A national trend in the automobile industry and the general public shifting away from vehicles powered by internal combustion engines to all-electric vehicles has been growing. It was boosted in August when the California Air Resources Board prohibited the sale of gasoline-powered vehicles beginning in 2035.
Several other states, including Massachusetts, New York, Oregon, Vermont, and Washington, will follow suit in 2035.
Tesla (TSLA), Elon Musk's EV market leader, is well on its way to producing and delivering 1 million EVs annually for the first time by the end of this year, having delivered 908,000 so far through September 30 after delivering 343,000 in the third quarter. Its competitors, which include Ford (F), General Motors (GM), Hyundai, Volkswagen, and Honda (HMC), are working hard to catch up to Tesla.
According to Statista, General Motors and Volkswagen have already announced that they will follow California's lead and phase out internal combustion engines by 2035.
Honda, which ranks fourth in 2021 total car sales, has stated that it will phase out gasoline-powered vehicles by 2040, but Ford, which ranks second in 2021 overall car sales, has not committed to a date to stop selling gas-powered vehicles.
China is also putting pressure on the EV sector, not just because of pandemic-related limitations and manufacturing closures.
Chinese manufacturers Nio (NIO), Li Auto (LI), and BYD had strong November results. And acccording to J.D. Power, the all-electric vehicle market accounted for around 6.5% of the entire new car market in October.
BYD said it sold 113,915 completely electric vehicles in November, a 147% increase year on year. It also sold 116,027 plug-in hybrids, an increase of 164% year on year.
Nio said on December 1 that it delivered 14,178 vehicles in November, a new record high, representing a 30.3% year-over-year rise.
On December 1, Li Auto said it delivered a record-high 15,034 EVs in November, representing an 11.5% year-over-year growth. The total number of deliveries through November reached 236,101.
Japan's Toyota (TM), which ranked first in total U.S. auto sales in 2021, has been a pioneer in hybrid and plug-in hybrid technology since the introduction of the Prius in the 1990s. Nevertheless, the world's largest automaker has yet to commit to an all-electric car market. According to Electrek, Toyota had sold only 232 of its first 100 percent EV vehicles, the bZ4X, by early October and is not going to ramp up production until 2025.
Toyota's slow adoption of all-electric cars was emphasized by the company's president, Akio Toyoda, during a visit to Thailand, according to the Wall Street Journal.
Toyota has been slow to embrace the all-electric trend, preferring to concentrate on a selection of gasoline-powered automobiles, hybrids, and hydrogen-powered vehicles rather than transitioning to all-electric models.
Akio Toyoda said that the car industry's workforce is mostly the silent majority. That silent majority questions whether EVs are genuinely acceptable as a single alternative. But since they believe it is the norm, they cannot speak out.Mr. Toyoda also claimed that because the right answer is still unknown, Toyota should not limit themselves to just one alternative.
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