Technology has revolutionized the automotive industry with the advent of the electric vehicle (EV). This revolution is considered to be a better substitute for the growing vehicular population and carbon release in the environment. It is known as the greener option which is safe for the environment and overall human health in the long run. Also, this revolution is making strides for being cheaper and easier to manage option than the traditional fuel consuming transportation.
There are a few countries that have not just started this revolution but have taken it to a new level of materialization of the conceptual development of such vehicles. Some of them are:
China has been the biggest manufacturer, distributor, and producer of not just EV parts like batteries, etc., but is also the leading country in the value chain across the globe. It has left the U.S. behind in the EV production race. It is mainly because China has taken over almost 33% of the global supply chain of critical minerals used in EV batteries such as cobalt, graphite, and lithium. Due to this dominance, China had reportedly taken over 50% of the global EV market in 2019, which has shown a 153% increase in 2021.
Being the biggest producer and distributor of EVs, China is seen as the potential future market hub for the auto giants like General Motors and Tesla, whose CEO Elon Musk considers China to be “the biggest market for our future investment and involvement in the auto industry”. This is because the 7 of the top 12 global EV manufacturing companies are Chinese; WM Motor, Nio, Li Auto, Byton, Youxia Motors, Xepeng Motors, and BAIC BJEV.
- The U.S.
U.S. is the second leading country in EV production. However, 50% of the critical minerals used in EV batteries are still imported from China. The U.S. merely takes up 20% of the global EV stock from 2010 till 2020 in contrast to China which takes up 44% till now. The biggest producer of EVs in the U.S. is Tesla which accounts for 85% of the annual production.
There are 44 EV assembly plants in the world of which only 2 are in the U.S. However, the country plans to increase the number of plants by 2025. Regarding this, Tesla and Lucid Motors have a plant each in the country, while General Motors plans to develop three under its name. These efforts and plans will make the U.S. bag 7 of all 44 plants in the world. All these efforts by the U.S. are a part of being at the forefront of creating a zero-emission vehicular production amidst the global warming and climate change concerns by the environmentalists.
Although Norway is an oil-rich country, it has taken a drastic shift towards clean energy. The production and use of EVs are a part of this effort. In Europe, Norway leads the EV revolution while Germany follows behind.
The Norwegian government has set a specific target of achieving 100% EVs on the road in the country by 2025. To achieve this target, the government has removed import taxes from the EVs and provides incentives to the people for using EVs rather than fuel consuming vehicles, for instance, 40% decrease in company car tax, free parking, exemption from road tolls, subsidized electricity charging, and free access to road ferries. In 2015 alone, the country has more than 10,000 charging stations for EVs which speak of its early commitment and dedication to this innovation. It also has charging roads at the taxi stands which facilitate the drivers to use EVs without a hassle.
These countries are leading the EV revolution in the world and other developed countries are following suit. These countries have come a long way in creating infrastructure for EVs and convincing the public to switch to EVs rather than fuel-consuming vehicles for a better environment and financial burden as the EVs are cheaper and low-maintenance.