From Tesla to Nio, electric vehicles are having a global moment
Snacks / Wednesday, January 06, 2021
"Ooh girl, shock me like an electric"... wheel. Electric vehicles are having a moment this week with a flurry of milestones from around the globe:
- China: EV sales from January through November jumped more than 4% from a year ago, while overall car sales fell nearly 8%. Nio, the so-called "Tesla of China," said its deliveries more than doubled from a year ago to ~44K vehicles.
- US: Rivian, the Amazon-backed electric truck startup, is reportedly close to raising funds at a sweet $25B valuation. Meanwhile, Tesla (the "Tesla of Tesla") delivered a record-breaking, expectation-beating 180.5K cars last quarter, for a 2020 total of nearly 500K (up from 367.5K in 2019).
- Norway: EV sales rose to a record 54% market share in 2020 — the first year electric cars outsold gas and hybrid models. Sadly for Elon, Volkswagen replaced Tesla as the top EV producer in the country.
- UK: Electric cars had their "best-ever year" — EV sales nearly tripled while UK auto sales as a whole hit the lowest level since 1992.
Ludicrous... While the rise of EVs is old news, this week's headlines prove what a remarkably good year 2020 was for the electric market.
Politics could make 2021 the Year of the EV... The top two barriers to EV-buying are range-anxiety and price. A Democrat-controlled Senate could pass legislation supporting EV cost incentives and infrastructure (think: more charging stations). Top Senate Democrate Chuck Schumer has already proposed a $454B 10-year plan to offer cash vouchers for EV purchases. That, coupled with swiftly-falling battery prices, could make 2021 the Year of the EV.