Future EV Plans from Manufacturers Around the World

The shift to electric vehicles (EV) is gaining momentum as automakers around the world are introducing battery cars and plug-in hybrid options.

Automobile manufacturers have set dates for when they will only produce "electrified" cars (batteries and hybrids) and/or pure EVs or when they will discontinue the development of internal-combustion engines entirely.

Governments and cities are enacting regulations and providing incentives to hasten the transition to sustainable mobility.

This article will look at the factors driving EV growth worldwide and highlight specific manufacturers' plans for expanding EV offerings.

Factors Driving Growth

The electric vehicle (EV) market has seen tremendous growth in the past year, driven by a number of factors.

Factor 1: Changing consumer sentiment

Changing consumer sentiment towards EVs has significantly influenced their increasing popularity.

Since 2018, many concerns that had previously held back EV adoption have diminished, and consumer demand is now driving the growth of this sector.

Factor 2: Policy and legislation

Government policies and legislation are crucial in the transition to electric vehicles.

Governments across major markets have introduced financial incentives to stimulate new car purchases, particularly for EVs.

These incentives include temporarily lowered VAT, increased subsidies, and scrappage schemes.

Factor 3: OEM vehicle strategy

Original Equipment Manufacturers (OEMs) have made strategic commitments to EVs in the last year to remain competitive in the rapidly changing automotive industry.

Automakers have announced new EV models and increased production targets, with some setting dates for when they will produce only "electrified" cars.

Factor 4: Corporate Companies

Corporate companies are increasingly important in the transition to electric vehicles.

Sales of new cars to businesses represent a significant proportion of all cars sold, and companies are exploring broader mobility options to reduce emissions, save costs, and improve employee satisfaction.

Global EV Progress and Forecast

Worldwide, the adoption of EV technology is ramping up. Let's look at a sampling of the progress in this industry in various locations around the globe.

Europe

Europe's electric vehicle (EV) sector saw significant growth in 2019, driven by consumer concerns about climate change and favorable government policies.

This growth has been further bolstered by the introduction of new models from major car manufacturers, such as the Tesla Model 3 and Volkswagen ID.3.

Despite the impact of COVID-19 on the automotive industry, EV sales have held up well compared to internal combustion engine (ICE) equivalents, with some countries reporting modest year-on-year growth.

This is due to a combination of factors such as lower running costs and improved battery technology that have made EVs more attractive to consumers.

And this trend is likely to continue as governments continue to introduce incentives for EV ownership.

China

China has seen a significant shift in its electric vehicle (EV) market over the past year. In 2019, China accounted for half of all EV sales, but this number decreased due to halved subsidies.

Despite this, the EV market share in China increased due to a slowdown in internal combustion engine (ICE) vehicle sales.

Sales in certain Chinese provinces have been slow but are now recovering due to pent-up demand and favorable policies. Many EV manufacturers benefit from the release of new models as well as government incentives such as tax exemptions and subsidies for EV buyers.

This incentive is helping to drive up demand for EVs and is likely to continue.

The United States

The United States has seen steady growth in electric vehicle (EV) adoption over the past few years, thanks to improved battery technology and government incentives, such as tax credits for EV purchases.

Each American auto manufacturer has a unique approach to EV adoption, so let's highlight a few examples.

American Honda Motor Co.

American Honda Motor Co. is leading the charge in transitioning to zero-emissions electrified vehicles.

According to Consumer Reports, the company has committed to making all sales zero-emissions by 2040, with 40% of sales by 2030 and 80% by 2035.

BMW North America

BMW North America has been at the forefront of electric vehicle development, releasing several models, including the i3, i4, and iX SUV, along with a Mini Cooper electric model and an electric Rolls-Royce Spectre coming in 2023.

Forbes reports the automaker plans to introduce roughly a dozen new EVs by 2025, with a goal of delivering two million EVs by that same year. By 2030, battery cars will account for half of BMW's global sales.

Ford Motor Company

Ford has divided its operations into two divisions: electric vehicles and vehicles powered by internal combustion engines.

By 2026, Ford plans to produce more than 2 million EVs annually, accounting for half of its global sales volume by 2030.

Furthermore, by the middle of this decade, Ford intends to have half its global sales of the Lincoln luxury brand be zero-emissions models and to electrify its entire vehicle portfolio by 2030.

General Motors

GM is changing its business model dramatically, with plans to phase out the sale of gas and diesel vehicles by 2035.

Cadillac will no longer manufacture internal-combustion engines, and its lineup will be entirely electric by 2030. GM also intends to be carbon neutral by 2040.

Hyundai-Kia

Hyundai Motor Company has pledged to become carbon-neutral by 2045 and introduce a next-generation fuel-cell system in 2023.

Kia plans to sell 1.2 million battery electric vehicles annually by 2030, with 14 electric models available by 2027.

Jaguar Land Rover Limited

Jaguar's "Reimagine" plan will make its entire lineup electric by 2030.

To achieve this goal, JLR is investing $3.4 billion annually in new technology and will release six electric Land Rovers over the next five years, starting with an electric Land Rover in 2024.

Mercedes-Benz USA

Mercedes-Benz plans to invest $47 billion in the technology over the next decade.

Mercedes-Benz has also announced that all new vehicle platforms will be EV-only starting in 2025, and investments in combustion engines and plug-in hybrids will be reduced by 80% by 2026.

Mitsubishi Motors North America

Mitsubishi plans to have 50% of its global sales electrified by 2030 and already has plug-in hybrid models on the market.

Mitsubishi pioneered the I-MiEV electric sedan and Outlander plug-in hybrid and recently unveiled the Airtrek "e-cruising SUV" at the Shanghai Motor Show.

Nissan North America

Nissan has sold over 500,000 Leaf EVs worldwide. Nissan plans to invest $18 billion in electrification and launch 23 electrified models by 2030, with EVs accounting for 40% of US sales.

Its luxury brand Infiniti is also expanding its electric offerings.

Nissan intends to have 8 EVs on the road by 2023 and eventually sell one million hybrid or electric vehicles annually.

Stellantis (formerly Fiat Chrysler)

Under the Stellantis umbrella, Jeep is leading the charge with plans to introduce four all-electric vehicles by 2025, and half of its sales in the US will be battery-electric vehicles by 2030.

Meanwhile, Dodge is pledging an electric muscle car in 2024. Ram is also joining the fray with plans to launch a full-sized electric pickup truck in 2024.

Toyota Motor Sales

Toyota has an ambitious goal of producing 3.5 million battery-only EVs per year by 2030 and is investing $70 billion in research and development.

Volkswagen Group of America

The Volkswagen Group of America is undergoing a significant transformation, transitioning to an EV-focused auto manufacturer. By the end of the decade, they hope to have 70 pure electric vehicles and 60 hybrids on the market in the United States. VW has stated that 2026 will be the final year it will launch a combustion platform.

Rest of the world

In terms of electric vehicle (EV) sales, the rest of the world is falling behind.

Domestic OEMs in Japan, for example, have yet to develop the same range of EVs as their European and Chinese competitors, resulting in traditional models dominating new car sales.

India is another market where mass- and low-cost mobility models dominate, making it difficult for EV manufacturers to penetrate due to their comparatively higher prices.

In addition, there is a lack of government commitment to EVs in many countries. This means that charging infrastructure is either insufficient or unsuitable for EVs, while the availability of these vehicles can also be an issue.

EV Progress in 2030 and Beyond

The electric vehicle revolution is well underway, with sales consistently outpacing year-on-year growth forecasts.

Additional action, however, is required to reach the tipping point of irreversible change. Investments in infrastructure and policy support at national and municipal levels are necessary for EV adoption to reach its full potential.

The question is whether EV adoption rates can continue to defy expectations and meet the 2030 and 2035 targets. Due to market saturation, the EV sales growth rate is expected to slow after 2030.

Finally, consumer sentiment will be critical in driving future growth in this sector in the coming years.

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