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What are E-vehicles?

The global population across the globe has drastically increased over recent years and so has the number of on-road vehicles, leading to increasing pollution levels and traffic congestion everywhere. To cater to these problems, many eco-conscious people are focused on using shared mobility services, carpools, or public transport, and governments and leading companies across the globe are also coming up with new solutions to reduce vehicle emissions and overall carbon footprint.

Electrical vehicles have emerged as one of the eco-friendly alternatives to traditional internal combustion engines that run on gasoline or diesel. These vehicles produce zero tailpipe emissions, thereby contributing to reduced air pollution and lower greenhouse gas emissions. People too are realizing the importance of the benefits of electric vehicles and are opting for the same.

Electric vehicles (EVs) are powered by electric motors and rely on electricity stored in batteries for energy. These vehicles contribute to reducing dependency on fossil fuels as these can be charged from renewable sources such as solar or wind power.  The EVs currently available in the market range from fully electric models to hybrids, accommodating various driving styles.

Electric Vehicle Market Scenario:

The global electric vehicles market was USD 440.2 billion in 2023 and is expected to expand at a revenue CAGR of 17.5% during the forecast period. Factors such as changing consumer preferences, high focus on reducing greenhouse gas emissions, and rapid advancements in battery technology are expected to drive global market growth between 2024 and 2032.

People are steadily shifting towards electric vehicles as they are realizing the environmental benefits of EVs, its reduced dependency on fossil fuels, and energy efficiency. Moreover, the sales of these EVs are rising as many governments across the world are offering incentives such as tax credits, reduced registration fees, and rebates to promote the adoption of these vehicles.

However, electric vehicles come with a significant initial cost, and their batteries rely on scarce metals. The environmental footprint of these vehicles can fluctuate based on the source of the electricity used for charging. This drawback can substantially limit its widespread adoption. Moreover, the range of travel for EVs is limited, and there is a shortage of both EV charging stations and hydrogen fuel stations worldwide.

As a result, automotive manufacturers are actively working on creating affordable, long-lasting EVs with improved fuel efficiency and noiseless operation to address these challenges.

Here is a list of top companies offering cutting-edge EVs:

• Ford Motor Company
• Tesla Inc.
• Volkswagen Group
• BYD Auto Co. Ltd
• General Motors
• Nissan Motor Co. Ltd.
• Mercedes-Benz Group
• Tata Motors
• Nio

Ford Motor Company:

Ford Motor Company, also known as Ford, is an American automotive manufacturing company located in Detroit, Michigan that offers a wide range of passenger cars, luxury vehicles, commercial vehicles, SUVs, pickup trucks, car spare parts, and accessories.

Ford manufactures fully and hybrid electric cars with advanced fuel-saving technology and convincing comfortable modern designs. The company launched its first electric vehicles in 2009 and is currently one of the leading manufacturers.

Tesla Inc.:

Tesla, formerly called Telsa Motors is a US-based multinational automotive and clean energy company located in Austin, Texas that designs and manufactures a wide range of electric cars, solar panels, solar roof tiles, plug-in, and battery-operated electric vehicles.

Tesla is one of the most valuable companies in the globe and is on a mission to accelerate the world’s transition to sustainable energy. As of October 2022, Tesla has 4 vehicles running on-road viz. Model S, Model 3, Model X and Model Y. Among these, Model 3, became the first car to clear one million global sales.

Volkswagen Group:

Volkswagen Group also known as Volkswagen AG is a German multinational automotive designing and manufacturing company based in Wolfsburg, Lower Saxony. The company designs, manufactures, and distributes passenger and commercial vehicles under brands including Audi, Porsche, SEAT, Bugatti, Skoda, Lamborghini, and Volkswagen.

Volkswagen’s currently on-road electric cars include ID Buzz van, ID 4 and ID 5 SUVs, and ID 3 hatchback and it is planning to launch 10 new electric cars in the global showroom by 2026.

BYD Auto Co. Ltd:

BYD Auto Co. Ltd., commonly known as BYD is a Chinese automobile manufacturer headquartered in Shenzhen, China, and one of the world’s largest producers of electric cars and buses.

The company is focused on developing advanced EV technology and has a global presence in several international markets like Europe, the United States, South America, and Asia. BYD is recognized for its electric cars, both pure electric and plug-in hybrid models and electric buses.

General Motors (GM):

The General Motors Company is a US-based automotive manufacturing company located in Detroit, Michigan. Buick, Chevrolet, GMC, and Cadillac are four core automotive brands owned by GM.

In January 2021, the company announced its plans to end production and sales of vehicles using internal combustion engines, hybrids, and plug-in hybrid vehicles by 2035 and successfully achieve carbon neutrality by 2040. GM is on its way to transform in an all-electric future and has set a target to sell 1 million EVs annually starting in 2025.

Nio Inc.:

Nio Inc. based in Shanghai, China is a leading automobile manufacturer and developer of smart, high-performance electric autonomous vehicles. The company designs, develops, and jointly manufactures smart electric vehicles equipped with autonomous driving, electric powertrains, digital technologies, and batteries. Some of the bestselling Nio EVs include ES8, a seven-seater SUV, ES7, ES6 five-seater SUV, ET5 a mid-sized sedan, and ET7, a flagship sedan.

Nio is best known for developing battery-swapping stations for its vehicles as an affordable alternative to conventional charging stations. As of December 2021, the company has set up 777 power swap stations across 183 cities in China.

Nissan Motor Co. Ltd:

Nissan Motor Co. Ltd. is a Japanese multinational automobile manufacturer located in Yokohama, Japan, and is one of the major automakers committed to advancing EV technology and expanding its electric vehicle lineup.

Nissan Leaf is one of the world’s best-selling electric cars and was one of the pioneers in the mass-market EV segment. Some of its other popular EVs include Nissan Ariya, Nissan e-NV200, Nissan Esflow, Nissan Land Glider, and Nissan IMx Concept among others.

Mercedes-Benz Group:

The Mercedes-Benz Group AG is a German multinational automotive firm and one of the leading car manufacturers in the world, located in Stuttgart, Baden-Württemberg. The company has been actively investing in the development of electric vehicles as a part of its commitment to sustainability and growing demand for electric mobility.

Mercedes Benz EQC, EQA, EQB, and EQV are some of Mercedes-Benz’s popular e-vehicles. The company claims to have all-electric cars by 2030.

Tata Motors:

Tata Motors is a leading multinational automotive manufacturing company situated in Mumbai, India that designs and manufactures passenger cars, vans, coaches, buses, and trucks. The company has been actively involved in the development and production of electric vehicles as part of its commitment to sustainable mobility and reducing the environmental impact of transportation.

Some of Tata’s notable electric vehicles include Tata Nexon EV, Tata Tigor EV, Tata Tiago EV, and Tata Altroz EV. Tata Motors has been investing in electric vehicle technology and infrastructure in India, and it has plans to expand its electric vehicle lineup in the coming years.

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