Anjali Sharma
GG News Bureau
UNITED NATIONS, 4thJuly. A report issued on Wednesday showed that the sale of battery electric vehicles is up to 10-million this year, marked a significant achievement for the global passenger vehicle market.
The growth will be supported by boosting production processes and strategic partnerships with battery manufacturers, aimed to lower manufacturing costs, producing affordable EVs, and bolstering supply chains, according to the report by Counterpoint Research.
Research analyst Abhik Mukherjee said “By revamping supply chains and preparing to produce affordable EVs priced below $35,000, automakers like Ford, GM, Stellantis, and Volkswagen are positioning themselves to compete with market leaders,”.
He added that this strategic overhaul aims not only to meet stricter emission regulations but also to capitalise on evolving subsidies and growing consumer demand, revitalising the global BEV market starting from the end of 2025.
The European Union’s new tariff rates for Chinese EVs aim to level the playing field for European EV manufacturers, which are struggling to compete with lower-priced Chinese imports, the report stated.
Associate Director Liz Lee said “These tariffs might push Chinese automakers towards emerging markets like the Middle East and Africa, Latin America, Southeast Asia, Australia, and New Zealand,”.
The report added that hybrid vehicles (PHEVs and HEVs) will dominate the electric segment in the near term.
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