuts on stock exchanges, setting a record IPO and aiming for 15% EV market share with four new models. India’s EV market is projected to reach USD 1,053.1B by 2034 - Published: 2024-10-31 - Modified: 2024-10-31 - URL: http://www.towardsevsolutions.com/hyundai-motor-india-aims-to-achieve-15-market-share-in-the-near-future/ - Categories: Electric Vehicle, EV News - Tags: India Electric Vehicle Hyundai Motor India, India’s second-largest car manufacturer, recently debuted on the stock exchanges. Through the introduction of new electric vehicles and a robust localization strategy, Hyundai Motor India (HMI) aims to penetrate the EV segment, as it targets the sale of 15% market share in the near future. This IPO has become the largest in the country to date, leaving behind the Life Insurance Corp’s Rs 21,000-crore IPO two years ago. According to the Precedence Research’s detailed report, the india electric vehicle market size was evaluated at USD 11. 36 billion in 2024 and is predicted to achieve around USD 1,053. 10 billion by 2034. The India EV industry is expanding at a double-digit CAGR of 57. 3% from 2024 to 2034. The company plans to make a grand entry into the Indian electric vehicle market with its four new models, and the plan was revealed ahead of its launch of the Hyundai IPO in India. Tarun Garg, COO of Hyundai Motor India, stated that HMI's ability and foundation would drive market growth, especially its upcoming models, among which Creta Electric has paced up customer expectations. Unsoo Kim, HMI's Managing Director, stated that India's EV market is in its early stages of electrification at around 2% penetration. With its Kona Electric launch in India, Hyundai has been the first OEM in India's passenger vehicle market to enter the EV segment. Currently, Hyundai's Ioniq 5 is the only working product in India. In contrast, US and Korea are at 10%, Europe is at 20% and China is at more than 38%. He also stated that India's EV market will be at its peak, driven by government initiatives and evolving consumer preferences. The company has learned from its Kona experience that 85% of customers are charging at home or at the office and that customers currently are slightly hesitant to take their vehicles on highways. This important factor helped HMI to focus on DC charging infrastructure and battery pack. In India, Hyundai is not only limited to the EV market but also includes CNG and flex-fuel vehicles. Garg stated that HMI will change its strategy based on customer demand. He also mentioned that entry-level CNG penetration continues to grow. This is because it has already had a great impact on Aura and Exeter. We’ve prepared a service to support you. please feel free to contact us at sales@precedenceresearch. com | +1 804 441 9344 --- > Rivian introduces the R2 compact SUV with 300+ mile range, aiming at the EV market dominated by Tesla’s Model Y. Global EV market set to grow to USD 2,108.80B by 2034. - Published: 2024-10-30 - Modified: 2024-10-30 - URL: http://www.towardsevsolutions.com/rivian-unveils-new-r2-compact-electric-suv/ - Categories: Electric Vehicle, EV News - Tags: Electric SUV Rivian, founded in 2020 and quickly became one of the market’s leaders in electric vehicles, has introduced its new creation, the Rivian R2, a compact electric SUV designed to expand the presence of electric cars in the market. Built with less space than the R1T and R1S models, the Rivian R2 was planned to meet the requirements of the increasing electric car market, where smaller electric cars are sought after. Rivian aims to enter the compact electric SUV segment to challenge Tesla Model Y or Hyundai Kona Electric. Electric Vehicle Market Size 2024 to 2034 Data from Precedence Research indicates that the global electric vehicle market size was USD 255. 54 billion in 2023, calculated at USD 255. 54 billion in 2024, and is predicted to be worth around USD 2108. 80 billion by 2033, expanding at a solid CAGR of 23. 42% from 2024 to 2034. Rivian R2 has an enhanced battery capacity and an estimated range of over 300 miles, making it ideal for city driving and road trips. The vehicle comes with an all-wheel-drive system, and its go-to-market model includes off-road features, which have been standard in the Rivian brand. It tows up to 5,000 lbs and aims to meet the market of buyers who seek a less massive but strong off-road vehicle. Global Electric SUV Sales Electric SUV (In Million) Year Advance Economies Emerging & Developing Economies 2018 0. 2 0. 4 2019 0. 2 0. 4 2020 0. 7 0. 5 2021 1. 7 1. 4 2022 2. 5 3 The interior design of the Rivian R2 is environmentally friendly, with vegan leather and plastics from recycled waste, such as that collected from the oceans. The R2's manufacturing is set to utilise renewable energy, and the firm hopes to attain net zero emissions manufacturing by the year 2035. This focus is well grounded in the current and future trends in the market, where consumers are demanding sustainable automobiles. The R2 from Rivian arrives at a perfect time for the EV market, especially for compact electric SUVs. Consequently, from its latest report, the International Energy Agency (IEA) revealed that the global compact electric SUV market was projected to grow at a CAGR of 23%with increased sales from 2. 5 million units in 2023 to 6 million units in 2027. They expect that the R2 would contribute to 50 percent of world sales by 2026 which underlines the role of the model in Rivian’s product portfolio. The R2 also features Rivian’s infotainment system with voice commands, connected services, and an 11-speaker audio system Audio and media include Rivian’s smart-tech features such as adaptive cruise control, lane-keeping assistance, and a 360-degree camera for improved safety. Also, it has found growth opportunities as Rivian has visualized charging stations for the EV, with its goal of installing 10,000 of them across the United States by 2025. Cheaper than the current models, the R2 puts the brand in front of a whole new audience, thus enabling Rivian to finally challenge the... --- > Nissan’s bi-directional charging tech aims for 2026 as India's EV market grows to USD 1,053.10B by 2034. Public charging stations increased from 1800 to 16,347 in just 2 years. - Published: 2024-10-30 - Modified: 2024-10-30 - URL: http://www.towardsevsolutions.com/nissan-to-launch-bi-directional-ev-charging-technology-by-2026/ - Categories: Electric Vehicle, Charging Station, EV News - Tags: EV Charging Nissan’s strategic business plan, The Arc, focuses on introducing an affordable bi-directional electric vehicle charging technology by 2026 for electric cars, and it aims to develop advanced revenue streams that will drive innovative technologies and expand the shift toward electric vehicles. Nissan’s Ambition 2030 is a long-term strategy aiming to revolutionize the world safer, cleaner, and transformative. Electric vehicle owners can utilize the electricity stored in their car batteries or sell it back to the grid using vehicle-to-grid technology and bi-directional charging. This technology enables electric vehicles to store renewable energy like wind or solar energy, which is considered a crucial effort to reduce dependence on fossil fuels. Electric Vehicle Charging Station Market Size According to the Precedence Research Report, the global electric vehicle charging station market size was estimated at USD 44. 52 billion in 2024 and is predicted to achieve around USD 344. 61 billion by 2032. The EV charging station industry is poised to grow at a remarkable CAGR of 29. 1% between 2024 and 2032. In India, the number of public charging stations increased from 1800 to 16,347 within just 2 years, from February 2022 to March 2024, and India has experienced a rapid expansion in the charging infrastructure. About 2. 65 million electric vehicles were sold during this period. Public charging stations rose, accounting for 10,261 in September 2023 and 16,347 by March 2024. Moreover, 52 to 81 entities have increased investments to deploy these charging stations during this period. The DC chargers rose by 1. 4 times, and the AC chargers exhibited a 1. 6-fold increase. There were 11,384 AC chargers by March 2024, which is responsible for remarkably expanding electric vehicle charging stations. Tesla, BYD Auto, and Volkswagen Group are some of the leaders in the electric vehicle market. India Electric Vehicle Market Size The India electric vehicle market size was USD 6. 87 billion in 2023 and is anticipated to reach around USD 1,053. 10 billion by 2034, registering a CAGR of 57. 3% from 2024 to 2034. Karnataka surpassed Maharashtra by being the leading state in the deployment of charging infrastructure, and currently, Karnataka presents a total of 5130 public charging stations. Approximately 140 public charging stations are present in the North-Eastern area, and public sector entities like Indian Oil and Bharat Petroleum operate 115 of them. About 40% of electric vehicle sales increased in the first half of 2023 than in the previous year. About 35 to 40% of new car sales will be constituted by electric vehicles by 2030. This surge in the adoption rate relies on innovations in charging infrastructure, battery technology, and smart grids. In India, Tata Motors is the leading player, with 86% of the market share from its Tigor and Nexon electric vehicle models. MG Motor’s MG ZS EV and Hyundai’s Kona are the other popular models. The top industrial players in the electric two-wheeler market are Ather Energy, AIMA Technology, Hero Electric, Yadea Group Holdings, and Jiangsu Xinri. Top 11 Charging Point Operators with... --- > Italy's VLF Tennis Electric Scooter launches in India in Nov 2024 with standout design and 130+ km range. escooters market to reach $88.75B by 2032. - Published: 2024-10-30 - Modified: 2024-10-30 - URL: http://www.towardsevsolutions.com/vlf-tennis-electric-scooter-is-set-to-launch-in-india/ - Categories: Electric Bike, EV News - Tags: Electric Scooter Italy's VLF Tennis Electric Scooter launch in India is confirmed for November 2024. This revolutionary blend of Italian design and technology offers a seamless fusion of precision and performance. Consumers can take it through the bustle of a metropolitan area or even on a road trip. This electric scooter is designed to revolutionize daily drive, combining enhancement, enthusiasm, and energy in an exhilarating package. The main attraction is the design of the scooter and its weight. This will also help the scooter to stand out and, at the same time, give great built quality. Electric Scooters Market Size and Growth According to Precedence Research’s report, the global electric scooters market size accounted for USD 40. 92 billion in 2024 and is expected to reach USD 88. 75 billion by 2032, expanding at a compound annual growth rate (CAGR) of 10. 16% between 2023 and 2032. The India Spec Tennis eScooter will be one of the lightest scooters, which is a major highlight. It has double-sided aluminum swing arm, a peak power of 2. 1w, a range of 130+ km on a single charge with removable battery, and a top speed of 65 kmph. The scooter will have a TFT display with Bluetooth connectivity. The scooter is set to grab the attention of Indian consumers. The electric scooters market in India is set to grow at a significant rate. As per the detailed study by Precedence Research, the penetration rate of electric scooters in India was 13% in FY 2023. The penetration rate of electric scooters is predicted to increase considerably by 2030, reaching the level to 75%. Revenues Generated from Electric Scooters Company Headquarters Revenue (USD) Highlight Niu Technologies Beijing, China 377840. 17 NIU emphasizes sustainability, performance, and user-friendly experiences, making urban commuting more efficient and eco-friendly. Hero Electric Vehicles Pvt Ltd Gurugram, India 411593425. 92 Hero Electric extends green mobility solutions to transform the existing urban air quality for the better. Yadea Technology Group Co. Ltd. Wuxi, China 4953229. 48 The sales volume of electric two-wheelers increased by about 33. 8% from about 6,136,200 units yearly ended June 2022 to about 8,210,700 units on a half-yearly basis ended June 2023. Gogoro Inc. Taoyuan City, Taiwan 349,846 Gogoro’s scooters feature swappable batteries, providing convenience and reducing downtime. Jiangsu Xinri E-Vehicle Co. Ltd. Wuxi, China. - Jiangsu Xinri E-Vehicle offers e-cars, parts, and accessories. A recent report from Precedence Research Reveals that the Asia Pacific region is the front-runner in the global electric scooters market, accounting for approximately 70% share in the year 2021, and is predicted to witness significant growth over the upcoming years. The Indian government is making efforts to promote electric scooters. The government announced the PM E-Drive Scheme, which starts in October 2024 and extends till 2026. Under the scheme, the OEM will get a subsidy of Rs. 5,000 per scooter with a cap of Rs. 10,000. It will be reduced to just Rs. 2,500, with a cap of Rs. 5,000 per scooter by October 2025. We’ve... --- > JBM Auto receives $100M from ADB & AIIB for e-bus expansion. Global electric bus market to grow from USD 32.15B in 2024 to USD 113.06B by 2034. - Published: 2024-10-29 - Modified: 2024-10-29 - URL: http://www.towardsevsolutions.com/jbm-auto-ltd-has-secured-100-million-in-funding-to-boost-the-supply-and-operations-of-e-buses/ - Categories: Electric Vehicle, EV News - Tags: e-buses, electric bus According to a news report, JBM Auto Ltd has recently signed an agreement of $100 million in funding from the Asian Development Bank and Asian Infrastructure Investment Bank for enhancing the supply and operations of e-bus. This funding came through the Union government announcing a new EV subsidy scheme for green energy-powered public transport, the ‘PM E- drive’ scheme, showing that multilateral banks are interested in green mobility financing in the world’s fastest-growing economy. Electric Bus Market Size According to Precedence Research’s report on the global electric bus market size accounted for USD 32. 15 billion in 2024 and is expected to reach around USD 113. 06 billion by 2034. The sector represented a double-digit CAGR of 13. 4% from 2024 to 2034. According to a report published by the International Energy Agency, about 50,000 electric buses were sold globally in 2023, equating to 3% of total bus sales and bringing the global stock to approximately 635,000. Government Investments Government Investment Funding Highlights US funding for electric heavy-duty vehicles and buses - EPA’s Clean Heavy-Duty Vehicles Grant Program improves the country’s infrastructure by aiding the deployment of zero-emissions vehicles and the installation of supporting infrastructure. UK government invests in electric buses to improve public transport £143 million Focusing on improving bus services across England. This funding is aimed at rolling out nearly a thousand new zero-emission buses. Priority is given to rural areas. India’s national government announced the PM eBus Sewa Scheme $2. 4 billion Reducing emissions and improving air quality, the e-bus initiative expands access to clean, reliable public transport. A recent report from Precedence Research reveals that the Asia Pacific electric bus market size was estimated at USD 24. 38 billion in 2023 and is predicted to be worth around USD 97. 23 billion by 2034, at a CAGR of 13. 6% from 2024 to 2034. The government of India launched the PM e-bus Sewa Scheme with a massive 2. 4 billion US dollars to operate and launch ten thousand electric buses under PPP across 169 cities. These green cars are expected to be on the road by 2024 and should be fully completed by 2026. We’ve prepared a service to support you. please feel free to contact us at sales@precedenceresearch. com | +1 804 441 9344 --- > GM unveils Ultium battery tech to cut EV costs by 30% and boost efficiency. EV battery market to grow from USD 76.59B in 2024 to USD 573.08B by 2033. - Published: 2024-10-29 - Modified: 2024-10-29 - URL: http://www.towardsevsolutions.com/gms-ultium-battery-platform-to-revamp-ev-portfolio-with-improved-efficiency-and-lower-costs/ - Categories: Battery, Electric Vehicle, EV News - Tags: battery General Motors (GM) officially announced its plan to revamp its electric vehicle portfolio completely with the arrival of the Ultium battery technology, which reportedly makes electric vehicles much more efficient and cheaper. The company announced that batteries and technologies will remain but the name “Ultium” will not. The Ultium platform produces a range of electric vehicles, from compact cars to full-size trucks, using a scalable battery design of up to 200 kWh or more from a modular battery. Electric Vehicle Battery Market Size Precedence Research’s analysis on the global electric vehicle battery market size is predicted to grow from USD 76. 59 billion in 2024 to approximately USD 573. 08 billion by 2033, expanding at a solid CAGR of 25. 1% from 2024 to 2033. GM's Ultium battery technology's simple architecture, enhanced efficiency, and cost-effective manufacturing are noteworthy developments in electric vehicle (EV) design. Its versatility in application also eases the manufacturing of such batteries, shortening the time and cost of developing new EVs. When it comes to performance, GM claims that the Ultium batteries are more efficient than traditional lithium-ion batteries. This translates to longer driving ranges and shorter charging times, which are major challenges EV consumers face. Better performance leads to longer travel for one charge and faster recharging, which increases general user satisfaction and makes electric vehicles widely used. The new battery design is able to reduce production costs by 30%, making EVs more affordable. GM is attempting to reduce manufacturing costs and make electric vehicles practical for buyers. This combination of flexibility, efficiency, and affordability is poised to make a big difference in the electric vehicle market. GM expects to boost EV sales in North America due to the rapid shift toward electric vehicles. It sets a target of producing about 200,000 EVs in North America this year. This may lead to increased adoption of Ultium battery technology. According to the U. S. Department of Energy, sales of electric vehicles in the U. S. are projected to account for 15% of total vehicle sales by 2025. Ultium Battery Production Cost Projections (2024-2026) Year Projected Production Cost per kWh (in USD) Reduction Percentage (%) 2024 150 — 2025 120 20% 2026 100 17% GM has opened the doors of another chapter in electric vehicle technology by introducing the Ultium battery. This is an extremely important step in GM’s plan to dominate the electric vehicle market. By lowering production costs, GM is preparing itself to become a leading manufacturer and supplier of electric vehicles. With the help of such advancements, the EV manufacturing landscape is now gearing up and heading toward a sustainable future. We’ve prepared a service to support you. please feel free to contact us at sales@precedenceresearch. com | +1 804 441 9344 --- > Nissan to introduce V2G tech in 2026, allowing EVs to power homes or sell electricity. V2G market to hit USD 45.09B by 2033 at a 28.13% CAGR. - Published: 2024-10-29 - Modified: 2024-10-29 - URL: http://www.towardsevsolutions.com/nissan-to-launch-v2g-technology-by-2026/ - Categories: EV News, Electric Vehicle - Tags: V2G According to media reports, Nissan plans to offer onboard bidirectional charging electric vehicles in 2026. The Vehicle to Grid (V2G) is the technology that allows an EV owner to run their home on electricity stored in their car battery or sell electricity back to the utility. The first market will be the UK and then will expand to other European countries. Vehicle-to-Grid Technology (V2G) Market According to Precedence Research’s Report on the “Vehicle-to-Grid Technology (V2G) Market size was valued at USD 5. 54 billion in 2024 and is expected to achieve around USD 45. 09 billion by 2033, registering a notable CAGR of 28. 13% over the forecast period 2024 to 2033. The Organization for Economic Cooperation and Development (OECD) and International Energy Agency (IEA) project that electric vehicle battery and plug-in hybrid electric vehicle (PHEV) production of these vehicles will increase by over 100 million units by 2050 and the advancement will drive the development of the vehicle-to-grid (V2G) market. Grant for Vehicle-to-grid (V2G) Project Agency Funding Aim California Energy Commission $3 million Its Clean Transportation Program has a grant to fund a vehicle-to-grid (V2G) project in the Los Angeles area that uses electric school buses to strengthen the flexibility of the grid. Australian Renewable Energy Agency $2. 1 million Funding to Amber Electric to trial battery electric vehicle (BEV) smart charging and provision of vehicle-to-grid (V2G) services with residential customers. A recent report from Precedence Research revealed that the Europe vehicle-to-grid technology market size was estimated at USD 1. 35 billion in 2023 and it is expected to be worth around USD 16. 01 billion by 2033, recording a CAGR of 28. 05% over the forecast period 2024 to 2033. The EVVE (Environmental Valorization of Virtual Energy-storage) project follows the establishment of a first-Pilot, large-scale V2G technology in Europe by deploying a virtual power plant (VPP) which pools more than 1000 connected EVs across the EU Member States into an integrated and smart energy system. The project has a unique value proposal for the smart management of EV batteries, and it's in a position to offer a stack of services, including electricity billing service, peak shaving, and ancillary services. We’ve prepared a service to support you. please feel free to contact us at sales@precedenceresearch. com | +1 804 441 9344 --- > Toyota’s first EV with solid-state battery promises 500-mile range by 2027. Solid-state battery market to reach USD 1,645.60M by 2030. - Published: 2024-10-28 - Modified: 2024-10-28 - URL: http://www.towardsevsolutions.com/toyota-announced-plans-for-new-solid-state-battery-powered-ev/ - Categories: Battery, Electric Vehicle, EV News - Tags: Solid State Battery The leading automaker giant Toyota has revealed plans to launch its first EV, which is driven by solid-state batteries, by the end of fiscal 2027. Solid-state batteries are considered a promising next-generation technology for improved charge rates, battery range, and enhanced safety. The car is expected to be a midsize SUV capable of going more than 500 miles on a single charge. This is another step in Toyota’s long-term plan to capture the market of electric vehicles which are quickly becoming popular with the rising standards for emissions around the world. Solid State Battery Market Size Precedence Research reveals that the global solid-state battery market size reached USD 174. 42 million in 2023 and is predicted to achieve USD 1,645. 60 million by 2030, expanding at a solid CAGR of 37. 8% from 2023 to 2030. The new electric vehicle from Toyota is a gigantic leap in the future of electric vehicles, solid-state battery technology, and performance and safety. The vehicle itself is powered by Toyota’s advanced solid-state battery, and the Patreon page has noted that the charging times would be even better. The solid-state technique differs from lithium-ion batteries in that it cuts down charging time by up to 60% and provides fast recharging to suit drivers' on-the-go demands. Another important aspect of Toyota’s solid-state EV is its range. This vehicle travels several hundred kilometers on a single charge, providing an unprecedented 500 miles on a single charge. This puts the car among the best electric vehicles with an extended battery that can articulate long-distance solutions. This extended range is particularly important to consumers who hate to be limited in terms of how frequently they need to recharge during long journeys. Global EV Market Growth The global EV market has been expanding rapidly in recent years, with total sales projected to exceed 30 million units by 2030, up from 10 million units in 2023, according to a report by the International Energy Agency (IEA). Year Global EV Sales (in Million Units) 2023 10. 0 2024 13. 5 2025 16. 0 2030 30. 0 Governments also participate in developing and adopting the technology through incentives and subsidies. Japan plans to contribute $2. 5 billion for solid-state battery development, and the US Department of Energy provides grants to players who are interested in next-generation batteries. Country Average Incentive per EV (USD) Solid-state Battery Initiatives U. S. $7,500 $5 billion in R&D grants Japan $6,000 $2. 5 billion in R&D funding European Union $5,000 EU-wide subsidies for battery R&D Toyota’s revolutionary solid-state battery EVs could become the mainstream cars with very good range, safety, and charging capacity. With solid-state technology expected to be mainstream by 2030, this model is expected to remain a key model in Toyota’s EV plans and form 25% of the company’s EV sales by 2032. We’ve prepared a service to support you. please feel free to contact us at sales@precedenceresearch. com | +1 804 441 9344 --- > Lucid Motors launches the Gravity SUV with a 500-mile range, pushing EV performance and luxury. The global EV market to reach USD 2108.80B by 2033. - Published: 2024-10-28 - Modified: 2024-10-28 - URL: http://www.towardsevsolutions.com/lucid-motors-unveils-gravity-suv/ - Categories: Electric Vehicle, EV News - Tags: Lucid Motors Lucid Motors, the emerging electric vehicle maker based in California, has attracted immense investor attention, as its innovative range of luxury electric vehicles is ready with its new all-electric SUV called the Gravity. The Gravity is a landmark in Lucid’s journey to challenge the incumbents, especially Tesla, promising to provide an attractive long-range SUV with a 500-mile range per charge. Lucid Motors has fine-tuned Gravity as a luxury, sustainable, and high-performance vehicle based on the Lucid Air sedan to create an electric dream car. The new model raises the bar for design and engineering, introducing new improvements in battery systems, handling, and sustainability. Electric Vehicle Market Size As highlighted in a recent Precedence Research report on the global electric vehicle market size accounted for USD 317. 26 billion in 2024 and is predicted to increase from USD 393. 42 billion in 2025 to approximately USD 2108. 80 billion by 2033, progressing a remarkable CAGR of 23. 42% from 2024 to 2034. Lucid Motors has made itself competitive in the sphere of luxury electric vehicles, and Gravity has helped it aggressively expand across the world. Given the high demand for high-end electric SUVs, North America, Europe, and China were identified as key markets for this line of products. Additionally, for speedy growth, Lucid intends to expand production in the new plant in Arizona to up to 90,000 cars a year by 2025. Lucid’s CEO, Peter Rawlinson, highlighted the company's ambitious roadmap: "With the Gravity SUV, we are not just adding another vehicle to our lineup—we are redefining what luxury, performance, and sustainability can achieve in the electric SUV market. This vehicle embodies everything we stand for at Lucid. " Based on industry surveys, the luxury EVs market is expected to reach 1. 8 million unit sales by 2027 for this market segment, with a CAGR of 20%. Having the Gravity SUV, Lucid is ready to grab a significant portion of this segment. Electric Car Sales in 2022 and 2023 with Growth Year Sales (Million Units) Growth Rate (%) 2022 - - 2023 3. 5 35% Apart from targeting the manufacture of cars, Lucid Motors consistently aims to solve the problem of charging infrastructure by establishing charging points for EVs. The company aims to have 3,000 new fast-charging stations, primarily in Europe and North America, by 2026 to improve charging for long-distance travelers. Lucid is also developing solid-state batteries to be the next big thing in electric vehicle development. With values such as higher energy density, faster charging time, and reduced weight than conventional lithium-ion batteries, solid-state batteries provide an opportunity for Gravity and other similar commercial EVs to strike a winning balance between power and distance. Battery Energy Density Comparison: Solid-State vs. Lithium-Ion Battery Type Energy Density (Wh/kg) Charging Time (0-80%) Estimated Lifespan (Years) Solid-State Battery 500 20 minutes 15-20 Lithium-Ion Battery 250 30-40 minutes 10-15 Furthermore, Gravity, Lucid Motors has reaffirmed its place as a premium EV manufacturer that caters to one of the hottest markets associated with battery electric... --- > The Ford Motor Company is set to launch an EV model of the renowned Ranger pickup truck by 2025. The EV truck is set to touch $20.25 Bn. - Published: 2024-10-28 - Modified: 2024-10-28 - URL: http://www.towardsevsolutions.com/ford-to-introduce-all-electric-ranger-truck-by-2025/ - Categories: Electric Vehicle, EV News - Tags: Electric Truck The Ford Motor Company is set to launch an EV model of the renowned Ranger pickup truck by the year 2025. This new electric ranger not only competes with other branded pickups but also rivals in the emerging EV truck segment. The new model has approximately 402 miles on a single charge and is endowed with Ford Co-Pilot360 severally technologies. The electric ranger is aimed at consumers within the North American and European regions since electric trucks are gaining popularity. Electric Truck Market Size According to Precedence Research’s report on the global electric truck market size is calculated at USD 3. 16 billion in 2024 and is expected to cross USD 20. 25 billion by 2032. The EV truck industry is registering a double-digit CAGR of 26. 10% between 2024 to 2032. The electric Ford Ranger, which is planned for launch by 2025, introduces extraordinary elements to the electric truck market. Based on an electric-only range of up to 402 miles, the car is also intended to accommodate long journeys and strenuous use. This makes it convenient for the consumer who needs more from trucks regarding endurance and efficiency. Furthermore, the electric SUV Ranger is capable of pulling 8,000 lbs effectively, making it the perfect choice for old-school truck consumers. The interior of the new electric Ranger incorporates multiple sustainable materials. Plastic produced from recycled utensils and natural fibers can be utilized as the material for the interiors, which will be comfortable and long-lasting while participating in environmentally friendly programs. This is in line with sustainability in car production and is among the strategies that Ford is using to ensure it reduces its impact on climate while at the same time catering to market needs by developing high-performing electric cars. According to data from the International Energy Agency (IEA), the global electric truck market is expected to grow substantially, driven by stricter emissions regulations and the growing demand for zero-emission vehicles. Year Global Electric Truck Sales (Million Units) 2023 0. 5 2024 0. 8 2025 1. 3 Ford aims to make electric vehicles (EVs) 40% of its global sales by 2030. In 2023, the company sold over 200,000 EVs, and it plans to introduce several new models, including an electric version of the Explorer SUV, in the coming years. Global governments are supporting the adoption of electric trucks primarily through incentives to subsidize the vehicles. Demand for electric trucks in the U. S. entitles buyers to federal tax incentives of up to USD 7,500, while in the EU, some member states are offering incentives of between USD 5,000 and USD 12,000. Country Average Incentive per Truck (USD) Target for Zero-emission Vehicles U. S. $7,500 50% by 2030 European Union $5,000 - $12,000 100% by 2035 China $4,500 60% by 2030 Ford expects the all-electric model of the Ranger pickup to be a decisive factor in strengthening its market share of electric trucks. We’ve prepared a service to support you. please feel free to contact us at sales@precedenceresearch. com | +1... --- > Rivian to deliver 100,000 electric vans to Amazon by 2027, boosting net-zero goals. Vehicle electrification market set to reach USD 419.55B by 2034 - Published: 2024-10-28 - Modified: 2024-10-28 - URL: http://www.towardsevsolutions.com/rivian-announced-partnership-with-amazon-for-fleet-electrification/ - Categories: EV News, EV Tools and Equipment - Tags: Electrification American electric vehicle maker Rivian, which designs and produces electric trucks and SUVs built for off-road, has partnered with Amazon, the global online retailing leader. Rivian’s new agreement focuses on building and delivering more than 100,000 electric delivery vehicles to Amazon by 2027, with the goal of reaching a net zero emission on all Amazon operations by 2040. Vehicle Electrification Market Size A new report by Precedence Research the global vehicle electrification market size was valued at USD 128. 06 billion in 2024 and is expected to achieve USD 419. 55 billion by 2034, growing at a solid CAGR of 12. 6% from 2024 to 2034. This new deal follows the identical use of 10,000 electric vans in 2024 in different areas across North America and Europe, which has been said to be transformational from Amazon’s website delivery fleet notion. The strategic partnership will help electrify about half of Amazon’s worldwide fleet by 2027, turning logistics into a green industry. The vans are designed for 200 miles on a single charge, making them ideal for city and suburban deliveries that Amazon relies on in its densification strategy. The vans are integrated with some Amazon technologies, including Alexa voice control, Advanced driver assistance systems (ADAS), and mapping/navigation. , Charging Infrastructure: Rivian is building out its own network of fast chargers, with 3,500 planned across the USA by 2025, not just for Rivian’s vehicles but for Amazon AMZN electric delivery vehicles. This partnership has been a transformative milestone for Rivian, allowing the startup to scale production and enter the lucrative commercial electric vehicle market. Rivian’s electric delivery vans, specifically designed for Amazon, are already operational in 20 cities, including major hubs like New York, Los Angeles, and London. Rivian and Amazon's Fleet Electrification Timeline Year Number of Electric Vans Deployed Percentage of Amazon's Fleet Electrified 2023 5,000 10% 2024 10,000 15% 2027 100,000 50% Rivian has invested large capital in an automotive industrial park in Normal, Illinois, reaching capacity for 200,000 vehicles by 2025. This includes the delivery vans for Amazon and Rivian’s first purpose-built consumer vehicles, the R1T pickup truck and R1S SUV. Growing automobile company Rivian depends on battery technology as part of its expansion strategy and is also committed to smart and sustainable production methods like power plants 100% renewable by 2026. Rivian completed its IPO in October 2021 and garnered more than USD 11. 9 billion, which has been used to develop the company’s infrastructure and cars. It is also expecting an R2 series, a smaller all-electric truck and SUV brand for the mid-scale market, by 2025. According to the International Energy Agency (IEA), the global commercial EV market is projected to grow from 2 million units in 2024 to 5. 5 million by 2030. Rivian is expected to capture 12% of the commercial EV market share by 2027. The increasing regulatory push for cleaner vehicles has been spurred on by growing regulatory demands for cleaner vehicles, more so in Europe and the U. S. , with cities... --- > Polestar unveils the Polestar 4, an electric SUV with a 400-mile range, dual-motor AWD, and a focus on performance and sustainability in the global EV market. - Published: 2024-10-23 - Modified: 2024-10-23 - URL: http://www.towardsevsolutions.com/polestar-4-the-new-benchmark-for-performance-and-sustainability/ - Categories: Electric Vehicle, EV News - Tags: Polestar 4 Swedish electric car manufacturer Polestar, a joint venture between Volvo and Geely, has announced the latest addition to its lineup, the Polestar 4 electric performance SUV. It also introduces an all-electric, long-awaited vehicle with performance that directly competes with other premium brands, including the Tesla Model Y, Audi e-Tron, and others, however, with Polestar’s unique Scandinavian design language and sustainability at its core. Electric Vehicle Market Revenue According to Precedence Research’s report on the electric vehicle market is expected to generate a revenue of USD 317. 26 billion worldwide by 2024. The market is anticipated to experience an annual growth rate of 23. 42% (CAGR 2024-2033), resulting in a projected to market of USD 2,108. 80 billion by 2033. With a battery range of 400 miles per charge, the Polestar 4 outperforms several models of competitive-performing SUV cars to generate a strong case of versatility for daily traffic commuting. Performance: The new Polestar 4 is equipped with the dual-motor AWD system, achieving 0 to 60 mph in 4. 2 seconds, and more than 450 horsepower, providing an excellent level of performance with minimal energy consumption. Sustainability: The seats and many other components of the car’s inside consist of vegan materials, recycled plastics, and carbon-neutral metals. Polestar plans to achieve climate neutrality in electric car manufacturing by 2025, aligning with Volvo’s overall vision of ensuring the manufacturing of 50% pure electric car sales by 2025. Polestar’s actions dovetail with the ongoing electrification of transport on a global scale, most specifically in Europe, where environmental legislation has led to a high degree of EV penetration. Global Electric Vehicle Market Share by Manufacturer (2024) Manufacturer Market Share (%) Total EV Sales (Million Units) Tesla 22% 3. 5 BYD 17% 2. 9 Polestar (Volvo) 7% 1. 1 Rivian 5% 0. 9 Polestar and Rivian are two brands actively entering the global market for electric vehicles due to partnerships and sustainable development. Rivian is benefitting from commercial vehicle collaboration with Amazon, while Polestar always stands out in its innovative performance with proper EV solutions. As both electric vehicle manufacturers expand production, the two are expected to have leading active roles in determining the future of e-mobility and in the fields of battery development and environmental management. We’ve prepared a service to support you. please feel free to contact us at sales@precedenceresearch. com | +1 804 441 9344 --- > TVS Srichakra's new fuel-efficient tires cut rolling resistance by 10%, enhancing EV mileage. As India's EV market surges, explore innovations and policies driving growth. - Published: 2024-10-23 - Modified: 2024-10-23 - URL: http://www.towardsevsolutions.com/fuel-efficient-tyres-a-suitable-choice-for-electric-vehicles/ - Categories: Electric Vehicle, EV News - Tags: India Electric Vehicle The idea of developing fuel-efficient tires for EVs is receiving attention for their efforts. TVS Srichakra, also known for its Eurogrip brand, is all set to introduce a new generation of fuel-efficient tires specifically designed for electric vehicles (EVs). The company has set a target to reduce tire rolling resistance by an additional 10% over the next 6 to 12 months. The Chief Technology Officer at TVS Srichakra, Sivaramakrishnan V, stated that tires will offer increased mileage and it will increase the low rolling resistance tire of a bike that typically runs 100 km and can now cover 110 km. The Ministry of Heavy Industries had reduced the Electric Vehicle (EV) subsidy per unit to 15%. The attractive point for the EVs was the GST on chargers/ charging stations was reduced from 12% to 5%. India Electric Vehicle Market Revenue As per the Precedence Research’s detailed report on the india electric vehicle market revenue was valued at USD 11. 36 billion in 2024 and is predicted to increase from USD 18. 79 billion in 2025 to approximately USD 1,053. 10 billion by 2034. The India EV sector is representing a noteworthy CAGR of 57. 3% between 2024 and 2034. Electric Vehicle Sales in India in 2023, by State State Unit Union Territory Unit Maharashtra 320,189 Dadra & Nagar Haveli 318 Rajasthan 182,376 Gujarat 149,066 Goa 13,735 Tamil Nadu 8,089 Delhi 181,037 Madhya Pradesh Uttarakhand 442,858 30,195 Bihar 167,136 Odisha 66,336 West Bengal 57,195 Jharkhand 36,336 TVS Srichakra has a current product portfolio of 250 tire models, 12 of which lean toward the EV segment. In the last three years, the company introduced 45 new products that are available in premium and super-premium categories. The Executive Vice President of Sales and Marketing, P Madhavan, stated that new recently launched products had contributed to 35% of the company’s revenue. The company has a high reputation for exporting between 7% and 8% of its total production to 90 countries worldwide. Toyota Innova Hycross and Maruti Suzuki Grand Vitara Hybrid attract consumers with their self-charging technology, and this acts as a bridge between the internal combustion engine (ICE) and EV technologies, showcasing a shift towards Global preferences. The aim of implementing 30% EVs by 2030 in the Indian market is a challenge with obstacles like battery prices and not-so-consistent subsidies. In the year 2024, the company was able to report standalone revenues of Rs 2,754 crore from its marketing. A recent report from Precedence Research reveals that India's EV production capacity is projected to grow by 38% in 2024, reflecting the growing funding and investments by key market players. Faster adoption and manufacturing of hybrid vehicles and electric vehicles in India (FAME India) has increased India's EV market and innovations and investments in the EV segment. The company operates two manufacturing plants in India—one in Madurai, Tamil Nadu, and another in Rudrapur, Uttarakhand. These facilities, with the capacity to produce up to 3 million tires per month, are the major factor in the company's... --- > NIO introduces the all-electric ES7 SUV, targeting global markets with 350k yearly production by 2025. Competing with Tesla and BMW, the ES7 boasts long-range, luxury, and battery swapping. - Published: 2024-10-22 - Modified: 2024-10-23 - URL: http://www.towardsevsolutions.com/nio-unveils-all-electric-es7-suv-a-strong-competitor-in-the-growing-global-ev-market/ - Categories: EV News, Electric Vehicle - Tags: EV Car Chinese electric vehicle maker NIO revealed the NIO ES7, a mid-size luxury electric sport utility vehicle well suited for the global market including Europe, North America, and China. This release comes at a time when NIO has laid down its plans to deepen its positioning in the market of electric SUVs, this is in direct competition with brands such as Tesla, BMW, and Audi. The NIO ES7 uses elegant looks, high power, and a range of features that are intended to create a fully integrated, futuristic environment behind the wheel. This model has seen NIO work on battery efficiency, sustainability, and higher features regarding autonomous driving before expanding worldwide. Precedence Research reveals that the global electric car market size is calculated at USD 155. 13 billion in 2024 and is predicted to achieve around USD 532. 13 billion by 2034, registering a healthy CAGR of 13. 12% from 2024 to 2034. NIO is also actively tapping into new markets with the ES7, particularly in Europe. They are placing battery-changing centers in Germany, Norway, and Sweden, with an aim of having 200 centers in Europe by 2026. Battery swapping is one of NIO's unique strategies that offers a perfect fighting chance against Tesla’s Supercharger network. NIO is also scaling up its production owing to a new plant in Hefei China, with this capacity by 2025 it be producing up to 350 thousand vehicles per year. This shift is in line with NIO’s goal of being the premier Chinese EV maker in the premium tier market in China and as it tries to expand greatly in Europe and North America. China's Electric Vehicle Market Growth (2022–2027) Year EV Sales (Million Units) Global Market Share (%) 2022 6. 8 50% 2024 9. 0 52% 2027 11. 5 55% NIO’s ES7 is another example of the care for sustainability the company is striving to achieve. The interior of the SUV has vegan leather seats and most materials in its interior are recycled, NIO is cutting its emissions’ footprints and conforming to international green measures. According to a report by the International Energy Agency (IEA), global sales of electric SUVs are expected to grow from 2 million units in 2023 to 4 million by 2027, driven by government incentives and increasing consumer demand for environmentally friendly vehicles. Global Electric SUVs Sales Projection (2023-2027) Year Sales (Million Units) Growth Rate (%) 2023 2. 0 — 2024 2. 6 30% 2025 3. 2 23% 2027 4. 0 25% With innovative technology and an ambitious international plan, NIO places the ES7 as a serious rival for luxury electric vehicles. Its battery swapping, long-range, and design also make the ES7 one of the best choices for the premium consumer seeking a high-performance luxury electric vehicle. We’ve prepared a service to support you. please feel free to contact us at sales@precedenceresearch. com | +1 804 441 9344 --- > Discover Fisker's new Ocean Force E SUV, designed for extreme off-road adventures with 540 HP, 300-mile range, and sustainable features at an $80K price. - Published: 2024-10-22 - Modified: 2024-10-29 - URL: http://www.towardsevsolutions.com/fisker-unveils-the-ocean-force-e-a-rugged-ev-suv-for-extreme-adventure/ - Categories: Electric Vehicle, EV News - Tags: Electric Vehicle Market Fisker Inc. , a California-based electric vehicle manufacturer, has revealed the newest addition to its EV lineup. Fisker has unveiled an EV SUV known as the Fisker Ocean Force E, which is built to make off-road adventures in extreme conditions. Electric Vehicle Market Size Insights from Precedence Research show that the global electric vehicle market revenue is worth USD 317. 26 billion in 2024 and is projected to increase from USD 339. 42 billion in 2025 to approximately USD 2,108. 80 billion by 2033. The EV sector is expected to grow at a double-digit compound annual growth rate (CAGR) of 23. 42% from 2024 to 2033. Peculiarities of the Force E model are based on the Fisker Ocean SUV, but it has improved endurance abilities such as off-road tires, greater ground clearance, and an underbody shield dish. The Force E has a new and enhanced dual-motor all-wheel-drive system with an output of up to 540 hp that can maneuver through snow, sand, and rocky terrains. The Force E’s unique features include: The SUV boasts specialized tires, underbody protection, and reinforced suspension for extreme off-road performance. Despite its rugged nature, Fisker has maintained its commitment to sustainability, using recycled materials in the cabin and offering a solar roof that contributes to vehicle energy efficiency. The SUV has a 300-mile range on a full charge, catering to long-distance outdoor expeditions. Fisker Ocean Force E Key Specifications Feature Specification Range 300 miles Horsepower 540 HP Drive System Dual-Motor AWD Price $80,000 Charging Time (Fast) 20 minutes (0-80%) Sustainability Features Recycled materials, solar roof Growing Demand for Off-Road EVs Off-road electric vehicles are being called for by consumers worldwide, due to the growing awareness of environmental conservation and the development of electric vehicles’ technology. From 150,000 off-road EVs in 2023, unit sales are expected to grow and reach 250,000 by 2026. Global Off-Road Electric Vehicle Sales Projections (2023–2026) Year Sales (Units) Growth Rate (%) 2023 150,000 — 2024 180,000 20% 2025 220,000 22% 2026 250,000 13. 6% Fisker's Expansion Strategy In line with its mission to lead in sustainable mobility, Fisker has aggressive expansion plans for 2025, focusing on global deliveries across the U. S. , Europe, and the Middle East, where off-road vehicles are popular. Fisker is also investing in its battery technology to enhance performance and range across its lineup, including future iterations of the Ocean SUV. As EVs gain traction across various segments, Fisker aims to dominate the adventure and outdoors market with this unique vehicle. The Force E will be competing with off-road electric models from Rivian and Jeep, but its price point of approximately $80,000 positions it as a more affordable alternative to luxury electric SUVs while still offering a high level of performance. We’ve prepared a service to support you. please feel free to contact us at sales@precedenceresearch. com | +1 804 441 9344 --- > Rivian expands its lineup with the R1V electric van, designed for last-mile delivery, offering 350 miles of range and eco-friendly materials. - Published: 2024-10-18 - Modified: 2024-10-18 - URL: http://www.towardsevsolutions.com/rivian-expands-r1-lineup-with-r1v-electric-van-for-last-mile-delivery/ - Categories: Electric Vehicle, EV News - Tags: Electric Vehicle The American EV maker Rivian, famous for its electric pick-ups and delivery trucks, recently introduced a new model, an electric van called the R1V, made for last-mile logistics. The launch is the company’s first foray into the production of commercial electric vehicles, a segment that has rapidly expanded due to the growth of the eCommerce market and the demand for environmentally friendly delivery vehicles. The R1V, in terms of its autonomy, has up to 350 miles, making it one of the most powerful electric delivery vehicles available today. Measuring 2,000 volume, the new model’s cargo area was altered in any way to suit the needs of the consumers from the retail to the pharmaceutical sector. In keeping with the notion of sustainability, Rivian incorporates recycled materials into its design and produces carbon-neutral vehicles. The van mentioned above also comes with Rivian’s Driver+ system, which is an advanced-level self-driving system that includes lane keep assist, adaptive cruise control, and automatic emergency braking. Electric Vehicle Market According to the Precedence Research report, the global electric vehicle market revenue was evaluated at USD 317. 26 billion in 2024 and is anticipated to achieve USD 1,716. 83 billion by 2032. The EV industry is predicted to grow from USD 393. 42 billion in 2025 to approximately USD 2,108. 80 billion by 2033, with a remarkable CAGR of 23. 42% from 2024 to 2033. Key Features of the Rivian R1V: With 2,000 cubic feet, the R1V allows flexible configurations to meet various delivery needs. The R1V comes standard with Driver+, Rivian’s suite of semi-autonomous features designed to improve delivery efficiency and safety. The R1V incorporates eco-friendly materials in its construction, ensuring a reduced carbon footprint compared to traditional delivery vans. Industry Adoption and Government Incentives Government incentives are given to encourage the use of commercial EVs worldwide. In the United States, businesses planning to switch their fleet of vehicles to electric get credit up to USD 7,500 per car. Additionally, in the European Union, this ranges from USD 5,000 to USD 7,000. These programs are supposed to spur more electrification of delivery vans as players such as Rivian increase scale. Commercial Electric Vehicle Incentives by Country (2024) Region Average Incentive per Vehicle (USD) Fleet Electrification Target U. S. $7,500 50% by 2030 European Union $5,000 60% by 2030 China $4,500 70% by 2035 Rivian's Growth Trajectory Rivian has identified an ideal market to venture into, as the commercial segment selling electric delivery vans is rapidly growing. By committing to buy 100,000 electric vans, Amazon will likely help Rivian reach its goal of churning out 50,000 vehicles per year by 2025, with additional production lines planned at its factory in Illinois. The carmaker has plans to reach an output of 150,000 cars per year by 2026, with Rivian R1T pickup and Rivian R1S SUV models for the public. The company is also working toward expanding the charging points, with plans to have 5,000 fast chargers in the US by 2030, a key success factor as consumers... --- > Skoda plans to launch a hybrid car in India, expanding fuel options and cutting emissions, as the hybrid vehicle market grows at a CAGR of 28.80% by 2032 - Published: 2024-10-18 - Modified: 2024-10-18 - URL: http://www.towardsevsolutions.com/skoda-to-launch-hybrid-car-in-india/ - Categories: EV News - Tags: Hybrid Vehicle According to media reports, Toyota is India's largest seller of hybrid cars, with Maruti Suzuki as its partner company. Currently, Skoda has four models in the Indian market, including sedans and SUVs. However, this is the first time a carmaker has considered hybrid cars in a South Asian country. Hybrid Vehicle Market Size According to the Precedence Research Report, the global hybrid vehicle market size was valued at USD 658. 95 billion in 2024 and is expected to achieve USD 5006. 35 billion by 2032. The sector is expanding at a CAGR of 28. 80% during the forecast period 2024 to 2032. Wards Intelligence projected that the electric and hybrid vehicle sales penetration rate in the U. S. rose in 2Q24, following a minor shrinkage in 1Q24. Targeted categories of U. S. new light-duty vehicle (LDV) sales, including hybrid vehicles, battery electric vehicles (BEVs), and plug-in hybrid electric vehicles (PHEVs), edged up from 17. 8% in the first quarter of 2024 to 18. 7% in the second quarter of 2024. Funding, Grant & Award Programs in the U. S. Funding Agency Grant Amount Purpose U. S. Department of Energy (DOE) Office of Manufacturing and Energy Supply Chains $500,000,000 DOE offers grants in support of the production of hybrids, plug-in electric hybrids, plug-in electric drive vehicles, and hydrogen fuel cell electric vehicles produced domestically. California Air Resources Board EVs and FCEVs are eligible for grants of up to $7,500 and PHEVs are eligible for grants of up to $7,000. Low-income residents of California may apply for funding from the California Air Resources Board to purchase or lease a new or pre-owned EV, plug-in hybrid electric vehicle (PHEV), or FCEV. A recent report from Precedence Research revealed that the Japan hybrid vehicle market reached USD 49. 20 billion in 2022 and is predicted to be worth USD 606. 28 billion by 2032, at a CAGR of 28. 60% during the forecast period 2023 to 2032. According to data from JATO Dynamics India, the sales of hybrid cars, including plug-in hybrids, reached 51,897 units during January and July 2024, up from 40,811 units during the same period last year, a 27% increase. This suggests that Indian customers are increasingly accepting hybrid vehicles. --- > Newpower car maker XPeng Motors announced its fully electric crossover SUV, the XPeng G6, which has advanced autopilot features and a higher battery range than its competitors in China. - Published: 2024-10-17 - Modified: 2024-10-29 - URL: http://www.towardsevsolutions.com/xpeng-motors-launches-g6-electric-crossover-suv-with-autonomous-capabilities/ - Categories: Electric Vehicle, EV News - Tags: Electric Vehicle Newpower car maker XPeng Motors announced its fully electric crossover SUV, the XPeng G6, which has advanced autopilot features and a higher battery range than its competitors in China. Electric Vehicle Market Revenue According to Precedence Research’s report on the global electric vehicle market revenue was valued at USD 255. 54 billion in 2023 and is expected to achieve USD 2,108. 80 billion by 2033, expanding at a CAGR of 23. 42% between 2024 and 2033. The G6 is a part of XPeng’s G-series of electric automobiles, built with the XPILOT 4. 0 autonomous driving system that allows Level 3 autonomy in both city and highway settings. It includes 12 cameras, 5 radars, and 28 sensors, which enable full 360-degree detection to enhance the driver’s safety and comfort. The unique selling point of the XPILOT 4. 0 is that the car drives itself to park, drives through traffic congestion, and maneuvers and handles pre-programmed challenging driving situations, making it one of the most sophisticated automated systems in a car within the affordable EV class. G6 Key Features: Battery and Range: Supported by XPeng's new generation lithium iron phosphate battery system, the G6 has an extended battery range of over 4000 km. XPeng also unveiled an 800V supercharging system, which takes the G6 from 0 to 80 percent within 15 minutes, making it one of the fastest EVs to charge. Affordability and Market Appeal: From as little as $45000, XPeng intends to sell high-end autonomous vehicles to the mass market, especially in the Asian market where demand for EVs is rapidly growing. Interior and Technology: Inside, G6’s design is also simple, emphasizing technology. The car has a 15-inch touchscreen display, voice command, and even an augmented reality heads-up display (AR HUD). XPeng’s CEO He Xiaopeng said the G6 is a step toward making fully automated driving vehicles available to the masses rivals Tesla. Similarly, XPeng intends to match its rival’s capabilities while costing considerably less. The company’s intention is to spearhead the shift toward smart and electric mobility, particularly due to China’s projected growth of over 35% in EVs per annum until 2030. XPeng G6 Key Specifications Feature Specification Range 400 miles Charging Time (Fast) 15 minutes (0-80%) Price $45,000 Autonomous Driving Level Level 3 Autonomous System XPILOT 4. 0 XPeng Motors EV Sales Projections (2023–2026) Year Sales (Units) Growth Rate (%) 2023 200,000 — 2024 300,000 50% 2025 400,000 33. 3% 2026 500,000 25% XPeng benefits from the Chinese government’s policies that support domestic electric vehicle producers through subsidies and monies spent on the infrastructure that boosts EV usage. Such a strategy assists XPeng Motors in becoming a dominant player in the special EV market, especially as it launches quality, cheaper, and more technologically advanced electric cars. XPeng's Market Strategy: As a component of the overall plan, XPeng is planning for bigger sales in Europe, with special emphasis on Scandinavia and Germany, as there is a lot of demand for electric cars. XPeng has also been focused on investing in... --- > The Korean automotive brand Hyundai is all set to launch four new EVs in the Indian electric vehicle market. The market will be touch USD 1,053.10 Bn by 2034. - Published: 2024-10-17 - Modified: 2024-10-17 - URL: http://www.towardsevsolutions.com/hyundai-ready-to-launch-4-new-evs-in-india/ - Categories: Electric Vehicle, EV News - Tags: India Electric Vehicle The Korean automotive brand Hyundai is all set to launch four new EVs in the Indian electric vehicle market. The latest models will be manufactured at its Talegaon-based facility, which General Motors recently acquired in 2024. The company plans to make a grand entry into the Indian electric vehicle market with its four new models, and the plan was revealed ahead of its launch of the Hyundai IPO in India. With its Kona Electric launch in India, Hyundai has been the first OEM in India’s passenger vehicle market to enter the EV segment. Currently, Hyundai’s Ioniq 5 is the only working product in India. The Hyundai Creta EV is the company’s first product in India and is scheduled to launch in January 2025, given the reason the test mules of the product have been spotted on many occasions. The new model is expected to rival other mid-size electric SUVs such as MG ZS EV, Tata Curvv EV, and BYD Atto3. It is also expected to rival models like Maruti Suzuki eVX and Mahindra BE. 05. Hyundai Motor India also plans to invest around Rs. 32,000 crore in India in the upcoming period. It has decided to invest in its second manufacturing facility (Pune). The company’s current export ratio is at 80 to 20 in terms of volume, and it aims to grow its base in emerging markets like the Middle East, Africa, Asia, and Latin America. India Electric Vehicle Market Size As per Precedence Research’s detailed report, the India electric vehicle market size was USD 11. 36 billion in 2024, calculated at USD 18. 79 billion in 2025, and is anticipated to be worth around USD 1,053. 10 billion by 2034. The Indian EV market is expanding at a double-digit CAGR of 57. 3% from 2024 to 2034. Multiple EV launches in India of foreign brands are possible due to the Indian Government providing subsidies to the automation sector. The increasing penetration of the EV market is the result of the implementation of Faster Adoption and Manufacturing of Hybrid Vehicles and Electric Vehicles in India (FAME India). Indian Government Subsidies for Electric Vehicles State Subsidy (Per KWh) Maximum Subsidy Discount on road tax Maharashtra ₹5,000 ₹2,50,000 1 Assam ₹10,000 ₹1,50,000 1 Gujarat ₹10,000 ₹1,50,000 0. 5 West Bengal ₹10,000 ₹1,50,000 1 Meghalaya ₹4,000 ₹60,000 1 Bihar ₹10,000 ₹1,50,000 1 The new model will also rival the Tata Punch EV, given that it's based on the born-electric E-GMP (K) platform. The company has planned to launch multiple EV models, which will include both mass and premium segments. With a smooth local supply chain network, the company will launch Creta EV in the fourth quarter of 2024 and has set a target to launch four new EVs in the upcoming years. Hyundai Motor India also announced the launch of its mega initial public offering (IPO) to raise Rs. 27,870 crore next week. The company aims to complete its EV production up to 26,000 units for Creta EVs and 65,000 units for Inster-based... --- > Lucid Motors debuts the Lucid Air Sapphire, a 1,200 hp luxury electric vehicles with a 550-mile range, competing with Tesla's Model S Plaid, setting new performance standards. - Published: 2024-10-16 - Modified: 2024-10-16 - URL: http://www.towardsevsolutions.com/lucid-motors-debuts-the-lucid-air-sapphire/ - Categories: Electric Vehicle, EV News - Tags: Electric Vehicle Luxury, Luxury Electric Vehicles The new Lucid Motors high-performance electric luxury sedan, the Lucid Air Sapphire aims to take the company to a new level in the competition in the luxury electric vehicles market. Renowned for the speed, luxury, and efficiency in EV cars, Lucid’s new Sapphire edition is expected to compete with Tesla’s Model S Plaid, and comes with features that define a new standard in performance EV cars. Extensive use of motors is also apparent from the powertrain section where the Air Sapphire relies on a triple-motor construction and has a power of 1,200 horsepower, a maximum speed of over 200 miles per hour, as well as accelerates from 0 to 60 mph in slightly more than 1. 9 seconds. This puts Sapphire among the world’s fastest electric sedans. Along with its extreme performance capabilities, the vehicle offers a remarkable 550-mile range, making it a strong contender for long-distance drives, addressing the most common concern for EV drivers which is range anxiety. Lucid is committed to the environment with the car constructed from 50% recycled materials and organic fibers for the interior while at the same time providing a luxurious touch through touches, such as the glass canopy roof and options for premium leather seats in the luxury variant. The Lucid also was keen on its DreamDrive Pro, an advanced driver assistance system, that can offer Level 3 autonomy and such features as maneuver capabilities. Luxury Electric Vehicles Market Size According to Precedence Research’s report on the global luxury electric vehicle market size accounted for USD 223. 05 billion in 2024 and is projected to achieve USD 839. 57 billion by 2032. The luxury EV market is growing at a solid CAGR of 18. 02% from 2024 to 2032. Key Features of the Lucid Air Sapphire: Producing 1,200 hp, the vehicle features an all-wheel-drive system that optimizes performance and handling for various driving conditions. The 2170 cylindrical battery cells, used in the Lucid Air Sapphire, are designed for long distances while minimizing charging frequency. Apart from speed and performance, the Sapphire is equipped with premium features such as a glass roof, providing an open cabin feel, and advanced infotainment powered by Lucid’s in-house software. Comparison of Performance EVs (2024) Vehicle Horsepower Range (Miles) 0-60 mph (Seconds) Top Speed (mph) Lucid Air Sapphire 1,200 550 --- > Elon Musk unveils Tesla's Cyber Cab at 'We the Robots' event, launching in 2026. Priced under $30K, it offers autonomous driving with no steering wheel or pedals. - Published: 2024-10-16 - Modified: 2024-10-16 - URL: http://www.towardsevsolutions.com/tesla-ceo-elon-musk-has-unveiled-the-robotaxi/ - Categories: EV News - Tags: Robotaxi According to media reports, Elon Musk unveiled Tesla’s Cyber Cab at the “We the Robots” event. Scheduled to be released in 2026 and costing under $30,000, the vehicle is designed to provide efficient passenger transportation services while improving safety and reducing operating costs compared to traditional vehicles. Elon Musk said the Cyber Cab will not have a steering wheel or pedals and will use plug-in power and announced plans to upgrade Model 3 and Model Y vehicles in California and Texas to include autonomous driving features. Autonomous Vehicle Market Size According to Precedence Research’s Report, the global autonomous vehicle market size was valued at USD 207. 38 billion in 2024 and is expected to achieve around USD 2,752. 80 billion by 2033, poised to grow at a compound annual growth rate (CAGR) of 33% from 2024 to 2033. The sales of autonomous vehicles are expected to rise between 2019 and 2030. It is about 1. 4 million vehicles with at least level 3 of autonomy were sold globally in the year 2019. It is expected that in 2023 about 58 million of these vehicles will be bought for use globally. Funding, Grant & Award Programs Funding Agency Grant Amount Purpose Rural Autonomous Vehicle Research Program $25 million Responsible integration of autonomous driving and related technologies in rural communities and tribes for air and ground transportation. U. S. Army Automotive Research Center $378,000 over three years. Adaptive and Efficient Sensing for Autonomous Ground Vehicles Operating in High Stochastic Environments with Sensing Uncertainty National Science Foundation (NSF) $4. 25 million five-year grant Promotes the safety and enhancement of rural traffic to solve social problems in transportation, while accelerating the use of electronic equipment towards full independence. Centre for Connected and Autonomous Vehicles (CCAV) £18. 5m The research and development (R&D) grants for the autonomous vehicle program are designed to ensure the sector is ready for the Fourth Industrial Revolution and aims to change the way people and transportation operate across the country. A recent report from Precedence Research Reveals that North America reached at highest revenue share of over 40. 31% in 2023. The U. S. autonomous vehicle market was valued at USD 59. 92 billion in 2023. In December 2023, the U. S. Department of Transportation (USDOT) announced a $25 million grant for rural vehicle research. Aim to integrate automated vehicles and associated technologies for air and surface mobility to rural and tribal communities. --- > Germany’s Lilium prepares to launch its first all-electric eVTOL aircraft. Electric aircraft market set to grow at 20.6% CAGR, reaching $50.86 Bn by 2032. - Published: 2024-10-15 - Modified: 2024-10-15 - URL: http://www.towardsevsolutions.com/germanys-leading-electric-aircraft-manufacturer-lilium-is-all-set-to-launch-its-first-ever-all-electric-vertical-take-off-and-landing-evtol-plane/ - Categories: Electric Vehicle, EV News - Tags: Electric Aircraft According to a news report the company announced recently, it has carried out the first series of tests of its electric jet propulsion unit. The test facility was established on a 26,000 sq. feet general complex area with an aircraft mounting frame for aircraft loads and moments, airflow systems for the flight condition simulation, and charging and cooling equipment of the aircraft batteries. Electric Aircraft Market Size According to Precedence Research’s Report on the global electric aircraft market size is calculated at USD 11. 37 billion in 2024 and is expected to achieve USD 50. 86 billion by 2032, registering a double-digit CAGR of 20. 6% during the forecast period. The US Air Force and Pentagon have been urged by American legislators to ‘ramp up’ the four-year-old Agility Prime project for electric aircraft. A provision in the expected 2025 National Defense Authorization Act asks both organizations to form a working group to hasten the commercialization of electric or hybrid technology for aircraft. Electric Aircraft Funding and Awards Agency Funding Purpose U. S. Department of Energy’s (DOE’s) $55 million Programs to fund the development of low-cost electric aviation engine technology and powertrain systems. Federal Aviation Administration Awards ZeroAvia $4. 2 Million US Federal Grant to Advance Electric Propulsion for Clean Aviation Electra. aero $85M Plans to sell its hybrid-electric aircraft for cargo deliveries, then add seats for the passenger market. Heart Aerospace $4. 1 Million Aviation Administration’s (FAA) Fuelling Aviation’s Sustainable Transition (FAST) to Advance Electric Aviation in the U. S. French government €5. 6 million Funding for VoltAero’s development of its Cassio electric-hybrid aircraft A recent report from Precedence Research Reveals that North America accounted largest revenue share in 2022, North America region will capture 43% revenue share in 2032. U. S. Air Force AFWERX innovation arm for a Strategic Funding Increase (STRATFI) award that secures up to $85 million between private investments, government funding, and matching Small Business Innovation Research (SBIR) funding for Electra’s development of a full-scale pre-production prototype electric short takeoff and landing (eSTOL) aircraft. --- > Explore India's 2024 car launches, including Mahindra & Kia EVs. Get insights into trends, pricing, and the growing EV market before the 2025 Auto Expo. - Published: 2024-10-15 - Modified: 2024-10-29 - URL: http://www.towardsevsolutions.com/auto-expo-to-launch-20-new-cars-in-india-by-the-end-of-2024/ - Categories: Electric Vehicle, EV News - Tags: Electric Vehicles In 2024, the Indian car market will be witnessing the launches of new 20 cars, which are expected to be introduced by the end of the year. With premium offers waiting in line, the new models will be displayed at the upcoming 2025 Auto Expo. The price range of upcoming cars is yet to be declared. India Electric Vehicle Market Size As per the Precedence Research’s detailed report on the india electric vehicle market size was valued at USD 11. 36 billion in 2024 and is expected to achieve around USD 1,053. 10 billion by 2034. The sector is registering a solid CAGR of 57. 3% between 2024 and 2034. The new car models list includes Mahindra BE. 05 & BE. Rall-E which is expected to be the firstborn electric vehicle based on the INGLO platform in India and with its single motor RWD and size-appropriates, it will rival Tata Curvv EV and MG ZS EV. It is expected to be launched in 2025. Mahindra XUV. e8, Mahindra XUV. e9, and Mahindra XUV400 Facelift are all electrified versions of XUV700 and with massive road presence, 150 PS, and 310 Nm, Mahindra will be the most demanded brand in 2025. The Indian Global is a platform introduced by Mahindra to include all its future e-SUVs and enhance its modulation and flexibility of design and manufacturing parameters. Electric Vehicle Sales in 2023 (Category-Wise) Vehicle Category EV Sales (CY 2023) Total Sales (CY 2023) % EV Penetration (CY 2023) 2W 9,25,551 1,80,70,003 5% 3W L5 M 50,079 5,18,819 9. 6% 3W L5 N 26,833 1,18,673 22. 6% 4W 92,977 41,12,238 2. 3% Bus 2,733 57,357 5% Next in line is Kia Clavis, Kia Sonet EV, and Kia Carens Facelift & Carens EV are the products of Kia. With its futuristic design, promising range of 400 km of range on a single charge, and powertrains of 1. 5L NA Petrol, 1. 5L Turbo Petrol, and 1. 5L Diesel, the new models have already their fanbase, and also the brand being MVPs of India will increase its demand. The next two models, Hyundai Creta EV, and Maruti Suzuki eVX are expected to be launched in 2025 and are all set to dominate its rivals like ICE counterpart. Maruti Suzuki Dzire is scheduled to be launched on the 4th of November, 2024, with its new 4th Gen Dzire and additional CNG variant. The Tata Motors duo, Tata Harrier EV and Safari EV are set to launch in 2025 with a battery size of 80kWh and an additional factor of Terrain Response. The MG Gloster Facelift with a similar build to Maxus Territory and D90 is expected to include a new feature of three lockable differentials and the Skoda Kylaq is equipped with a sole 1. 0L turbo petrol engine is scheduled for an early launch. The New Toyota Camry, a new model of Toyota, reckoned to be the world’s best-selling car company is ready to launch its latest 9th Gen avatar. Its price range starts at... --- > Tesla’s CyberRoadster offers 620 miles per charge, 0-60 mph in 1.99 seconds, using solid-state batteries for faster charging and performance. - Published: 2024-10-14 - Modified: 2024-10-14 - URL: http://www.towardsevsolutions.com/tesla-unveils-revolutionary-cyberroadster-with-enhanced-battery-technology/ - Categories: Electric Vehicle, Battery, EV News - Tags: CyberRoadster CyberRoadster is Tesla's latest all electric vehicle, a next-generation sports car powered by high-density batteries, and has a liking for robust performance numbers. The new Model S has a 4. 7-liter V8 engine and is Tesla’s first major entry into the luxury sports car market since the Roadster model that was unveiled back in 2008. The new CyberRoadster is fitted with Tesla’s in-house developed solid-state batteries, which boost its range to 620 miles per charge. This advancement addresses one of the key challenges in the adoption of electric vehicles (EVs), which is range anxiety. The solid-state batteries also cut charging time to about half that of previous lithium-ion batteries, thus delivering value-added turnaround time for drivers. This addition fits well with the CyberRoadster's 0-60 mph feature in under 2 seconds, which places this vehicle in the highest class in innovation. Additionally, features such as a dual-motor all-wheel drivetrain and active aerodynamic technology mean that the car is stable, powerful, and responsive. Electric Vehicle Market Size According to Precedence Research’s report on the global electric vehicle market size is predicted to increase from USD 317. 26 billion in 2024 to approximately USD 2108. 80 billion by 2033. The sector is estimated to touch over USD 393 billion in 2025 and is registering a notable CAGR of 23. 42% from 2024 to 2032. Key Features of Tesla's CyberRoadster Extended Range: The new battery technology allows the CyberRoadster to feature one of the longest ranges of any production EV on the market today – 620 miles on a single charge. This capacity gives an opportunity to use the sports car as the sports car and at the same time as the car for the long distance traveling. Incredible Acceleration: The CyberRoadster takes only 1. 99 seconds to get from 0 to 60 mph making it one of the most efficient mass-produced cars to date. Tesla has then designed the car in a way that outperforms most traditional GLH sports cars; it is, nevertheless, an environmentally friendly car. Solid-State Batteries: The widespread use of solid-state batteries gives a considerable advantage to the density of energy, safety, and efficacy of the vehicle. Not only are these batteries smaller and lighter but they last longer and allow for a faster charge without impacting the car’s range. Growth of the Electric Sports Car Market The electric sports car segment is rapidly evolving because of ongoing breakthroughs in battery technologies and an increasing need for electrified performance vehicles. Battery electric sports car gross sales have been 50,000 units internationally in 2023. This increases to 150,000 by 2027 as the industry specialists predict. The growth in high-performance EVs is attributed to extended range capacity, the ability for faster acceleration, and the government’s push towards zero-emission vehicles. Several governments globally are offering people rebates for buying EVs with much emphasis being placed on sports utility vehicles that are notorious for their high fuel consumption. Tesla capitalize on such trends because the CyberRoadster aligns with three major factors likely to drive... --- > BMW unveils the all-electric iX2 SUV, boasting a 310-mile range, eco-friendly materials, and xDrive. This compact SUV aims to expand BMW’s EV market share. - Published: 2024-10-14 - Modified: 2024-10-14 - URL: http://www.towardsevsolutions.com/bmw-announces-all-electric-ix2-suv-to-expand-its-ev-lineup/ - Categories: Electric Vehicle, EV News - Tags: Luxury Electric Vehicles Auto giant BMW has finally revealed the iX2, a compact SUV designed to be fully electric, in a bid to attract consumers in cities who embrace environmentally conscious vehicles. The iX2 is one of BMW's ambitious plans to sell half of its worldwide vehicles in electric form by 2030. The new model has a battery range of 310 miles per charge, has integrated BMW's xDrive all-wheel-drive system, and aims to deliver enhanced dynamics in city and suburban use. Luxury Electric Vehicles Market Size According to Precedence Research’s report on the global luxury electric vehicle market size is estimated at USD 223. 05 billion in 2024 and is projected to cross USD 839. 57 billion by 2032, expanding at a remarkable CAGR of 18. 02% from 2024 to 2032. Key Features of BMW iX2 The iX2 features a 310-mile range, ideal for both urban and long-distance driving. Designed to appeal to the growing demand for compact SUVs, the iX2 offers a smaller footprint but retains premium features. BMW has incorporated eco-friendly materials into the vehicle’s interior, including recycled plastics and sustainable fabrics. Global Growth of Compact Electric SUVs Miniature electric SUVs, we can observe, are gradually gaining popularity, mainly, as the IEA has pointed out, global sales of such cars are estimated to be 2 million in 2025 from the current 1 million in 2030. This produced this surge due to the increasing demand for urban-friendly or zero-emission vehicles. Global Compact Electric SUV Sales Projections (2023–2025) Year Compact Electric SUV Sales (Million Units) Growth Rate (%) 2023 1. 0 — 2024 1. 5 50. 0 2025 2. 0 33. 3 BMW’s Electrification Roadmap BMW aims to have 20 fully electric models in the market by 2026. In 2023, the company sold 300,000 EVs, which accounted for 15% of its total sales. During 2025, BMW targets 500,000 EV sales annually, driven by the introduction of new models like the iX2. Charging Infrastructure: BMW is also investing in a global network of fast-charging stations, with plans to have 10,000 stations operational by 2026. Battery Technology: BMW is focusing on solid-state battery technology, which is expected to increase energy density and reduce charging times. Global Push for Compact Electric SUVs Compact electric SUVs are today being urged by governments globally through measures such as subsidies and tax credits. New rules in the European Union promise that all post-2035 cars are expected electric, thus enhancing compact EVs’ need. Global Incentives for Compact Electric SUVs by Region (2024) Region Average Incentive per Vehicle (USD) Target for Zero-Emission Vehicles United States $7,500 50% by 2030 European Union $5,000 70% by 2035 China $4,500 60% by 2030 Future Outlook BMW assumes that iX2 SUV is considerably anticipated to boost the firm’s electric vehicle market share, especially in the urban markets. BMW expects the iX2 to generate 20% of its total electric vehicle sales by 2027 as the global market for compact electric SUVs is expected to grow. --- > Rivian targets 60,000 EV deliveries in 2022, plans to double production by 2025 to meet R1T and R1S demand, aiming for 300,000 units annually with new USA and Germany factories. - Published: 2024-10-11 - Modified: 2024-10-11 - URL: http://www.towardsevsolutions.com/rivian-to-double-ev-production-in-2025-amid-soaring-demand-for-electric-trucks/ - Categories: Electric Vehicle, EV News - Tags: Electric Trucks Electric vehicle maker Rivian aims to deliver 60000 units in 2022, production rates need to be doubled by 2025 following the R1T pickup and R1S SUV demand. Rivian is constructing 150,000 EVs, and with the new factory expansions in the USA and Germany, hoping to make as many as 300,000 EVs per year by 2025. Electric Truck Market Size According to Precedence Research’s report on the electric truck market size was USD 2,51 billion in 2023, calculated at USD 3. 16 billion in 2024, and is expected to achieve around USD 20. 25 billion by 2032, The sector is registering a double-digit CAGR of 26. 10% from 2023 to 2033. Key Highlights of Rivian’s Expansion Plans Production Capacity: Rivian increase its production to 300,000 EVs annually by 2025, primarily focusing on the R1T pickup truck and R1S SUV. Global Expansion: The company is expanding its facilities in the United States and Germany to accommodate this growth. Customer Demand: Rivian has received over 100,000 pre-orders for the R1T and R1S combined, reflecting strong consumer interest. EV Truck Segment Growth According to a report by BloombergNEF, global sales of electric trucks are expected to grow from 500,000 units in 2023 to 1. 5 million units by 2026. This increase is due to the rising customer need for durable and environmentally friendly vehicles that are appropriately designed for challenging terrains. Global Electric Truck Sales Projections (2023–2026) Year Global Electric Truck Sales (Million Units) Annual Growth Rate (%) 2023 0. 5 — 2024 0. 9 80. 0 2025 1. 2 33. 3 2026 1. 5 25. 0 Rivian’s Market Strategy In 2023, Rivian delivered 75,000 EVs, marking a 50% year-over-year increase. By 2025, Rivian aims to produce 300,000 vehicles annually to cater to both the U. S. and European markets. Rivian plans to invest $10 billion in a new manufacturing facility in Germany, which focuses on producing electric SUVs and trucks for the European market. The company has secured long-term contracts with battery suppliers to ensure the smooth scaling of production as demand surges. Incentives and Support for Electric Trucks Governments are making aggressive offers to persuade consumers to shift to electric trucks. In America, the government provides a rebate of up to 40,000 dollars for electric models through the Clean Trucks Initiative a vision of full electrification of the trucks by 2040. Global Electric Truck Incentives by Region (2024) Region Average Incentive per Truck (USD) Target for Zero-Emission Truck Sales United States $40,000 100% by 2040 European Union $35,000 60% by 2035 China $30,000 50% by 2030 Rivian’s fast-growing expansion and the scale-up of production make the company ready to become one of the leaders in the electric trucks and SUV market. It anticipates that make up a quarter of total global electric truck sales in the year 2026 when demand for these trucks has surged further. --- > Explore the Nissan Ariya e-4ORCE, an electric SUV with dual-motor AWD, 330-mile range, and 4.5 sec 0-60 mph, driving Nissan's goal of 50% EV sales by 2030. - Published: 2024-10-11 - Modified: 2024-10-11 - URL: http://www.towardsevsolutions.com/nissan-expands-electric-vehicle-lineup-with-the-launch-of-ariya-e-4orce-targeting-suv-market-domination/ - Categories: Electric Vehicle, EV News - Tags: Electric Vehicle Nissan has officially launched its Ariya e-4ORCE, a new electric SUV featuring dual-motor all-wheel drive and enhanced off-road capabilities. This is now Nissan’s stakes to take over the market share of the electric SUV segment, which is expected to see the best growth in the use of EVs. While the Ariya e-4ORCE model has a 0-60 mph time of just 4. 5 seconds it also has a range of up to 330 miles appealing to consumers from urban settings as well as adventure-seekers. Electric Vehicle Market Size According to Precedence Research’s report on the electric vehicle market size was valued at USD 317. 6 billion in 2024 and is expected to achieve around USD 2108. 80 billion by 2033, progressing a double-digit CAGR of 23. 42% from 2024 to 2034. Key Features of Nissan Ariya e-4ORCE Dual-Motor All-Wheel Drive: The Ariya e-4ORCE uses a dual-motor setup that provides greater traction and performance in off-road conditions. Fast Acceleration: With a 0-60 mph acceleration in 4. 5 seconds, the Ariya e-4ORCE is one of the fastest electric SUVs in its class. Extended Range: The Ariya e-4ORCE offers a 330-mile range, making it suitable for long-distance travel and adventure trips. The electric SUV market is on the rise and forecasts that its growth over the years 2024-2027 is expected to be 50% per year according to the International Council on Clean Transportations. Full-year 2023, sales of electric SUVs globally were about 5 million and skyrocketed to 11 million by 2027. Nissan’s Electrification Strategy Nissan has set an ambitious target to make 50% of its global vehicle sales electric by 2030. The Ariya e-4ORCE is expected to play a key role in achieving this goal. In 2023, Nissan sold 350,000 EVs, with the Ariya model accounting for 10% of these sales. Battery Partnerships: Nissan is collaborating with Envision AESC to develop next-generation batteries, which will be integrated into Nissan’s entire EV lineup by 2028. SUV Production: The company is expanding its Smyrna, Tennessee factory to produce 200,000 electric SUVs annually by 2025, doubling its current EV production capacity. Global Support for Electric SUVs The Japanese car manufacturing giant Nissan Motor has adopted a strategic goal that at least half of its global car sales will be electric by the end of the decade. This vision is reachable with the help of the Ariya e-4ORCE. Additionally, the Nissan sold 350, 000 electric cars, while the Ariya model made up 10% of this figure. Global Electric SUV Subsidies and Regulations (2024) Region Average Subsidy (USD) SUV Market Share Target (%) European Union $6,000 50% by 2027 China $5,500 60% by 2030 United States $7,500 35% by 2027 It was also forecast that the Nissan Ariya e-4ORCE is oriented toward a fast-rising segment, namely the electric SUV. The car’s performance and the additional range make it viable for Nissan to expect the Ariya e-4ORCE to generate 20% of its global electric car sales by 2026, and making it the optimum electric SUV of the coming years. --- > Ford's F-150 Lightning boasts a 400-mile range and 12,500-pound towing power, leading the electric pickup market as Ford aims to scale electric vehicle production. - Published: 2024-10-10 - Modified: 2024-10-29 - URL: http://www.towardsevsolutions.com/ford-unveils-next-generation-f-150-lightning-with-extended-range-and-enhanced-towing-capacity/ - Categories: Electric Vehicle, EV News - Tags: Electric and Fuel Cell Truck Market Ford has revealed the latest update about the debut of F-150 Lightning, the American automaker’s highly anticipated electric pickup truck, the new vehicle, according to the company would have an option of up to 400 miles on a single charge, due to enhanced batteries. The new model is capable of generating up to 12,500 pounds of towing power therefore rating it among the best all-electric trucks. The F-150 Lightning has been integral of Ford’s electrification plan, enabling the company to extend its reach into the e-pickup market. Electric and Fuel Cell Truck Market Size According to Precedence Research’s recently published report on the electric and fuel cell truck market size was valued at USD 3. 84 billion in 2024 and is expected to achieve around USD 62. 28 billion by 2032 with a notable CAGR of 41. 6% during the forecast period. Key Features of the 2024 F-150 Lightning Enhanced Battery Range: The new F-150 Lightning includes a 15% increase in battery capacity, improving its range from 340 miles to 400 miles on a full charge. Towing Capacity: The truck's updated chassis and motor system allow it to tow up to 12,500 pounds, a 10% improvement over the previous version. Smart Power Management: The F-150 Lightning also integrates Ford Intelligent Backup Power, allowing the vehicle to serve as an energy source for homes during outages. Electric Truck Trends 2024 The global market for electric trucks is expanding exponentially, as customers around the world are seeking clean energy vehicles for both commercial and consumer uses. In its Damtan report, the IEA predicted that 1 million electric trucks are expected to be sold per year by the end of 2026 up from 250,000 by 2023. Global Electric Truck Sales Projections (2023–2026) Year Electric Truck Sales (Units) Annual Growth Rate (%) 2023 250,000 — 2024 450,000 80. 0 2025 700,000 55. 6 2026 1,000,000 42. 9 Ford aims to produce 2 million electric vehicles annually by 2027, including 500,000 electric pickups. In 2023, the company sold 100,000 F-150 Lightning units, accounting for 15% of its overall electric vehicles sales. Battery Advancements: Ford is investing heavily in solid-state batteries, with plans to introduce them into its lineup by 2028. These batteries will offer higher energy density and shorter charging times. Production Expansion: The company is expanding its Dearborn, Michigan factory to produce up to 200,000 electric trucks annually by 2025. There is an increase in consumers’ demand for electric trucks through government policies that seek to control carbon emissions in the transport industry. In the United States, Clean Trucks plan requires sales of 100% new zero-emission trucks by 2040, with commercial electric trucks bonuses. Global Electric Truck Incentives by Region (2024) Region Average Incentive per Truck (USD) Target for Zero-Emission Trucks United States $40,000 100% by 2040 European Union $35,000 50% by 2035 China $30,000 60% by 2030 The new F-150 Lightning help Ford build on its presence in the burgeoning market for electric trucks over the next decade. Ford believes that the F-150... --- > The biggest automotive company in the world of automobiles, General Motors (GM) has declared its multinational intent to launch 20 new models of electric cars by 2027. - Published: 2024-10-09 - Modified: 2024-10-29 - URL: http://www.towardsevsolutions.com/general-motors-to-launch-20-new-electric-vehicle-models-globally-by-2027/ - Categories: Electric Vehicle, EV News - Tags: Electric Vehicle The biggest automotive company in the world of automobiles, General Motors (GM) has declared its multinational intent to launch 20 new models of electric cars by 2027. This includes sedans, SUVs and electric trucks aimed at the individual the commercial customer. Electric Vehicle Charging Station Market Size According to Precedence Research’s report on the electric vehicle charging station market size was valued at USD 44. 52 billion in 2024 and is expected to achieve around USD 344. 61 billion by 2032, registering a healthy CAGR of 29. 1% from 2024 to 2032. Key Highlights of GM's EV Strategy Investment in EV Production: GM is investing $35 billion in electric and autonomous vehicle development between 2020 and 2027, focusing on enhancing its manufacturing capabilities and battery technology. Ultium Battery Platform: The company’s new models will be powered by the Ultium battery platform, which offers flexible battery configurations and a range of up to 450 miles on a single charge. Global Reach: GM's new EV models will be launched in key markets including North America, Europe, and China. GM plans to strengthen its presence in these regions, with a focus on expanding its Chevrolet, Cadillac, GMC, and Buick EV lineups.  Global EV Adoption and GM's Role The IEA found that electric car sales quadrupled in 2023 worldwide, exceeding 14 million and 18% of total new car sales. GM sticks a beak into aggressive expansion to electric vehicles market share, as the market share is assumed to be worth a great deal going forward. Global Electric Vehicle Sales (2021–2023) YearEV Sales (Million Units)EV Share of Total Car Sales (%)20216. 69. 5202210. 214. 4202314. 018. 0 GM's Long-Term Goals GM has committed to selling only zero-emission vehicles by 2035, aligning with its vision to reduce its carbon footprint and contribute to a cleaner environment. The company expects 50% of its global sales to come from electric vehicles by 2030. GM has aimed at only producing electric cars and has even put a timeline of this goal to 2035, thus signaling its goodwill towards reducing the company's carbon imprint. Furthermore, the half of the firm’s global revenues are generated from electric cars, a proportion that the firm believes rise to 50% by 2030. Sustainability: GM has outlined plans to become carbon neutral by 2040, focusing on renewable energy usage and reducing emissions across its supply chain. Autonomous Electric Vehicles: GM’s subsidiary, Cruise, is developing fully autonomous electric vehicles, with plans to introduce self-driving EVs for urban transport in 2026. Government Support for GM's Transition Regulations and incentives come from governments in the key markets, the US and Europe, which are driving this change. The U. S. ’s Inflation Reduction Act aimed at cap and investing in technology offers USD 7,500 tax credits to buyers of EVs, and GM believes these policies to drive up its EV sales in North America. We’ve prepared a service to support you. please feel free to contact us at sales@precedenceresearch. com | +1 804 441 9344 --- > BMW is targeting up to €10 billion for research and development of solid state batteries by the end of the general goal 2030. - Published: 2024-10-09 - Modified: 2024-10-09 - URL: http://www.towardsevsolutions.com/bmw-to-invest-e10-billion-in-solid-state-battery-technology-by-2030/ - Categories: Battery, EV News - Tags: Solid State Battery BMW is targeting up to €10 billion for research and development of solid-state batteries by the end of the general goal 2030. The company wants to develop batteries for its electric cars that provide longer traveling range and shorter recharging time. Solid State Battery Market Size Precedence Research has estimated that the solid state battery market size was valued at USD 240. 18 million in 2024 and is projected to surpass around USD 1,645. 60 million by 2030, growing at a CAGR of 37. 8% during the forecast period.  Key Highlights of BMW's Solid State Battery Initiative Solid-state batteries, which use a solid electrolyte instead of liquid, are expected to deliver higher energy density and enhanced safety. BMW’s new batteries are anticipated to offer a range of 600 miles on a single charge and a 50% reduction in charging time compared to current lithium-ion batteries. BMW is collaborating with Solid Power, a leading developer of solid-state batteries, to accelerate the commercialization of the technology. BMW plans to integrate solid-state batteries into its EVs starting in 2029. The market of batteries for EVs is expected to expand in the upcoming ten years at the global level. Based on BloombergNEF, experts predict that demand for these batteries will soon cross a level of 2,000 GWh in 2030 due to the growth of the e-mobility market. BMW’s Electrification Roadmap: A Potential for EV Battery Industry The automaker the BMW has set high goals of the electrification of its cars, with an aim of ensuring at least 50% of its world sales came from electric cars by 2030. The company is also in process to add the list of new models that will be run on hydrogen electric engines thus shifted toward zero emission vehicles. BMW i Vision Concept: BMW recently unveiled its i Vision Circular concept, a fully electric vehicle made from 100% recycled materials. This concept highlights BMW’s focus on sustainability and circular economy principles. Charging Infrastructure: BMW is partnering with IONITY to expand its high-speed charging network across Europe, aiming to install 10,000 fast chargers by 2027. This is based on the fact that the demand for crucial battery materials, including lithium, cobalt, and nickel will increase significantly in the future. It has become BMW’s policy to practice ethical sourcing of these materials with special regard for their impacts on the environment and society. Projected Global Demand for Battery Materials (2024–2030) MaterialDemand in 2024 (Metric Tons)Projected Demand by 2030 (Metric Tons)Lithium500,0002,000,000Cobalt150,000450,000Nickel1,000,0002,800,000   BMW's investment in solid-state battery technology makes BMW one of the leading automakers in the next generation of electric vehicles. BMW aims to have a quarter of a million full electric models by 2030 across all divisions while solid-state batteries are expected to be a crucial element in meeting its long-term agenda of improving the range and performance of the cars. We’ve prepared a service to support you. please feel free to contact us at sales@precedenceresearch. com | +1 804 441 9344 --- > Hyundai to launch Ioniq 2 by 2025, targeting the affordable EV market with a sub-$30,000 price, 250-mile range, and customizable features for urban mobility. - Published: 2024-10-08 - Modified: 2024-10-29 - URL: http://www.towardsevsolutions.com/hyundai-targets-affordable-ev-market-with-launch-of-ioniq-2-by-2025/ - Categories: Electric Vehicle, EV News - Tags: Electric Vehicle Hyundai is set to unleash its Ioniq 2 which is a compact car that is aimed at the affordable market this will be due to a future prediction of growth in the market for compact electric cars. Taking shape for introduction in the first quarter of the year 2025, the Ioniq 2 is priced below $30000 making it one of the cheapest long-range electric vehicles available in the crucial global markets. Electric Vehicle Charging Market Size According to Precedence Research’s report on the luxury electric vehicles market size accounted for USD 223. 05 billion in 2024 and is predicted to increase from USD 263. 25 billion in 2025 to approximately USD 839. 57 billion by 2032. The sector is registering a double-digit CAGR of 29. 1% during the forecast period. Key Highlights of the Ioniq 2 Affordable Pricing: Hyundai aims to make electric vehicles accessible to a broader audience, with a focus on urban mobility and cost-conscious consumers. Long Range: The Ioniq 2 will feature a 250-mile range, positioning it as a strong competitor in the entry-level EV market. Modular Design: Built on the e-GMP platform, the Ioniq 2 will offer a variety of modular features, allowing buyers to customize their vehicle with optional battery upgrades and digital technologies. Affordable Electric Vehicle Market Growth The launch of the Ioniq 2 coincides with increasing demand for affordable electric vehicles. The cross-sectional study conducted by the International Council on Clean Transportation (ICCT) has predicted that sales of electric vehicles, which cost less than $30, 000 tripling by 2027, and the sales figures are expected to touch 7 million units annually. Global Affordable Electric Vehicle Sales Projections (2024–2027) Year Affordable EV Sales (Million Units) Annual Growth Rate (%) 2024 1. 5 — 2025 3. 0 100. 0 2027 7. 0 133. 3 Hyundai’s Electric Vehicle Strategy Hyundai is committed to being a major player in the mass-market EV segment. In 2023, Hyundai sold 560,000 electric vehicles, making it the fourth-largest EV manufacturer globally. The Ioniq 2 is expected to drive this number even higher, helping Hyundai achieve its goal of 1 million EV sales annually by 2030. Battery Production Partnerships: Hyundai is working with LG Energy Solution to produce high-density lithium-ion batteries, ensuring a steady supply for its growing EV lineup. Focus on Sustainability: Hyundai has committed to using recycled materials in the production of the Ioniq 2, including eco-friendly upholstery and recyclable plastics, in line with its broader goal to achieve carbon neutrality by 2045. Thus, an important trend is observed in attempts made by governments to reduce the cost of electric vehicles. Now in Europe, EV incentives are being under discussion to broaden their coverage to include more price categories, including lower-income ones, while in China, local electric car manufacturers enjoy large subsidies. Region Subsidy for Affordable EVs (USD) Market Focus European Union $4,500 Incentives for low-income buyers China $5,000 Locally-produced affordable EVs United States $7,500 EVs under $35,000 The Ioniq 2 is designed to be affordable, that means Hyundai dominates... --- > BMW unveils Vision Neue Klasse, its electric future with 600 km range, 80% charge in 20 minutes. Fully electric fleet by 2030. - Published: 2024-10-08 - Modified: 2024-10-08 - URL: http://www.towardsevsolutions.com/bmw-unveils-vision-neue-klasse-aiming-for-full-electric-fleet-by-2030/ - Categories: Electric Bike, EV News - Tags: Electric Car BMW has introduced the Vision Neue Klasse at the IAA Mobility show - an electric car that previews the brand’s plans for electrification. The Vision Neue Klasse has than 600-kilometer (373-miles) driving range on a single charge, and it can recover up to 80% charge in just 20 minutes. The Neue Klasse’s underpinnings will set the stage for BMW’s electric models of the future. BMW Company has made some goals based on the electrification of vehicle production to meet global targets such that the Company vowed to provide a complete fleet of electric vehicles by 2030. Electric Car Market Size According to Precedence Research’s report on the global electric car market size was valued at USD 155. 13 billion in 2024 and is predicted to increase from 176. 39 billion in 2025 to approximately USD 532. 13 billion by 2034, representing a double-digit CAGR of 13. 12% from 2024 to 2034. Key Features of BMW Vision Neue Klasse Enhanced Range: The Vision Neue Klasse comes with BMW’s sixth-generation eDrive technology, delivering up to 30% higher efficiency than previous models. Sustainability Focus: The car features recyclable materials in both the interior and exterior, reducing its overall environmental footprint. Digital Integration: A key highlight of the Neue Klasse concept is its digital cockpit, which includes advanced AI integration for autonomous driving and personalized in-car experiences. The production of electric cars is consistent with BMW’s change in strategy since the demand for electric vehicles is gradually increasing globally. The IEA put the global electric vehicle sales estimates at 14 million in 2023, up from 8. 3 million last year, a 60% yearly increase. BMW aims to have 50% of its global sales be fully electric by 2027. In 2023, BMW’s electric vehicle sales accounted for 15% of its total volume, with 320,000 EVs sold. By 2030, the company expects to be a fully electric automaker, with no internal combustion engine models in production. Battery Innovations: BMW is investing in solid-state battery technology, aiming for increased energy density and faster charging times. The first models featuring these batteries are expected by 2028. Factory Transition: BMW plans to convert its Munich factory to an EV-only production line by 2026, doubling its electric vehicle output. Governments worldwide continue to push forward ambitious regulations and incentives to accelerate EV adoption. In the European Union, policymakers are targeting the phasing out of internal combustion engine vehicles by 2035, with member states offering subsidies for EV purchases. Region Average EV Subsidy (USD) Applicable Market Share (%) European Union $6,000 35% of total sales by 2025 China $4,000 50% of total sales by 2030 United States $7,500 30% of total sales by 2027 Neue Klasse is BMW’s flagship model for the next-generation lineup of models and act as the base framework to transform further into an electric-first automobile manufacturer. To capture this segment through sustainable and digital strategies, BMW wants to be at the forefront of the global premium EV market. --- > Volkswagen launches the ID.4 electric SUV, offering sleek design, 250-mile range, and smart tech, advancing its global EV strategy amid soaring market demand. - Published: 2024-10-07 - Modified: 2024-10-07 - URL: http://www.towardsevsolutions.com/volkswagen-unveils-new-id-4-electric-suv-in-global-market-expansion/ - Categories: Electric Vehicle, EV News - Tags: Electric SUV Volkswagen has officially launched its highly anticipated ID. 4 electric SUV, marking a significant step in its strategy to expand its electric vehicle (EV) offerings globally. Its sleek design, spacious interior, and advanced technology, the ID. 4 aims to capture the growing demand for electric SUVs in both established and emerging markets. Electric Vehicles Market Size According to the Towards Automotive report on the global electric vehicle market size accounted for USD 255. 54 billion in 2023 and is predicted to be worth around USD 2108. 80 billion by 2033, growing at a solid CAGR of 2342% from 2024 to 2034. VW Group has introduced the hotly anticipated ID. 4 electric SUV, moving the automaker ahead in its plan to grow its electric vehicle battery business worldwide. The ID. 4 is designed to become an appealing car for buyers, who are looking for an electric SUV as this segment is rapidly expanding in both traditional and new economy markets. Key Features of the Volkswagen ID. 4 Electric SUV Performance and Range: The ID. 4 is powered by a 77 kWh battery, delivering an estimated range of 250 miles on a single charge. It features an electric motor that produces 201 horsepower, allowing for a 0-60 mph acceleration in just 7. 5 seconds. Sustainability: Volkswagen emphasizes sustainability in its production processes, using recycled materials and aiming for a carbon-neutral lifecycle for the ID. 4. The company is committed to reducing its carbon footprint in line with the Paris Agreement goals. Smart Technology: The ID. 4 is equipped with Volkswagen's ID. Cockpit, featuring a 10-inch touchscreen display, voice recognition, and connectivity features that enhance the driving experience. Global Electric Vehicle Market Insights The ID. 4 is being launched at a time when the global market for electric vehicles is on an unprecedented upward trend. IEA has suggested that more than 30 million electric cars were on the road across the world in 2023 statutorily 50% than in the preceding year. Global Electric Vehicle Stock Growth (2019–2023) Year Electric Vehicles on the Road (Million Units) Annual Growth Rate (%) 2019 7. 2 — 2020 10. 2 42 2021 16. 5 62 2022 20. 5 24 2023 30. 0 46 Volkswagen's Electrification Strategy Volkswagen is committed to becoming a leader in the electric vehicle market, planning to invest USD 85 billion in EV development over the next five years. The company aims to launch 70 new electric models by 2028, targeting an annual production capacity of 1. 5 million electric vehicles. Global Reach: The ID. 4 is a critical component of Volkswagen's strategy to penetrate global markets, with a focus on regions such as North America, Europe, and China. The company anticipates that 30% of its total sales will come from electric vehicles by 2026. Charging Infrastructure: To support the growing EV market, Volkswagen is collaborating with Ionity and ChargePoint to expand its charging network, planning to install 18,000 charging points across Europe and North America by 2025. Government Initiatives and Market Trends Government... --- > Ford launches the all-electric F-150 Lightning, boosting its electric vehicle lineup with powerful performance, advanced tech, and sustainable features to meet growing EV market demand. - Published: 2024-10-07 - Modified: 2024-10-07 - URL: http://www.towardsevsolutions.com/ford-expands-electric-vehicle-lineup-with-the-launch-of-the-all-electric-f-150-lightning/ - Categories: Electric Vehicle, EV News - Tags: Electric Vehicles Ford has officially launched the all-electric F-150 Lightning, marking a significant milestone in its electrification strategy. The car giant ford has now unveiled the F-150 lightning an all-electric ford truck as part of its renewed electrification push. The F-150 Lightning is positioned as an electric vehicle with features inspired by the ambition of traditional truck lovers and environmentalists. Electric Vehicle Market Size According to Precedence Research’s report on the global electric vehicle market size was valued at USD 317. 26 billion in 2024 and is expected to grow from USD 393. 42 billion in 2025 to approximately USD 2,108. 80 billion by 2033. The sector is growing at a double-digit CAGR of 23. 42% from 2024 to 2034. Key Features of the Ford F-150 Lightning Power and Performance: The F-150 Lightning features dual electric motors that provide up to 580 horsepower and can tow up to 10,000 pounds, catering to the needs of truck users while ensuring electric performance. Range and Charging: Equipped with a 98 kWh or 131 kWh battery, the F-150 Lightning offers a targeted range of 230 miles to 320 miles, depending on the battery option selected. It can be charged using a standard 120V outlet or a Ford Charge Station Pro for faster DC charging. Advanced Technology: The vehicle is equipped with Ford's latest SYNC 4A infotainment system, featuring a 15. 5-inch touchscreen, advanced driver assistance systems, and over-the-air updates. Ford has declared plans to invest USD 50 billion into electric vehicle production in the next ten years, and through 2026 to be precise. The company has a plan to reach total electric vehicles manufacturing capacity of 600000 units by 2024, and by 2030 the electric vehicle sales contribution to the total sales should be 40%. Ford’s Commitment to Electrification Ford has announced plans to invest $50 billion in electric vehicle development through 2026. The company aims to achieve an annual production capacity of 600,000 electric vehicles by 2024, and by 2030, it targets 40% of its global vehicle sales to be all-electric. Sustainability Goals: Ford is working towards carbon neutrality globally by 2050, with an emphasis on sustainable materials and production processes. The F-150 Lightning incorporates recycled materials and features an environmentally friendly design. Charging Infrastructure: Ford has partnered with Blink Charging and Electrify America to enhance charging accessibility, ensuring customers have access to over 63,000 electric vehicle charging stations across North America. Government policies are playing a crucial role in boosting EV adoption. In the United States, the Inflation Reduction Act provides incentives of up to $7,500 for qualifying electric vehicles. Additionally, many states offer rebates and incentives to encourage EV purchases. Electric Vehicles Incentives in Key Markets (2024) Region Purchase Incentive (USD) Charging Infrastructure Support Additional Benefits United States Up to $7,500 $5 billion investment in charging State-level rebates European Union Up to $8,000 1 million charging points by 2025 Tax exemptions China Up to $9,000 Rapid charging infrastructure expansion Subsidies for local production Canada Up to $5,000 Investments in charging stations Provincial... --- > The luxury electric vehicles market size is worth $223.05 billion in 2024, calculated at $263.25 billion in 2025, and is projected to touch $839.57 billion by 2032. - Published: 2024-10-04 - Modified: 2024-10-29 - URL: http://www.towardsevsolutions.com/luxury-electric-vehicles-market-statistics/ - Categories: Statistics - Tags: Luxury Electric Vehicles The global luxury electric vehicles market size is worth around USD 223. 05 billion in 2024, calculated at USD 263. 25 billion in 2025, and is projected to touch around USD 839. 57 billion by 2032. The sector is registering a double digit CAGR of 18. 02% from 2023 to 2032. Luxury Electric Vehicles Market Statistics Asia-Pacific dominated the market with the largest market share of 61% in 2022. The battery electric vehicle segment contributed the largest market share of 65% in 2022. Additionally, the fuel cell electric vehicle is expected to hold a significant market share in the forecast period. The car segment led the market and generated the biggest market share of 91% in 2022. The vans segment is projected to grow at a notable CAGR of 22% from 2023 to 2032. Programmes, Campaigns and Declarations Program Purpose EV30@30 It goal of accelerating the deployment of electric vehicles with a target of at least 30 percent new electric vehicle sales by 2030. Call to Action to Closing the Gap It is a call to close the gap between projected levels of EV sales in 2030 based on existing policies and the global sales Go Electric Campaign The objective of this campaign is to create awareness among masses about benefits of switching over to Electric Vehicles (EVs) Zero-Emission Government Fleet Declaration The Zero-Emission Government Fleet Declaration is a commitment to reduce carbon and air pollutant emissions from government vehicles and transition to clean transportation. --- > Climate Pledge’s new project called Joint Operation Unifying Last-mile Electrification to deploy a shared network of EV charging stations in Bengaluru in a major push to advance EVs in India. - Published: 2024-10-04 - Modified: 2024-10-04 - URL: http://www.towardsevsolutions.com/the-climate-pledge-launched-a-network-of-electric-vehicle-charging-stations-in-bengaluru/ - Categories: Charging Station, EV News - Tags: Electric Vehicle Charging Station Market Climate Pledge’s new project called Joint Operation Unifying Last-mile Electrification deploys a shared network of EV charging stations in Bengaluru in a major push to advance EVs in India. In collaboration with renewable energy, this USD 2. 65 million program is designed for more than 5,500 electric vehicles by 2030 and addresses barriers to corporate electric vehicle fleet adoption in India’s technology hub. Electric Vehicle Charging Station Market Size According to Precedence Research’s Report on the global electric vehicle charging station market size is worth around USD 44. 52 billion in 2024, grew to USD 57. 34 billion in 2025 and is projected to cross USD 344. 61 billion by 2032. The market is predicted to grow at a double-digit CAGR of 29. 1% from 2023 to 2032. According to the International Energy Agency (IEA), China currently has one of the largest shares of fast chargers relative to total public charging infrastructure, at approximately 45%. Based on both STEPS and APS, the stock of public fast chargers will be about 7. 5 million units by 2035, almost six-fold of current 2023 levels. The number of slow chargers stands at 8. 2 million in 2035 in the APS according to the analysis. BIL Programs for Electric Vehicles and EV Chargers for State Involvement Program Funding Amount Administering Agency Purpose National Electric Vehicle Infrastructure (NEVI) Formula Program $5 billion U. S. Department of Transportation (DOT) Federal Highway Administration (FHWA) Its goal of build a national network of EV chargers. Alternative Fuel Corridor Grants $1. 25 billion FHWA It aims to organize publicly accessible EV charging infrastructure. Electric Drive Battery Recycling and Second-Life Applications $200 million DOE's Office of Energy Efficiency and Renewable Energy (EERE) Funding is used for research, development, and demonstration of EV battery recycling and second-life applications for vehicle batteries. Community Alternative Fuel Infrastructure Grants $1. 25 billion Federal Highway Administration The program provides funding from FY 2022 through 2026 to install EV charging and alternative fuel in locations on public roads, schools, parks, and publicly accessible parking facilities. “The recent report done by Precedence Research reveals that, Asia Pacific dominated the electric vehicle charging station market. As International Energy Agency (IEA) in 2020, reported that China owns a total of 52% of slow chargers and 82% of fast chargers globally” According to the IEA report, In the Announced Pledges Scenario (APS) and the Stated Policies Scenario (STEPS), the number of public charging points will reach 15 million by 2030, from around 4 million in 2023. By 2035, it will extend to nearly 25 million over the APS, a sixfold increase compared to 2023.   --- > The launch of Ferrari's electric supercar, the luxury car industry is trying to reduce emissions. This move toward cleaner models was made even trickier by China's hold on battery cell production. - Published: 2024-10-04 - Modified: 2024-10-07 - URL: http://www.towardsevsolutions.com/ferrari-is-fully-on-track-with-its-electric-supercar-set-to-be-unveiled-in-the-fourth-quarter-of-2025/ - Categories: Electric Vehicle, EV News According to a news report published on the launch of Ferrari's electric supercar, the luxury car industry is trying to reduce emissions. This move toward cleaner models was made even trickier by China's hold on battery cell production. Luxury Electric Vehicles Market Size According to Precedence Research’s Report on the global luxury electric vehicles market size accounted for USD 223. 05 billion in 2024 and is projected to surpass around USD 839. 57 billion by 2032, expanding at a double-digit CAGR of 18. 02% from 2024 to 2032. The International Energy Agency has estimated that in the year 2023, 13. 9 million new electric cars will be sold globally. In 2023, 60 % of new electric car registrations were in the People’s Republic of China, 25 % in Europe, and 10% in the United States which accounts for nearly 95% of total electric car sales globally. This has a very positive impact on the development of the electric vehicle market. Programmes, Campaigns and Declarations Program Purpose EV30@30 It goal of accelerating the deployment of electric vehicles with a target of at least 30 percent new electric vehicle sales by 2030. Call to Action to Closing the Gap It is a call to close the gap between projected levels of EV sales in 2030 based on existing policies and the global sales Go Electric Campaign The objective of this campaign is to create awareness among masses about benefits of switching over to Electric Vehicles (EVs) Zero-Emission Government Fleet Declaration The Zero-Emission Government Fleet Declaration is a commitment to reduce carbon and air pollutant emissions from government vehicles and transition to clean transportation.   As stated by the International Trade Administration in the year 2023, China endured the largest vehicle market of both sales and production with domestic production anticipated to hit 35 million by 2025. As per the Faster Adoption and Manufacturing of Electric Vehicles II (FAME II) scheme of the Government of India, the country has set a goal for the sales penetration of EVs at 30% of private cars, 70% of commercial cars, 40% of Bus, and 80% of two and three-wheelers by 2030. --- > Mahindra Zeo, an electric small commercial vehicle (e-SCV), is launched in India by Mahindra Last Mile Mobility. With its permanent magnet synchronous motor, and liquid-cooled battery, Mahindra Zeo promises to deliver top speed of 60kmph. - Published: 2024-10-04 - Modified: 2024-10-29 - URL: http://www.towardsevsolutions.com/mahindra-zeo-a-convenient-small-commercial-vehicle-launch-in-india/ - Categories: EV News - Tags: Small Commercial Vehicle Mahindra Zeo, an electric small commercial vehicle (e-SCV), is launched in India by Mahindra Last Mile Mobility. With its permanent magnet synchronous motor, and liquid-cooled battery, Mahindra Zeo promises to deliver top speed of 60kmph. The new e-SCV, being less than 2-ton category, opens its price range at Rs 7. 52 lakh (ex-showroom). Mahindra claims to save up to Rs 7 lakh in next 7 years with its e-SCV. As per the Precedence Research’s detailed report, the India electric vehicle market size accounted for USD 11. 36 billion in 2024 and is projected to surpass around USD 1,053. 10 billion by 2034, expanding a double-digit CAGR of 57. 3% from 2024 to 2034. The new model is based on two driving concepts, Eco and Power, which reflects the charging capacity which is provided by on-board 3. 3 kW unit and the driving range which deliver 100km range in 60 minutes. The impressive features produce 32% gradeability, which supports the factor that it is less than 2-ton electric cargo segment, and a 4. 3-metre turning radius. The integration of technology in form of Nemo Fleet Management System apps, consumers can easily approach or locate nearest public charging hubs, nearest dealer, trip planner and service locator. This can be considered a smart move by Mahindra to offer Nemo a telematics unit with its new model. As per the detailed report from Precedence Research, the global small commercial vehicle market size is worth around USD 532. 13 billion in 2024 and is predicted to increase from USD 559. 80 billion in 2025 to approximately USD 819. 74 billion by 2032. The sector is projected to grow by 5. 5% by 2032, driven by cost-conscious consumers and the demand for efficient urban transportation which is convenient for last-mile delivery solutions. The use of liquid-cooled battery of 21. 3kWh delivers a seven-year/1,50,000km warranty which is quite beneficial for Mahindra Zeo, for the name itself represents Zero Emission Option, that is, ‘ZEO’. The demand for electric vehicles which will suit the situation of urban logistics is available in two variants-FSD and Delivery Van. The price range of Mahindra ZEO for V1 FSD variant starts at Rs. 7. 52 lakh and Rs. 7. 69 lakh for V2 FSD variant. The price of delivery Van variant starts from Rs. 7. 82 lakh and Rs. 7. 99 lakh for V2. All the variants come with 1. 5 lakh km battery warranty which Mahindar Last Mobility Limited, a subsidiary of Mahindra & Mahindra, offers under its Mahindra Safar program which is divided into 2 service packages. Mahindra EV cars had a total of 15,29,706 EVs sales in the period from Jan 2023 to Dec 2023. In addition, India had witnessed a sale of E-4W in 2023 through different brands like Tata Motors had a sale of 4,820 units, MG Motor had a sale of 952 units, BMW India had a sale of 161 units and BYD India had a sale of 168 units. Along with this, Hyundai Motor also had... --- > NEW HYUNDAI IONIQ 7 made world debut at 2024 PARIS MOTOR SHOW. The South Korean car maker has publicly launched its long-awaited IONIQ 7, a full-sized electric SUV at the latest edition of the 2024 Paris Motor Show. - Published: 2024-10-03 - Modified: 2024-10-03 - URL: http://www.towardsevsolutions.com/hyundai-unveils-ioniq-7-a-new-full-sized-electric-suv-for-global-market/ - Categories: Electric Vehicle, EV News - Tags: Electric Vehicles NEW HYUNDAI IONIQ 7 made world debut at 2024 PARIS MOTOR SHOW. The South Korean car maker has publicly launched its long-awaited IONIQ 7, a full-sized electric SUV at the latest edition of the 2024 Paris Motor Show. The IONIQ 7 model is part of Hyundai’s electric car sub-brand, IONIQ, and aims to produce a luxurious EV experience with an expected 373-mile driving range and an 18-minute 80% charge time. This new electric SUV aims to cater to both families and eco-conscious consumers who seek a spacious, high-tech vehicle without compromising on sustainability. Hyundai is positioning the IONIQ 7 to compete with other electric SUVs in the market such as the Tesla Model X and Rivian R1S. Electric Vehicle Market Size According to Precedence Research’s report on the global electric vehicle market size is worth around USD 317. 26 billion in 2024, grew to USD USD 393. 42 billion in 2025, and is predicted to cross USD 2108. 80 billion by 2033. The EV market is representing double-digit CAGR of 23. 42% between 2024 and 2034. Major Features of the Hyundai IONIQ 7 EV SUV: Battery and Range: The IONIQ 7 is powered by a 100 kWh battery, providing a range of 600 kilometers on a single charge. Charging Speed: It supports 800V charging architecture, allowing it to charge from 10% to 80% in 18 minutes when using a high-power DC fast charger. Autonomous Driving: The vehicle comes equipped with Level 3 autonomous driving capabilities, enabling hands-free driving in certain conditions. Interior: The IONIQ 7 offers a spacious interior with 7 seats, advanced connectivity features, and a panoramic sunroof powered by solar panels. The IONIQ 7 is completely new and has been released at a period where the worldwide market for electric SUVs is rapidly expanding. A Statista published report has estimated that the global electric SUV market which was at 2. 5 million in 2023 grow and cross 14 million by 2030 due to the rising need for zero-emission vehicles, the development of better batteries, and emission control norms. Global Electric SUV Market Growth (2023–2030) Year Electric SUV Sales (Million Units) Share of Total SUV Sales (%) Growth Rate (%) 2023 2. 5 12 — 2024 (Est. ) 3. 4 16 36 2025 (Est. ) 5. 1 24 50 2026 (Est. ) 7. 5 32 47 2030 (Est. ) 14. 0 55 — Battery Technology and Sustainability Hyundai is heavily investing in sustainable solutions as part of its “Strategy 2025”, which focuses on electrification and green mobility. The IONIQ 7 is equipped with a lithium-ion battery that uses recycled materials and is produced with minimal carbon footprint. By 2027, Hyundai plans to offer 23 electric models, contributing to its goal of achieving carbon neutrality by 2045. Battery Recycling: Hyundai has partnered with LG Energy Solution to establish a battery recycling program, ensuring that up to 80% of used EV batteries are repurposed or recycled. Sustainable Materials: The interior of the IONIQ 7 features materials like bio-leather, recycled plastics, and... --- - Published: 2024-10-03 - Modified: 2024-10-03 - URL: http://www.towardsevsolutions.com/combination-of-scooter-and-bike-bmw-ce-02-evs-eparkourer-launch-in-india/ - Categories: Electric Bike, EV News BMW Motorrad is ready to launch its new model, the BMW CE 02, a blend of electric scooters and bike, that is, a minimalistic design after its CE 04 brand lineup. It will be the second electric scooter of the brand in India which is developed in collaboration with TVS and it will be manufactured at the brand's Hosur Plant in Tamil Nadu. The nickname, "eParkourer", suits the EV since it can navigate through tough urban settings, given the reason it is a hit among consumers. The launch is scheduled today, that is, on 1st October 2024. E-bike Market Size The Precedence Research’s detailed report on the global e-bike market size is calculated at USD 22. 09 billion in 2024, grew to USD 24. 10 billion in 2025, and is projected to surpass around USD 53. 63 billion by 2033. The market is expected to grow at a CAGR of 10. 16% from 2024 to 2033. The starting price of the model is Rs 6. 36 on international level. The significant features like all-LED lighting, reverse gear, USB charging, keyless operation and an electric motor of 11 kW (14. 7 bhp) will attract consumers. It comes with a PMS air-cooled motor whose top speed can reach up to 95 kmph. Furthermore, the BMW CE 02 is provided with two 1. 96 kWh removable battery packs which are expected to achieve range up to 90km. In the year 2023, 29,50,563 electric vehicles were sold in India and 24,59,746 EVs or 83 % account for six-figure sales which includes 12 states and 1 Union territory. Apart from this,3 states which are Uttar Pradesh, Maharashtra and Karnataka account for 11,07,013 EVs or 37. 51% of the India total. Electric Vehicle Sale in India in Year 2023 State Unit Union Territory Unit Maharashtra 320,189 Dadra & Nagar Haveli 318 Rajasthan 182,376 Gujarat 149,066 Goa 13,735 Tamil Nadu 8,089 Delhi 181,037 Madhya Pradesh Uttarakhand 442,85830,195 Bihar 167,136 Odisha 66,336 West Bengal 57,195 Jharkhand 36,336 It is divided into central zone which is a combination states like Uttar Pradesh, Madhya Pradesh, Chhattisgarh and Uttarakhand with a combine sale of 732,139 EVs. The north zone is a combination of Rajasthan and Delhi with sales at 491,965. The western zone which consists of Maharashtra, Gujarat, and Goa have a total unit of 483,308. In eastern zone, Bihar, Odisha and West Bengal combine total units of 300,000 EVs and in north-eastern zone which is a combination of 8 states comprises of total 140,624 EV. “A recent report from Precedence Research reveals that India's EV production capacity is projected to grow by 38% in 2024, reflecting the growing funding and investments by key market players. ” The international market price of BMW CE 02 starts at $7,599 (around Rs 6. 36 lakh) and will go up to $8,474 (around Rs 7. 10 lakh). In result, we can expect the price to be around Rs 5 lakh which in comparison is less than BMW Ce 04, sold in India and which... --- > The electric vehicle charging station market size is calculated at $44.52 billion in 2024 and is anticipated to reach over $344.61 billion by 2032. - Published: 2024-10-03 - Modified: 2024-10-03 - URL: http://www.towardsevsolutions.com/electric-vehicle-charging-station-market-statistics/ - Categories: Statistics - Tags: Electric Vehicle Charging Station Market The global electric vehicle charging station market size is calculated at USD 44. 52 billion in 2024 and is anticipated to reach over USD 344. 61 billion by 2032. The EV charging station sector is registering a double-digit CAGR of 29. 1% between 2023 and 2032. Electric Vehicle Charging Station Market Statistics As per a report published by the International Energy Agency (IEA) in 2020, China owns a total 52% of slow chargers and 82% of fast chargers globally. The Level 2 segment has captured 70% revenue share in 2022. The plug-in charging segment has accounted revenue share of around 86% in 2022. The residential segment has held a revenue share of around 65% in 2022. The public chargers application segment accounted market share of around 85% in 2022 DC charging station segment garnered a revenue share of around 75% in 2022. Top 10 States with Public Charging Stations in India S. No. State Name No. of Operational PCS 1 Delhi 1886 2 Andhra Pradesh 327 3 Karnataka 1041 4 Maharashtra 3079 5 West Bengal 318 6 Kerala 852 7 Gujrat 476 8 Madhya Pradesh 341 9 Punjab 158 10 Rajasthan 500 We’ve prepared a service to support you. please feel free to contact us at sales@precedenceresearch. com | +1 804 441 9344 --- > The global electric vehicle market size is estimated to grow from USD 317.26 billion in 2024 to approximately USD 2,108.80 billion by 2033. - Published: 2024-10-01 - Modified: 2024-10-01 - URL: http://www.towardsevsolutions.com/electric-vehicle-market-statistics/ - Categories: Statistics The global electric vehicle market size is estimated to grow from USD 317. 26 billion in 2024 to approximately USD 2,108. 80 billion by 2032. The sector is projected to grow at a notable compound annual growth rate (CAGR) of 23. 42% during the forecast period. Electric vehicle sales have increased from 67,68,000 in 2021 to 1,05,22,000 in 2022. Electric Vehicle Market Statistics Asia Pacific dominated the market with the largest market share of 42. 14% in 2023. The Asia Pacific EV market size was estimated at USD 107. 68 billion in 2023. The BEV segment contributed the biggest market share of 67. 7% in 2023. The passenger car segment accounted for the major market share of 62. 4% in 2023. EV sales increased by 80% in the United States in 2019. By 2040, Europe is expected to achieve 40% greenhouse gas reduction and net zero by 2050. In Europe, Norway and Iceland have newly registered 86% and 64% electric cars in 2021 respectively. The hybrid electric vehicle segment is expected to reach USD 301. 67 billion by 2030 valued at USD 77,581. 7 million in 2021. The plug-in hybrid EV segment is expected to hit revenue of USD 385,617 million from 2022 to 2030. The passenger car electric vehicle market was valued at USD 127,394 million in 2021 and is projected to hit USD 598,735 million by 2030. The commercial vehicle EV market was valued at USD 47,351. 9 million in 2021. The luxury EV market is projected to reach USD 441,273 million by 2030 valued at USD 104,380 million in 2021. We’ve prepared a service to support you. please feel free to contact us at sales@precedenceresearch. com | +1 804 441 9344 --- > Maruti Suzuki, India’s leading automobile manufacturer, has announced plans to launch its first electric vehicle (EV) in Fiscal Year 2025. - Published: 2024-10-01 - Modified: 2024-10-01 - URL: http://www.towardsevsolutions.com/maruti-suzuki-set-to-launch-first-electric-vehicle-and-promote-eco-friendly-technologies-in-fy25/ - Categories: Electric Vehicle, Electric Bike, EV News - Tags: Electric Vehicle Maruti Suzuki, India’s leading automobile manufacturer, has announced plans to launch its first electric vehicle (EV) in Fiscal Year 2025. This strategic move aims to enhance the company’s eco-friendly technology offerings in response to the growing global demand for sustainable transportation solutions. The electric vehicle which is expected to cost between ₹10lakh – ₹15lakh ($12,000 – $18,000), which afford the product to a middle-class demographic. The very large dealer network and production capacity, Maruti Suzuki is believed to have the capability to roll out the ‘crossover’ models successfully. Electric Vehicle Market Size According to Precedence Research’s report, the global electric vehicle market size accounted for USD 255. 54 billion in 2023 and is predicted to be worth around USD 2108. 80 billion by 2033, growing at a solid CAGR of 23. 42% from 2024 to 2034. In 2023, approximately 14 million electric vehicles were sold worldwide, marking a 20% increase compared to 2022. By the end of 2023, electric vehicles accounted for nearly 18% of all new car sales globally, up from 10% in 2022. According to the International Energy Agency (IEA), the global electric vehicle stock is expected to exceed 300 million by 2030 under current policy scenarios. The global demand for lithium-ion batteries used in electric vehicles is projected to reach 2,800 GWh by 2030, driven by rising EV sales. Global Electric Vehicle Sales (2021–2023) Year Global EV Sales (Million Units) Share of Total Vehicle Sales (%) Growth Rate (%) 2021 6. 6 8. 6 - 2022 11. 7 10. 0 77. 3 2023 14. 0 18. 0 19. 7 Electric vehicles emit, on average, 50% fewer CO2 emissions over their lifecycle compared to conventional internal combustion engine vehicles. By 2030, it is projected that 70% of global electric vehicle charging will come from renewable energy sources, further reducing emissions associated with EV operation. Comparison of CO2 Emissions (Gasoline vs. Electric Vehicles) Vehicle Type CO2 Emissions (g/km) Lifecycle Emissions (g CO2) Gasoline Vehicle 140 100,000 Electric Vehicle 60 50,000 Governments around the world are implementing policies to support the transition to electric vehicles. Countries provide significant tax credits and incentives for EV buyers, such as the U. S. federal tax credit of up to $7,500 for electric vehicle purchases. The European Union plans to invest €25 billion to build a robust charging infrastructure network across its member states by 2025. Maruti Suzuki has entered into an electrically powered vehicles market in the company’s period of the world’s shift towards sustainable mobility solutions. Setting up to unveil its first Ev, the company focuses on a share of such a rapidly growing market and also on being a part of the solution. The expected model is the electric car to target environmentally friendly clients around the globe, which is an ongoing shift of countries to green cars. Government policies coupled with consumer demands make Maruti Suzuki the major driver of electric mobility in India. This sustainability has attained high importance in the auto industry with the entry of Maruti Suzuki... --- > The partnership between Vidyut and JSW MG Motor India which is based on a Bengaluru-based EV ecosystem startup is gearing up launch Battery-as-a-Service (BaaS) Financing program for passenger cars. - Published: 2024-10-01 - Modified: 2024-10-01 - URL: http://www.towardsevsolutions.com/partnership-between-vidyut-and-jsw-mg-motor-india-launches-rental-battery-backups/ - Categories: Battery, EV News, EV Tools and Equipment The partnership between Vidyut and JSW MG Motor India which is based on a Bengaluru-based EV ecosystem startup is gearing up launch Battery-as-a-Service (BaaS) Financing program for passenger cars which includes different models like MG Comet EV, MG Windsor EV and MG ZS EV and all of them will be provided with a rental fee starting at INR 2. 5 per kilometres and the fees will depend upon the models. As per the Precedence Research’s detailed report, the electric vehicle battery market size accounted for USD 76. 59 billion in 2024 and is predicted to be worth around USD 573. 08 billion by 2033, growing at a solid CAGR of 25. 1% from 2024 to 2033. The company’s initiative is to reduce EV’s running cost by 40% which will be compared to traditional internal combustion engine (ICE) vehicles. The recent joint adventure between SAIC Motor and JSW Group, a part of JSW MG Motor India and Vidyut, established in 2021 which is going to provide battery subscription financing for EV ownership has a sustaining goal towards automotive ecosystem. In addition, MG EV customers were assured 60% buyback which is program of 3 years-maintained package offered by the company. By upgrading innovative programs, the company is confident to attract buyers who are enthusiastic about EV lifestyle. JSW MG Motor India had sold 9,078 electric cars in India in 2023 perceiving growth of 165. 3 %. Indian Electric Battery Scheme and Incentives Total Approximate Incentives Approximate Size of Battery Two wheelers: Rs 15000/- per kWh up to 40% of the cost of Vehicles Two wheelers: 2 kWh Three wheelers: Rs 10000/- per kWh Three wheelers: 5 kWh Four wheelers: Rs 10000/- per kWh Four wheelers: 15 kWh E Buses: Rs 20000/- per kWh E Buses: 250 kWh Under the initiative of BaaS program, Vidyut expended its sale and finance of purchased electric vehicles and to achieve those numbers, they specially targeted the resale of 3-wheeler commercial EVs in different states like Delhi NCR, Bengaluru and Hyderabad. The most significant factor of the company is that it operates in 30+ cities all over India and has partnered with some of the OEMs giants in automotive sectors which are Tata Motors, Mahindra and Altigreen. To perceive growth of BaaS initiative, Vidyut was able to raise $14 million funds which were led by 3one4 Capital and it also received support from various investors. As per the statement given by Precedence Research, Asia-Pacific’s electric vehicle battery market has held a revenue share of around 40. 19% in 2023, and a huge consumer base with pro-industrial government policies drives the market growth. JSW MG Motor India had showcased EV innovations at DriEV. Bharat, an event held in New Delhi organized by automotive and EV industry partners. Major initiatives launched in the event are eHUB, MG-Jio ICP, Project REVIVE, and MH-Jio Innovative Connectivity Platform and all of these initiatives highlight the upgrading programs in the Electric Vehicle and Battery market. --- > The India is predicted to increase from USD 11.36 billion in 2024 to approximately USD 1,053.10 billion by 2034, with a CAGR of 57.3%. - Published: 2024-09-30 - Modified: 2024-10-29 - URL: http://www.towardsevsolutions.com/india-electric-vehicle-market-statistics/ - Categories: Statistics - Tags: India Electric Vehicle Market Statistics The India electric vehicle market size was estimated at 6. 87 billion in 2023 and is predicted to increase from USD 11. 36 billion in 2024 to approximately USD 1,053. 10 billion by 2034. The market represents a remarkable growth CAGR of 57. 3% between 2024 and 2034. India Electric Vehicle Market Statistics 2023 to 2033 The battery-electric vehicle segment led the market and maintained its dominance during the forecast period. The four-wheeler segment accounted for the largest market share of 58% in 2023. The two-wheeler segment is growing at a notable CAGR during the forecast period. The passenger vehicle segment held the largest market share of in 2023. Indian origin electric vehicle companies and their sales (Fiscal Year 2023: 1st April 2022- 31st March 2023) Company Electric Vehicle Type Sales by Units (FY2023) Bajaj Two-wheeler 36,260 Tata Four-wheeler 5,38,640 (+45%) Ola Two-wheeler 1,29,866 Mahindra and Mahindra Three-wheeler 36,816 TVS Two-wheeler 81,290 (excluding March 2023) Market Scope of India Electric Vehicle Market Report Coverage Details Market Size in 2023 USD 6. 87 Billion Market Size in 2024 USD 11. 36 Billion Market Size by 2034 USD 1053. 10 Billion Growth Rate from 2023 to 2032 CAGR of 57. 3% Base Year 2023 Forecast Period 2024 To 2034 Segments Covered Propulsion Type, Platform, Vehicle Type, and Region We’ve prepared a service to support you. please feel free to contact us at sales@precedenceresearch. com | +1 804 441 9344   --- > India has taken a significant step toward revolutionizing its electric vehicle (EV) infrastructure with the launch of the country’s first public wireless EV charging station in Bengaluru. - Published: 2024-09-30 - Modified: 2024-09-30 - URL: http://www.towardsevsolutions.com/india-unveils-first-public-wireless-ev-charging-station-in-bengaluru/ - Categories: Charging Station, Electric Vehicle, EV News - Tags: Wireless EV Charging India has taken a significant step toward revolutionizing its electric vehicle (EV) infrastructure with the launch of the country’s first public wireless electric vehicle charging station in Bengaluru. This cutting-edge technology allows EV users to charge their vehicles without the need for physical cables, offering convenience and efficiency in busy urban centers. The initiative, led by ChargeGrid in collaboration with the Ministry of Heavy Industries, is part of India’s broader mission to accelerate EV adoption in line with the government’s ambitious National Electric Mobility Mission Plan (NEMMP 2020). India Electric Vehicle Market Size 2024 to 2034 According to Precedence Research's report, the India electric vehicles market size was USD 6. 87 billion in 2023. It is predicted to increase from USD 11. 36 billion in 2024 to approximately USD 1,053. 10 billion by 2034. The market is expanding at a strong compound annual growth rate (CAGR) of 57. 3% between 2024 and 2034. India’s EV Growth and Government Push NITI Aayog has reported that the electric car market in India is rapidly expanding where automobile industry is expected to sell 30% of electric vehicles by 2030. The central government of India's FAME-II initiative provided ₹10,000 crore (USD 1. 3 billion) for managing incentives for EVs both for its use and its production by making subsidies in the charging infrastructure as well. Additionally, the Ministry of Heavy Industries has said that by 2025, about 7 million electric and hybrid vehicles swarm Indian roads and streets due to government incentives and subsidies and changing consumer psychology. India’s Electric Vehicle Market Size (2022–2030) Year EV Market Size (USD Billion) EV Sales (Million Units) Projected Growth Rate (%) 2022 6. 9 0. 85 — 2023 11. 36 1. 17 37. 6 2024 (Est. ) 16. 3 1. 70 40. 2 2025 (Est. ) 25. 7 2. 5 42. 0 2030 (Est. ) 1053. 10 10. 0 — Wireless EV Charging – A Game-Changing Technology Wireless electric vehicle charging is set to play a key role in India’s transition to electric mobility, with NITI Aayog highlighting that seamless, cable-free solutions will contribute to the country's ambitious goal of net-zero carbon emissions by 2070. According to International Energy Agency (IEA), India’s electric vehicle charging infrastructure is expected to grow by a CAGR of 42% from 2024 to 2030, driven by innovations in wireless technology. A report by the Global EV Outlook 2023 published by the IEA estimates that wireless charging technology will account for 10-12% of the total charging infrastructure globally by 2030, a significant leap from the current 1-2%. India’s EV ecosystem has support from both the central as well as state governments. New Gen EV charging infrastructure has largely been funded through the umbrella program called FAME-II in the country. Subsidies for EV Charging Infrastructure by Indian States (2024) State Subsidy for Charging Infra (Per Station) Maximum Subsidy (INR) Road Tax Discount (%) Maharashtra ₹ 5,000 ₹ 2,50,000 100% Delhi ₹ 10,000 ₹ 2,00,000 100% Karnataka ₹ 7,000 ₹ 1,75,000 100% Tamil Nadu ₹... --- > Volkswagen has officially launched the ID. Buzz, an all-electric van designed to revolutionize urban mobility and promote sustainable transportation. - Published: 2024-09-30 - Modified: 2024-09-30 - URL: http://www.towardsevsolutions.com/volkswagen-introduces-the-id-buzz-electric-van/ - Categories: Electric Vehicle, EV News - Tags: Electric Vehicle Market Volkswagen has officially launched the ID. Buzz, an all-electric van designed to revolutionize urban mobility and promote sustainable transportation. This launch marks a significant step forward for the automaker as it aims to expand its electric vehicle lineup and cater to the growing demand for eco-friendly urban transport solutions. Electric Vehicle Market Size 2024 to 2033 According to Precedence Research’s report, the global electric vehicle market size accounted for USD 317. 26 billion in 2024 and is expected to achieve USD 2,108. 80 billion by 2033. The sector is registering a double-digit CAGR of 23. 42% from 2024 to 2034. The ID. Certainly, Buzz is more than a reference to the Volkswagen’s Microbus, it is packed with high-tech features and style of today, but it embraces its throwback appeal at the same time. This model are able to go up to 400 kilometers on electrical power alone making it suitable for use by individuals and organizations consumer want to conserve on emissions in their urban operations. The global market on electric vehicles is rapidly growing in the coming years. The BloombergNEF report estimates that consumers across the world purchased electric vehicles to the tune of about 10. 6 million in 2023 and 6. 6 million in 2022. This has been occasioned by innovation, enhanced customer awareness, and policies that support environmentally sustainable transport systems. The ID. Buzz is not just a nod to Volkswagen's iconic Microbus; it incorporates cutting-edge technology and modern design while maintaining its retro charm. With an electric range of 400 kilometers on a single charge, this vehicle is ideal for city dwellers and businesses looking to reduce their carbon footprint. The global electric vehicle market has been experiencing unprecedented growth. According to a report by BloombergNEF, global EV sales reached approximately 10. 6 million units in 2023, a significant increase from 6. 6 million units in 2022. This surge is attributed to technological advancements, increased consumer awareness, and government initiatives promoting cleaner transport solutions. Key Statistics on Global EV Market Growth: Projected Market Value: The global EV market is expected to grow from $168 billion in 2023 to $1. 3 trillion by 2030, with a CAGR of 34. 7%. Percentage of Global Vehicle Sales: By 2030, EVs will account for 30% of total global vehicle sales. Charging Infrastructure Growth: The number of publicly accessible charging points worldwide is anticipated to exceed 5 million by 2030, up from approximately 2 million in 2023. Global Electric Vehicle Sales Growth (2023–2030) Year Global Electric Vehicle Sales (Million Units) Annual Sales (Million Units) Growth Rate (%) 2023 10. 6 10. 6 — 2024 14. 3 3. 7 34. 9 2025 19. 6 5. 3 37. 1 2026 26. 0 6. 4 32. 7 2030 65. 0 39. 0 — Government Initiatives and Support Several governments across countries are putting measures in place to enhance the use of electric cars. The European Union has committed to reducing greenhouse gas emissions by 55% by 2030 and has a target of net zero... --- > Skoda announced to launch of three new electric vehicles in the Indian market in the upcoming year 2025. - Published: 2024-09-27 - Modified: 2024-10-29 - URL: http://www.towardsevsolutions.com/skoda-launches-new-electric-vehicles/ - Categories: Electric Vehicle, EV News - Tags: Off-highway Electric Vehicle Skoda announced to launch of three new electric vehicles in the Indian market in the upcoming year 2025. According to the media reports, the Czech carmaker is working on three new electric cars including Enyaq EV, Elroq EV, and Skoda Epiq EV that will be launched in the year 2025. The Skoda Enyaq EV will be the first electric car of Skoda that will be presented in the Indian selling market next year. The Skoda Elroq EV will be the first compact electric SUV of Skoda with an 82-kWh battery pack and 286 bhp electric motor. The Czech carmaker is expected to present a low-cost version of the Skoda Epiq EV in the year 2026. Off-highway Electric Vehicle Market Size According to Precedence Research’s Report, the global off-highway electric vehicle market size is predicted to grow from USD 7. 83 billion in 2024 to approximately USD 102. 26 billion by 2033, expanding at a double-digit CAGR of 29% from 2024 to 2033. North America reached a progressive level in the global off-highway electric vehicle market with a prominent share of 30% in 2023 due to the rising construction industries and the shift towards reducing greenhouse gas emissions through vehicles. The efforts to develop low-carbon emission-based electric cars are in high demand in this region and the people are prioritizing off-highway electric equipment. Caterpillar and CNH Industrial N. V. are some of the key companies in the North American region. Asia Pacific held 26% of the off-highway electric vehicle market share in 2023 and is expected to grow with a CAGR of 34. 4% from 2024 to 2034. Based on regions, the off-highway electric vehicle market shares in 2023 were 27% in Europe, 10% in Latin America, and 7% in the Middle East and Africa respectively. China and India are leading countries in the market due to low production costs, low labor costs, and the available facilities along with the best investments in infrastructure and the production of construction machinery. Epiroc AB, Sandvik AB, and Komatsu Ltd are some of the leading industries showcasing their exciting innovations in the off-highway electric vehicle market. 2024 Investments in Electric Vehicles Investment Period Investing Company/Organization Significance June 2024 BM Electric Vehicles Pvt Ltd and MUON India Pvt Ltd The ‘Vertelo’ electric vehicle financing platform was launched in India and provides financing, fleet management, and charging infrastructure solutions. April 2024 Uno Minda and Suzhou Inovance Automotive Co. The partnership made efforts to produce electric vehicle components. March 2024 Ola Electric The emergence of the company as India’s top patent publisher for 2022-23, with 205 patents in electric vehicles and related technologies. March 2024 Ola Electric The company announced to launch of a consumer-focused electric autorickshaw named Raahi. U. S. Off-highway Electric Vehicle Market Size A recent report from Precedence Research Reveals that in the U. S. , the off-highway electric vehicle market size is calculated at USD 1. 26 billion in 2023 and is projected to hit around USD 21. 66 billion by 2034, with... --- > The wireless electric vehicle charging market size is expected to grow from USD 56.71 million in 2024 to USD 9,370.25 million by 2032. - Published: 2024-09-27 - Modified: 2024-09-27 - URL: http://www.towardsevsolutions.com/wireless-electric-vehicle-charging/ - Categories: Charging Station, Electric Vehicle, EV News, EV Tools and Equipment - Tags: Wireless Electric Vehicle Charging Market Germany has launched the world’s first nationwide wireless EV charging network, setting a new benchmark for the future of EV infrastructure. This groundbreaking initiative, spearheaded by BMW Group and Siemens Mobility, in collaboration with the German government, marks the beginning of a new era of convenience for electric vehicle users, reducing dependency on traditional charging stations. Germany, already a global leader in renewable energy and EV adoption, aims to further accelerate its transition to green mobility by incorporating inductive wireless charging technology across key urban and highway routes. This technology allows EVs to charge as they move over specially embedded road sections, eliminating the need for physical plugs and cords. Wireless Electric Vehicle Charging Market Size According to Precedence Research’s report on the global wireless electric vehicle charging market size is calculated at USD 56. 71 million in 2024 and is estimated to reach around USD 9,370. 25 million by 2032. The market is expanding at a double-digit CAGR of 29. 1% during the forecast period. The global electric vehicle market seems set for the possibility of unprecedented heights due to increased technological development and favorable government policies. A report from IEA postulates that by 2023 the global stock of EV was stands at 16. 5 million from 10 million in 2020. It is estimated that the market will have 145 million electric vehicles by this year of 2030 with Europe seen to cover much of this growth, especially after the Germany wireless charging plan. Key Global Statistics on EV Adoption According to the Global EV Outlook 2023 by the IEA: China leads the world with 9 million EVs on the road in 2023, accounting for 55% of global EV sales. Europe follows closely, with 3. 2 million EVs sold in 2023, and Germany contributing to a quarter of all European sales. The United States saw a significant rise, reaching 2. 3 million EVs in 2023. Global EV sales grew by 35% from 2022 to 2023, and are expected to maintain a CAGR of 23% through 2030. Global EV Market Growth (2020–2030) Year Global EV Stock (Million Units) Annual Sales (Million Units) Growth Rate (%) 2020 10 3. 2 — 2021 11. 6 4. 4 37. 5 2022 14. 2 6. 7 52. 3 2023 16. 5 8. 5 35. 0 2025 (Est. ) 30 12. 5 38. 0 2030 (Est. ) 145 40 — This data can be used to plot a graph that showcases the surge in EV adoption and stock from 2020 to the projected figures for 2030. Among these, wireless charging for EV’s or inductive charging is one of the emerging important infrastructures for EVs. The report on Global Electrification by the International Council on Clean Transportation (ICCT) also revealed that by the year 2035, inductive wireless charging solutions are set to cater 20% of the Global EV stations, especially to a great extent in Europe, North America, and East Asia which are highly developed countries. Germany’s new wireless charging network which is expected to cross... --- > Faraday Future announced to launch of the Faraday X–FX series with the launch of two models FX 5 and FX 6 having affordable prices between $20,000- $30,000 and $30,000- $50,000 respectively. - Published: 2024-09-27 - Modified: 2024-10-29 - URL: http://www.towardsevsolutions.com/faraday-future-launches-affordable-electric-vehicles/ - Categories: EV News Faraday Future announced to launch of the Faraday X–FX series with the launch of two models FX 5 and FX 6 having affordable prices between $20,000- $30,000 and $30,000- $50,000 respectively. These products are available in gasoline-range extended as well as battery electric powertrains. The innovation aims at achieving both work and life balance by providing perfect features fulfilling personal and family needs. Electric Vehicle Range Extender Market Size According to Precedence Research, the global electric vehicle range extender market size was USD 1. 09 billion in 2023 and is predicted to grow from USD 1. 19 billion by 2024 to approximately USD 2. 27 billion by 2032. The market is expanding at a solid CAGR of 9% over the forecast period. According to the recent report of the Confederation of Indian Industry, the project aims to set up about 1. 32 million charging stations by 2030 and they will present a remarkable growth opportunity for the electric vehicle sector. The success of the electric vehicle range extender market in Europe is due to the expansion of product selling, the growth of the UK in this region, and the rising adoption of hybrid vehicles and electric vehicles. In 2023, North America showed noteworthy growth in the electric vehicle range extender due to the great demand for batteries, technological advancements, and the rising adoption of electric vehicles especially in the U. S. 2024 Investments in Electric Vehicles Investment Period Investing Company/Organization Significance March 2024 BYD India The company announced to introduce the luxury electric sedan segment and launched the BYD SEAL along with two products, the BYD ATTO 3 and the All-New e6. February 2024 The Indian Army Electric vehicles were introduced at ‘Peace Stations’ nationwide to promote green energy, embrace technological advancements, and reduce dependence on fossil fuels. January 2024 VinFast and Tamil Nadu Govt. The Govt. signed a MoU to invest US$ 2 billion for an electric vehicle project in Thoothukudi. About US$ 500 million was committed for the first phase targeting 150,000 units annually. U. S. Electric Vehicle Range Extender Market Size A recent report from Precedence Research Reveals, the U. S electric vehicle range extender market size is calculated at USD 380 million in 2024 and is projected to cross over USD 780 million by 2032. The market is poised to grow at a notable CAGR of 9. 5% during the forecast period. Based on products, the internal combustion engine range extender holds low cost and there is a rising adoption of hybrid electric vehicles globally. Based on vehicles, the passenger vehicles come across the government efforts for the insertion of electric vehicle range extenders in passenger vehicles. The commercial vehicles are experiencing the rising adoption of electric vehicle range extenders in the commercial vehicles by the UK and the U. S. nations. Based on components, the battery packs have higher efficiency and durability in electric vehicles. Nissan, BMW, and Plug Power are some of the leading companies contributing to the success of the electric vehicle range... --- > The global Off-highway electric vehicle market size is predicted to increase from USD 7.83 billion in 2024 to USD 102.26 billion by 2033 with a CAGR of 29%. - Published: 2024-09-27 - Modified: 2024-09-27 - URL: http://www.towardsevsolutions.com/off-highway-electric-vehicle-market-statistics/ - Categories: Statistics The global Off-highway electric vehicle market size was valued at USD 6 billion in 2023. The market is predicted to increase from USD 7. 83 billion in 2024 to USD 102. 26 billion by 2034, expanding at a double-digit CAGR of 29% from 2024 to 2034. Off-highway Electric Vehicle Market Statistics 2024 to 2033 The construction segment accounted for the biggest market share of 38. 2% in 2023. The agriculture segment is expected to grow at the fastest CAGR during the forecast period. The HEV segment has generated the highest market share of 66. 2 % in 2023. Regional Statistics of Off-highway Electric Vehicle Market North America dominated the market and contributed the largest market share of 30% in 2023. Europe region recorded more than 27% of market share in 2023. Asia Pacific accounted for over 26% of the market share in 2023. LAMEA generated a significant market share of 17% in 2023 We've prepared a service to support you. please feel free to contact us at sales@precedenceresearch. com | +1 804 441 9344 --- > The electric vehicle power inverter market size is worthy around USD 26.58 billion in 2024 and is predicted to surpass USD 51.99 billion by 2032, with a CAGR of 8.7%. - Published: 2024-09-26 - Modified: 2024-09-26 - URL: http://www.towardsevsolutions.com/electric-vehicle-power-inverter-market/ - Categories: Electric Vehicle, EV News, EV Tools and Equipment - Tags: Electric Vehicle Power Inverter Market Mahindra Last Mile Mobility Limited announced to launch of a versatile electric four-wheeler named ‘eZEO’ in October 2023. The name ‘eZEO’ stands for ‘Zero Emission Option’ by addressing the environmental sustainability need through the adoption of decarbonization. With the declaration of Suman Mishra, MD, and CEO of Mahindra Last Mile Mobility Limited, the company aims to offer an efficient driving experience to consumers with high charging speed, durability, and high voltage and also to improve logistics in urban areas through outstanding innovations. Electric Vehicle Power Inverter Market Size According to Precedence Research’s Report on “Electric Vehicle Power Inverter Market”, the global electric vehicle power inverter market size reached USD 26. 58 billion in 2024 and is predicted to grow around USD 51. 99 billion by 2032, with a remarkable growth at USD 69. 71 billion in 2024 expanding at a CAGR of 8. 7% from 2023 to 2032.   Based on regions, the electric vehicle power inverter market shares in 2022 were 20% for North America, 44% for Asia Pacific, 28% for Europe, 5% for Latin America, and 3% for MEA respectively. Asia Pacific dominated the market in 2022 as the leading global EV player due to the rising adoption of electric vehicles by the population through the promotion of their advanced features. Europe is expected to reach remarkable progress during 2024-2034 with Germany standing out as the major EV market player. The market share by vehicle type in 2022 was 87% for passenger vehicles and 13% for commercial vehicles with increased demand globally across North America, Europe, and Asia Pacific. One of the government programs for electric vehicles is the California ZEV Program which aims to have 1. 5 million electric vehicles on the road by 2025. India, Norway, the United Kingdom, Germany, South Korea, China, and France are the other nations that provide the incentives to the potential consumers at the time of electric vehicle purchasing. FAME-II Subsidy Reduction on Electric Two-Wheelers in June 2023 Cap on Incentives on Ex-Factory Price Demand Incentive per kWh Pre-Reduction 40% Rs. 15,000 Post-Reduction 15% Rs. 10,000 From June 2023, The Faster Adoption of Manufacturing of Electric Vehicles in India (FAME-II) scheme became applicable to electric two-wheelers with a significant reduction of subsidy by the government. The FAME-II subsidy reduction was observed for some of the brands like Ola Electric, TVS, Bajaj Auto, etc. Mitsubishi Electric Corp, Sony Group Corporation, and Honda Motor Co. Ltd. are some of the leading industrial players in the electric vehicle power inverter market. Read Also: Oben Electric to Launch Electric Two-Wheelers Enhancing Electric Mobility in the Electric Vehicle Market --- > The shift towards adopting sustainability in vehicle manufacturing has led to the initiative to launch four advanced electric two-wheelers by Oben Electric which is one of the leading players in the market. - Published: 2024-09-26 - Modified: 2024-09-30 - URL: http://www.towardsevsolutions.com/electric-two-wheelers-enhancing-electric-mobility/ - Categories: Electric Bike, Electric Vehicle, EV News, EV Tools and Equipment - Tags: Electric Two-Wheelers The shift towards adopting sustainability in vehicle manufacturing has led to the initiative to launch four advanced electric two-wheelers by Oben Electric which is one of the leading players in the market. A company announced to introduce these new features in the coming six months that could be affordable and easily accessible to potential buyers with prizes starting from 60,000 up to 1,50,000. The incorporated feature in modernized vehicles is the lithium iron phosphate battery technology, well-known for its properties like heat resistance, durability, and prolonged lifespan. Electric Vehicle Supply Equipment Market Size According to Precedence Research’s Report on “Electric Vehicle Supply Equipment Market”, the global electric vehicle supply equipment market size is worth around 69. 71 billion in 2024 and is estimated to cross USD 895. 48 billion by 2033, expanding at a CAGR of 32. 8% from 2024 to 2033. Asia Pacific dominated the electric vehicle supply equipment market with the highest market revenue of 43% in 2023. Due to the rising environmental awareness, an increasing supply of electric bikes, cars, buses, etc. has led to the emergence of electric vehicle charging stations that could be favorable to the end users in emergencies. In March 2024, the Union Government introduced a new Electric Mobility Promotion Scheme of Rs. 500 crore for four months to support electric two and three-wheelers to achieve progress in the market. Based on regions, the electric vehicle market shares in 2023 are 28% for North America, 20% for Europe, 5% for Latin America, and 4% for Middle East and Africa respectively. The Ministry of Heavy Industries focuses on implementing the standards for improving the adoption of electric vehicles by the population. The FAME-II scheme offers financial support to the electric vehicle charging infrastructure in collaboration with the Ministry of Power. AsiaPacific Electric Vehicle Supply Equipment Market Size A recent report from Precedence Research Reveals that in the Asia Pacific, the electric vehicle supply equipment market size is calculated at USD 22. 57 billion in 2023 and is projected to hit around 511. 36 billion by 2034, estimated to grow at a CAGR of 33% from 2024 to 2034. In July 2024, Raptee Energy, one of the leading market players announced a significant reduction in the GST rates for both electric vehicles and charging stations from 18% to 5% for lithium-ion battery packs and cells to support an ecosystem with a sustainability initiative. Tresa Motors, Wise Travel India Private Limited, Ecofy, ZEVO, Neuron Energy, etc. are some of the major industrial companies contributing to global electric mobility. The Number of Charging Stations as per the States under the FAME India Scheme Phase-II, 2024 State/Union Territory No. of Charging Stations Gujarat 53 Kerala 30 Delhi 21 Maharashtra 13 Tamil Nadu 13 The Subsidies for Electric Vehicles under the Electric Mobility Promotion Scheme, 2024 Electric Two-Wheelers Electric Three-Wheelers e-Rickshaws e-Carts L5 Category Vehicles Rs. 4. 93 billion Administrative costs: Information Education Communication activities Fees for the project management agency Rs. 64. 5 million Read Also: E-bike Market... --- > E-bike market size was USD 20.36 billion in 2023 and is predicted to increase from USD 22.09 billion in 2024 to USD 53.63 billion by 2033, with a CAGR of 10.16%. - Published: 2024-09-26 - Modified: 2024-09-26 - URL: http://www.towardsevsolutions.com/e-bike-market-statistics/ - Categories: Statistics - Tags: E-bike Market Statistics The global e-bike market size was USD 20. 36 billion in 2023 and is predicted to increase from USD 22. 09 billion in 2024 to approximately USD 53. 63 billion by 2033. The sector is expected to grow at a double-digit CAGR of 10. 16% from 2023 to 2033. E-bike Market Statistics: Europe e-bike market size was estimated at USD 3. 51 billion in 2023 and is anticipated to reach around USD 9. 66 billion by 2033 with a CAGR of 10. 66% from 2024 to 2033. The hub motor segment contributed the largest market share of 76. 46% in 2023. The city/urban segment accounted for the highest market share of 60. 25% in 2023. The paddle assist segment generated the biggest market share of 44. 42% in 2023. The lithium-ion battery segment captured the largest market share of 31. 34% in 2023. The class 1 segment recorded more than 46. 08% of the market share in 2023. The Up to 25 km/h segment has held the major market share of 66. 63% in 2023. Do you have any questions about the E-bike Market? Please feel free to contact at sales@precedenceresearch. com | +1 804 441 9344   --- > The ZF Commercial Vehicle Solutions announced the launch of its latest innovation of hydrogen recirculation blower to optimize the hydrogen levels in fuel cell electric vehicles. - Published: 2024-09-25 - Modified: 2024-09-25 - URL: http://www.towardsevsolutions.com/zf-introduces-hydrogen-recirculation-blower-improving-the-fuel-cell-energy-efficiency/ - Categories: EV News, Electric Vehicle The ZF Commercial Vehicle Solutions announced the launch of its latest innovation of hydrogen recirculation blower to optimize the hydrogen levels in fuel cell-based electric vehicles. This new product works in association with ZF’s Fuel Cell Air Compressor to improve energy and longevity by recirculating unused hydrogen to optimize hydrogen consumption and performance. This system is durable just like the fuel cell air compressor and utilizes turbo technologies that result in the reduction of hydrogen usage in commercial electric vehicles. Fuel Cell Electric Vehicle Market Size “According to Precedence Research’s Report on “Fuel Cell Electric Vehicle Market”, The global fuel cell electric vehicle market size was valued at USD 6 billion in 2022 and is expected to hit around USD 428. 70 billion by 2032 with a registered CAGR of 53. 30% from 2023 to 2032. ” By 2023, sales of FCEVs reached 25,000 units globally, a 20% increase from the previous year. The projected sales for 2024 are expected to rise significantly, potentially reaching 35,000 units as more manufacturers enter the market and consumer awareness continues to grow. Additionally, the expansion of FCEVs into public transportation systems is gaining traction, with cities worldwide investing in hydrogen-powered buses and trucks. The Asia Pacific is expected to be the most opportunistic region for fuel-cell electric vehicles through the rising adoption due to stringent government policies. The region makes efforts on air pollution control by bringing a ban on diesel engines. There is an expected construction of around 1000 refueling stations by 2032 to fulfill the industrial demands across the countries. Hyundai Motor Company and Toyota Motor Company are some of the leading players to offer cars, buses, and logistic vehicles across the region. Commercial electric vehicles used for transport, logistics, or traveling intended for short-distance coverage are in greater demand than long-distance-covering vehicles. So, the expected growth rate of the short-distance segment is 45% from 2023-2032. France aims to enhance up to 5000 fuel-cell passenger cars which include light-duty vehicles, 200 buses, and trucks by the year 2023. France also aims to bring 20 to 50,000 passenger cars by the year 2028. Germany is the first country in the world to deploy a passenger train and the train will be introduced by the year 2023. The United States President signed a bill in December 2021 with investments in the hydrogen industries to reduce harmful emissions. Canada stated that it aims to operate more than 5,000,000 fuel cell electric vehicles as a part of its hydrogen strategy by the year 2050. According to the 2040 development plan of South Korea, 2. 9 million passenger cars will run 80,000 taxis, 40,000 buses, and 30,000 trucks respectively. Audi AG, Volvo Group, BMW Group, Toshiba, etc. are some of the major industrial players in the fuel cell electric vehicle market. Japan Fuel Cell Electric Vehicle Market Size “A recent report from Precedence Research Reveals that in Japan, the fuel cell electric vehicle market size is calculated at USD 1. 50 billion in 2022 and is... --- > The new advanced EV of MG Windsor is priced at 9.99 lakhs excluding the cost of the battery pack and was introduced in India after the MG ZS EV and MG Comet EV. - Published: 2024-09-25 - Modified: 2024-09-27 - URL: http://www.towardsevsolutions.com/mg-windsor-launched-the-battery-rental-scheme-fueling-the-expansion-of-the-electric-vehicle-battery-market/ - Categories: Battery, Electric Vehicle, EV News - Tags: Electric Vehicle Battery Market The new advanced EV of MG Windsor is priced at 9. 99 lakhs excluding the cost of the battery pack and was introduced in India after the MG ZS EV and MG Comet EV. The name of MG Windsor’s unique battery rental ownership scheme is BaaS or Battery-as-a-Service. This newly launched electric vehicle is less expensive than the Tata Nexon EV which is priced at 12. 49 lakh to 16. 49 lakh. Electric Vehicle Battery Market Size According to Precedence Research’s Report on “Electric Vehicle Battery Market”, the global electric vehicle battery market size reached USD 63. 51 billion in 2023 and is predicted to grow around USD 573. 08 billion by 2033, with a remarkable growth at USD billion in 2024 expanding at a CAGR of 25. 1% from 2024 to 2033. In 2023, the electric vehicle battery market of China was valued at USD 7. 25 billion and it is projected to reach a CAGR of 26% from 2024-2033. In 2023, Asia Pacific held the largest market share of 40. 19%, and the market size was valued at 18. 26 billion respectively. due to the leading industrial players in the region such as Hitachi Ltd, Panasonic Energy Co. Ltd, Duracell, TCL Corporation, etc. In September 2023, Samsung SDI, one of the leading battery producers, announced its invested amount of $1. 98 billion in its second battery factory in collaboration with Stellantis. In 2023, the electric vehicle battery market of Japan was valued at USD 5. 11 billion and it is projected to reach a CAGR of 25. 5% from 2024-2033. In August 2023, a Chinese manufacturer produced a ‘Superfast Charging Battery’ capable of offering a 400 km driving range. North America and Europe are expected to be the fastest-growing regions in the coming years due to the increased demand for sustainable products and the strict government regulations. Chinese EV battery manufacturers attracted investments of approximately $21 billion in 2022, aimed at expanding production capabilities and raw material procurement. The Indian government announced investments of about $4 billion in 2023 to boost battery manufacturing capabilities, including the establishment of Giga factories in states like Gujarat and Karnataka. Dimensions MG Windsor EV Tata Nexon EV Length 4,295 mm 3,994 mm Width 1,850 mm 1,811 mm Height 1,677 mm 1,616 mm Wheelbase 2,700 mm 2,498 mm Boot Space Upto 604 litres 350 litres In 2022, South Korea produced around 140 GWh of EV batteries, marking a growth of 23% from the previous year. Exports of EV batteries from South Korea amounted to $10 billion in 2022, with projections reaching $12 billion in 2023. The electric vehicle battery market in China, India, and South Korea is on an upward trajectory, driven by technological advancements, government initiatives, and increasing investments. As these markets continue to evolve, they are likely to play a pivotal role in shaping the global EV landscape. Electric Vehicle Market Size The global electric vehicle market size was USD 255. 54 billion in 2023 and is predicted to grow from... --- > As India’s electric vehicle industry gains momentum, BMW has announced the beginning of booking for its ‘CE 02 Premium electric scooter’ across the country. - Published: 2024-09-24 - Modified: 2024-10-29 - URL: http://www.towardsevsolutions.com/bmw-ce-02-electric-scooter-enters-indias-thriving-ev-market/ - Categories: EV News, Electric Bike, Electric Vehicle - Tags: Electric Scooter As India’s electric vehicle industry gains momentum, BMW has announced the beginning of booking for its ‘CE 02 Premium electric scooter’ across the country. With the announcement, BMW has stated that CE 02 will be the most accessible electric two-wheeler, especially for consumers in urban areas which is observed to be priced anywhere between 4-6 lakhs. Electric Scooters Market Size The global electric scooters market size is calculated at USD 40. 92 billion in 2024 and is estimated to reach around USD 88. 75 billion by 2032, representing a compound annual growth rate (CAGR) of 10. 16% from 2023 to 2032. India Electric Vehicle Market Size According to Precedence Research’s report on “India Electric Vehicle Market’, India's electric vehicle market size accounted for USD 11. 36 billion in 2024 and is predicted to be worth around USD 1,053. 10 billion by 2034, growing at a solid CAGR of 57. 3% from 2024 to 2034. By 2030, India is expected to see over 10 million electric vehicles on the road, reflecting the nation's commitment to reducing carbon emissions and transitioning to sustainable transportation. To support the fact, the Indian government has set a target to reduce the carbon intensity by 45% by 2030. With urban centers showing a growing demand for electric two-wheelers, BMW's CE 02 enters the market at a pivotal time, poised to capture the interest of eco-conscious consumers seeking premium mobility solutions. As the market expands in India, BMW, with launch of multiple models has set a target to account for 25% of its sales of electric vehicles by 2025 to be from India. The German automaker has sold 1,474 electric cars in 2023 while reaching up to 10% of its total sales in India. Indian Government Subsidies for Electric Vehicles State Subsidy (Per KWh) Maximum Subsidy Discount on road tax Maharashtra ₹5,000 ₹2,50,000 1 Assam ₹10,000 ₹1,50,000 1 Gujarat ₹10,000 ₹1,50,000 0. 5 West Bengal ₹10,000 ₹1,50,000 1 Meghalaya ₹4,000 ₹60,000 1 Bihar ₹10,000 ₹1,50,000 1 The Indian electric vehicle market has seen a massive surge in 2023 where multiple large-scale automotive manufacturers actively participated in the development of the market. Stating the number of electric vehicle sales in India, specifically two-wheelers, Bajaj Auto sold 36,260 EVs in FY2023. In the same year, Ola and TVS sold 1,29,866 and 81,290 electric two-wheelers respectively. India's EV Production Capacity A recent report from Precedence Research reveals that, India's EV production capacity is projected to grow by 38% in 2024, reflecting the nation's ambition to achieve net-zero emissions by 2070. In 2023, EV sales in India reached approximately 1. 17 million units, a significant jump from the previous year's 850,000 units. Furthermore, electric two-wheelers account for the majority of these sales, contributing over 70% of the total volume. Production is also scaling rapidly, with major players like Tata Motors and Mahindra expanding their manufacturing capacity to meet the rising demand. Read Also: Building Charging Stations: A Smart Move by Maruti Suzuki Ahead of its Launch --- > India’s charging stations will see a growth in its market as Maruti Suzuki India gears up to launch its first electric vehicle, midsize SUV named Concept eVX, it also plans to build 25,000 EV charging stations across the country. - Published: 2024-09-24 - Modified: 2024-10-03 - URL: http://www.towardsevsolutions.com/building-charging-stations-a-smart-move-by-maruti-suzuki-ahead-of-its-launch/ - Categories: Charging Station, EV News - Tags: Building Charging Stations India’s charging stations will see a growth in its market as Maruti Suzuki India gears up to launch its first electric vehicle, midsize SUV named Concept eVX, it also plans to build 25,000 EV charging stations across the country which will cover the lack of charging stations and the obstacles faced by the EVs consumers. The price of new model is to be expected to range between Rs 20-25 lakh and Maruti has set a target of selling 3,000 units within the first three months of its release. Electric Vehicle Charging Station Market Size “The detailed report by Precedence Research on ‘Electric Vehicle Charging Station Market’, the electric vehicle charging station market size accounted for USD 44. 52 billion in 2024 and it is projected to hit around USD 344. 61 billion by 2032 with a remarkable CAGR of 29. 1% from 2023 to 2032. ” By 2030, India needs to build 1. 32 million electric vehicle charging stations since the country aims to utilize one charging station for 40 electric vehicles. The eVX comes with 60 kWh battery pack and will offer range up to 500 km in one single charge. Ministry of Power had introduced Fast Charging Stations (FCS) meant for utilization for long range EVs or heavy duty EVs which were provided with two chargers of 100 kW (200-750 V or higher). Suzuki wants to use its connections it has over 5,100 service centres across 2,300 cities and plans to convenience oil marketing firms and energy companies to develop a strong charging infrastructure. The first batch of the eVX will be launched in Europe and then in India and according to the statement of Maruti Suzuki India's Chairman, RC Bhargava, the massive production of new model will begin in in FY26. Under the Ministry of Heavy Industries (MHI), FAME-II schemes inter-alia is providing Public Charging Infrastructure to support and promote the use of EVs. India has 12,146 public EV charging stations operating across the nation. Top 10 States with Public Charging Stations in India S. No. State Name No. of Operational PCS 1 Delhi 1886 2 Andhra Pradesh 327 3 Karnataka 1041 4 Maharashtra 3079 5 West Bengal 318 6 Kerala 852 7 Gujrat 476 8 Madhya Pradesh 341 9 Punjab 158 10 Rajasthan 500 Similar to the prior development of infrastructure ahead of their launch, EV market leader Tata Motors had set up 5,600 public charging stations and Tata Power Renewable Energy had established over 101,924 home charging points. Read Also: BMW CE 02 Electric Scooter Enters India’s Thriving EV Market According to the recent studies done by Precedence Research, India’s electric vehicle (EV) charging infrastructure is expanding at an impressive rate, driven by increased government initiatives and rising consumer demand. As of 2022, the country boasted more than 5,000 public EV charging stations, a number that is set to grow rapidly in the coming years. The Indian government, under its FAME II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme, approved the installation of... --- ---