eResearch | The production and sale of electric vehicles (“EVs”) were resilient despite the onset of the COVID-19 pandemic, as the EV industry reported various new developments in vehicles and technologies.
According to the International Energy Agency’s recent edition of the Global EV Outlook report, EV sales this year are expected to maintain stability and match the 2.1 million sales recorded last year.
However, in the past three months, the pandemic caused factory shutdowns across Asia, Europe and North America, in addition to supply chain disruptions, which impacted operations across the entire automotive industry, including EVs.
According to ResearchAndMarkets, the EV industry is expected to reach sales of 4.2 million units by 2021, growing at a CAGR of over 22%. However, sales are expected to see a drop due to COVID-19 impacts.
EV Manufacturers and Developers
Last week, DSG Global (OTC: DSGT) and its wholly-owned subsidiary, Imperium Motor Company, announced opening of the EV “Experience Centre” retail storefront this summer in California, right in the middle of San Francisco Bay Area and Sacramento, two of the largest EV markets in the state.
PHOTO 1: “Imperium Urbee” – Jonway line of EVs
DSG Global recently received its business license to sell EVs at its new facility, which is 70% larger than its previous facility. The larger showroom is expected to support DSG Global’s current and future demand of its Jonway line of EVs.
In the same week, Lordstown Motors Corp. (private) announced a delay in the production of its Endurance EV pickup truck until next summer due to the pandemic. Its Lordstown Assembly plant, which was recently acquired from General Motors Company (NYSE: GM), ceased operations with financing also coming to a halt.
Lordstown Motors already has 14,000 orders booked for its Endurance EV pickup, and is expected to raise around US$400 million in capital. At full capacity, Lordstown’s assembly plant is able to produce 600,000 EVs per year.
PHOTO 2: Lordstown’s Endurance EV pickup
Early this month, the Ford Motor Company (NYSE: F) and Volkswagen Group (ETR: VOW3) announced the development of a jointly developed EV, which is expected to launch by 2023. The two companies are also expected to jointly develop a small city van, a larger cargo van, and a small pickup truck.
Last year, Ford and Volkswagen announced a partnership to collaborate on designing new vehicles and developing new technologies, in an effort to reduce costs by sharing expenses. However, ownership of the new vehicles will not be shared.
The collaboration is expected to produce up to 600,000 EVs, and up to 8 million vans and pickup trucks.
At the beginning of June, GM announced the development of an EV delivery van for the commercial markets, to support the growing delivery industry amid the pandemic.
The van is code-named BV1 and is among 20 new EVs GM plans to introduce by 2023.
Recently, GM announced plans to spend US$20 billion towards the design of EVs and the development of autonomous vehicle technologies through 2025. GM’s Detroit-Hamtramck plant is in the process of being transformed into its first EV assembly plant.
Other EV Businesses
Earlier in June, Karma Automotive Company (private) showcased five examples of its E-Flex Platforms, a rolling chassis system made with an EV architecture, developed through Karma’s proprietary manufacturing and design technologies. The E-Flex Platforms is expected to be available as a fast-to-market EV solution offering to Original Equipment Manufacturers (“OEM”).
PHOTO 3:Karma’s E-Flex Platforms
The E-Flex Platforms is developed at Karma’s state-of-the-art assembly plant called the Karma Innovation and Customization Center, and is expected to help OEMs optimize development costs when engineering, testing, and building EVs. Next year, Karma expects to introduce its own EV called the Karma Revero GTE, a luxury EV.
In May, Blink Charging Co. (NASDAQ: BLNK), a developer and provider of EV charging equipment and services, announced reaching the milestone of deploying 1,000 of its EV charging stations called the IQ 200. The IQ 200 is the fastest charging station available on the market with the ability to deliver up to 65 miles of charge per hour.
PHOTO 4: Blink Charging Station
Blink Charging currently has charging stations across 30 states, with most installations in California, Oregon, Florida, Texas, Arizona, and Washington. The charging stations were mainly deployed in multifamily residences, healthcare and educational facilities, dedicated parking lots, and municipal locations.
EV Industry
Last year, the EV industry experienced the slowest growth in the decade, mainly due to a slowdown in sales from China who recently discontinued certain incentives for purchasing EVs. However, China still led the market, accounting for more than 50% of global sales in 2019.
Europe, who was second in sales to China last year, is expected to experience the highest growth this year due to implementations of stringent emission standards.
In Canada, consumers are awaiting the 2020 federal budget, which is expected to include EV incentives; however, the government postponed the budget indefinitely due to the pandemic.
According to Allied Market Research, the EV industry was valued at US$162 billion last year and is expected to reach a value of US$802 billion by 2027, growing at a CAGR of almost 23%.
In April, eResearch posted its previous EV Industry update piece called “Electric Vehicles Industry Update Q1/2020”
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Global EV Sales (Jan-Apr 2020) |
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| Manufacturer | No. of Vehicles | Mkt Share |
| Tesla | 103,193 | 18% |
| BMW | 39,427 | 7% |
| Volkswagen | 38,702 | 7% |
| BYD | 34,191 | 6% |
| SAIC | 23,754 | 4% |
| Renault | 23,468 | 4% |
| Hyundai | 22,557 | 4% |
| Audi | 22,138 | 4% |
| Volvo | 21,213 | 4% |
| Nissan | 19,540 | 3% |
| Kia | 19,148 | 3% |
| Peugeot | 17,054 | 3% |
| Mercedes | 14,105 | 2% |
| Mitsubishi | 13,694 | 2% |
| GAC | 12,662 | 2% |
| Toyota | 12,253 | 2% |
| BAIC | 11,345 | 2% |
| Chevrolet | 8,980 | 2% |
| Porsche | 7,561 | 1% |
| Skoda | 7,167 | 1% |
| Others | 98,553 | 17% |
| TOTAL | 570,705 | 100% |
Source: www.ev-sales.blogspot.com; eResearch Corp.
