Shift to Electric Vehicles Gaining Momentum

The automotive industry is witnessing a significant shift towards electric vehicles (EVs) with an increasing number of large car manufacturers setting targets to electrify all or a portion of their fleets over the next decade. These targets reflect manufacturers' willingness to decarbonize their vehicle fleets and their future vision.
Among the 23 major manufacturers assessed, Tesla stands out as the only manufacturer already producing only battery electric vehicles. Volvo has set the most ambitious target of achieving 100% zero-emission vehicle (ZEV) market share for LDVs by 2030. The Chinese manufacturers BYD, Great Wall, Geely, SAIC, and Changan include plug-in hybrid electric vehicles towards their targets. Tata Motors recently announced an ambitious target of 50% ZEVs by 2030, covering mainly sales in India. Japanese and Korean manufacturers have been more cautious in making announcements, with most of them setting more ambitious targets in Europe than elsewhere.

Two prominent European manufacturer groups, Volkswagen (VW) and Stellantis, are more ambitious in their commitments in Europe than elsewhere and focus on passenger cars rather than the broader LDV segment. BMW has set a more ambitious target for its Mini of 100% ZEVs by 2035 compared to the overall BMW Group’s global commitment of 50% ZEVs by 2030. General Motors (GM) and Ford, the two US manufacturers, are signatories to the COP26 Declaration and will work towards a full ZEV transition in leading vehicle markets by 2035.

While these commitments are not legally binding, they signal a shift in the automotive industry towards electrification and reducing carbon emissions. The ambition of these targets can be assessed by several factors, including time frame, geographical coverage, and technology type. As more and more manufacturers commit to electrification, it will be interesting to see how the market for EVs evolves and how consumers respond to the changing landscape.

chart shows targets of 23 OEMs, those with 100% ZEV targets in green and those that allow PHEVs in their targets as purple. Tesla is yellow because it only makes ZEVs
Source: The ICCT
Related news

P3 Charging Index reveals Asia’s fastest-charging EVs

The P3 Group has released its P3 Charging Index for Asia at the 37th International Electric…

read more
EV Charging
Asia
Published by: Editorial board | June 19, 2024

UAE accelerates EV adoption to meet 2050 carbon neutrality goals

The UAE is intensifying its efforts to transition to e-Mobility as part of its ambitious plan…

read more
Electric Vehicles
Asia
Published by: Editorial board | June 18, 2024

Corporate cars falling behind in Europe’s Electric Vehicle adoption

A recent briefing by Transport & Environment (T&E) has highlighted a significant issue in Europe’s corporate…

read more
Electric Vehicles
Europe
Published by: Editorial board | June 17, 2024

EU introduces provisional duties on subsidised EV imports from China

In a decisive move aimed at ensuring fair competition and protecting its automotive industry, the European…

read more
Electric Vehicles
Americas
Published by: Editorial board | June 13, 2024