Electric Vehicle Sales Will Hit 10-Million Mark Globally This Year

NEW DELHI, (IANS) – The sale of battery electric vehicles (BEVs) is set to hit the 10-million milestone this year, marking a significant achievement for the global passenger vehicle market, a report showed on July 2.

The growth will be supported by the revamping of production processes and strategic partnerships with battery manufacturers, aimed at lowering manufacturing costs, producing affordable EVs, and bolstering supply chains, according to the report by Counterpoint Research.

By revamping supply chains and preparing to produce affordable Electric Vehicle priced below $35,000, automakers like Ford, GM, Stellantis, and Volkswagen are positioning themselves to compete with market leaders, the report said.

This strategic overhaul aims not only to meet stricter emission regulations but also to capitalize on evolving subsidies and growing consumer demand, revitalizing the global BEV market starting from the end of 2025, he added.

The European Union’s new tariff rates for Chinese Electric Vehicle aim to level the playing field for European EV manufacturers, which are struggling to compete with lower-priced Chinese imports.

“These tariffs might push Chinese automakers towards emerging markets like the Middle East and Africa, Latin America, Southeast Asia, Australia, and New Zealand,” said Associate Director Liz Lee.

Hybrid vehicles will dominate the electric segment in the near term, said the report.