This month, we’re seeing the rapid emergence and growth of the electric vehicle industry. One of the most prominent companies in this space is set to expand its offerings by launching an EV subscription service that will allow its members to get a variety of models from different manufacturers.
China’s electric vehicle sales are expected to reach 6 million in 2022
New estimates show that China’s electric vehicle sales are expected to grow significantly faster than previously expected. Passenger Car Association of China projects that sales of electric cars will reach 6 million this year, up from the previous estimate of 5.5 million.
The Chinese EV market is currently the largest in the world. It is also the fastest growing market. In 2021, it is estimated that the value of the Chinese EV market will reach almost $200 billion. While the U.S. market will see a total of 1.2 million new electric vehicle sales this year, the European Union is expected to sell around 3.2 million vehicles.
Despite China’s rapid progress in the development of new electric vehicle sales, the country’s Passenger Car Association noted that it still expected 6 million sales in the fourth quarter of the year.
California EV sales pick up pace in 2022
The state of California continues to lead the way when it comes to electric vehicle sales and adoption in the US. According to the California New Car Dealers Association, the number of electric vehicle registrations in the state increased during the first six months of this year, compared to the same period last year. During the same period, hybrid registrations also rose by about 11.7%.
Despite the lack of EVs on the road, the increasing number of new vehicles sales in California has boosted the state’s auto industry. Tesla was able to take the top two spots in the state in new vehicle sales, with the Model Y and Model 3. Through the first six months of 2022, Tesla had sold over 80,000 electric cars in California, which is more than 60% of the state’s total EV sales.
Autonomy placed a $1.2 billion order with EV manufacturers
Through its subscription service, Autonomy, it has placed a major order for over 20,000 electric cars from various auto manufacturers. Some of these include Tesla, Hyundai, Ford, and Volkswagen. Other notable companies that have been identified as potential customers include startups such as Rivian and former models such as Mercedes-Benz and Hyundai. The order would be delivered through 2023.
The purchase of Autonomy by Tesla follows the company’s launch of a fleet only powered by the electric vehicle manufacturer. Under the new agreement, Tesla will continue to deliver over 8,000 electric cars to the subscription service through 2023. Other major contributors to the platform include Volkswagen, which will add 2,200 units to its fleet, Ford, which will add 1,800, Hyundai, which will add 1,500, and Rivian, which will add 1,000.
Tesla was the right partner for Autonomy due to their dominant position in the electric vehicle market, Scott Painter, the company’s CEO, told Electreck. As more automakers enter the electric vehicle market, we are seeing a lot of interest in expanding our subscription lineup.
Once the order is complete, Autonomy will have 46 electric car models in its fleet. These cars would be available to its subscribers by 2024.
Growing sales in major markets for EV vehicles show the strength of the industry
In terms of global sales, China is leading the way, while California is becoming the darling of the electric vehicle market in the US. Both of these factors are indicative of the strong potential for the industry. The establishment of services such as Autonomy and the boost their deal gave to EV sales, which is already a record year, speaks volumes about the future of this industry.
As Congress considers the extension of the EV tax credit, there are various opportunities that could be available to boost the spending on this technology.
Despite the various factors that have affected the EV industry, the long-term outlook for the industry is positive. According to estimates, the market will reach $1 trillion by 2026, with more sales expected to come in 2022. The technological advancements that have occurred in the industry are also expected to continue contributing to the growth of the market.
Despite the various factors that have affected the EV industry, the long-term outlook for the industry is positive. The government’s efforts to expand the electric vehicle charging grid and the increasing consumer spending are additionally expected to fuel the growth of the market.