ELECTRIC CAR MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In April 2024, BMW Group, a leading premium automobile manufacturer, announced a long-term strategic partnership with Rimac Technology, a Croatia-based company specializing in electric vehicle technology. This collaboration focuses on the co-development and co-production of innovative high-voltage battery solutions for selected battery-electric vehicle (BEV) projects. By leveraging the complementary strengths and expertise of both companies, the partnership aims to enhance their capabilities in the electric mobility sector.
• In March 2024, Nissan Motor Co., a prominent Japan-based automotive manufacturer, and Honda Motor Co., another leading automaker, signed a non-binding memorandum of understanding (MoU) to explore potential collaboration in producing key components for electric vehicles (EVs) and developing artificial intelligence for automotive software platforms. While the specific scope of the partnership is still under discussion, both companies are open to working together in various regions, as highlighted by Nissan's CEO, Makoto Uchida. Honda's CEO, Toshihiro Mibe, emphasized the urgency of this collaboration, stating, "We are strapped for time and need to be speedy." This strategic partnership aims to help both companies achieve economies of scale in EV production, especially as they face intense competition from emerging players like BYD and Tesla.
• In October 2023, Hyundai Motor Company, a leading South Korea-based automotive manufacturer, and Kia Corporation, its sister company, merged their electric vehicle divisions to streamline operations. This strategic consolidation aims to enhance efficiency and innovation in their EV production efforts, allowing both companies to better compete in the rapidly evolving electric vehicle market. The merger comes as they face increasing competition from global players, further underscoring their commitment to advancing electric mobility and meeting growing consumer demand for sustainable transportation solutions.
• In July 2023, Nissan Motor Co., a leading Japan-based automotive manufacturer known for its innovative electric vehicles, announced plans to increase its production capacity for electric vehicles in North America. This initiative is part of Nissan's strategy to enhance its competitiveness in the growing EV market, particularly as it seeks to meet rising consumer demand and adapt to the evolving automotive landscape. The expansion aligns with the company's broader goals to boost electrified vehicle sales and strengthen its manufacturing capabilities in the region.
• In March 2023, Ford Motor Company, a prominent American automaker known for its innovative vehicles, announced its acquisition of an electric vehicle (EV) battery startup to enhance its electric vehicle technology. This strategic move is part of Ford's broader initiative to improve its battery production capabilities and meet the growing demand for electric vehicles, as the company aims to significantly increase its EV output in the coming years. The acquisition aligns with Ford's commitment to investing heavily in sustainable transportation solutions and advancing its position in the competitive EV market.