Global plugin vehicle registrations were up 50% in May 2023 compared to May 2022, rising to 1,057,00 units.
Category: Economy (Page 8 of 21)
David Bailey, a professor of business economics at the University of Birmingham, said that if Toyota’s claims were founded, it could be a landmark moment for the future of electric cars.
“Often there are breakthroughs at the prototype stage but then scaling it up is difficult,” he said. “If it is a genuine breakthrough it could be a gamechanger, very much the holy grail of battery vehicles.”
The Chinese electric-car juggernaut plans to build a production complex in the northeastern state of Bahia to produce both hybrids, EVs, and chassis for electric buses and trucks, as well as to process lithium and iron phosphate.
The BYD factory will have an initial annual capacity of 150,000 units, with the potential to reach 300,000 units. It will be the second facility dedicated exclusively to electric and hybrid cars in Brazil. Two years ago, Great Wall Motors agreed to buy a Daimler AG factory in Sao Paulo, pledging investments of 10 billion reais by 2032.
In Chile, BYD is building a $290 million lithium cathode factory.
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Most analysts predicted sales for the full year 2023 would be between 13 million and 14 million units, with 6.5 million for the first half. However, the actual numbers are going to be closer to 8 million vehicles sold in the U.S. in the first six months, with the second quarter outperforming the first quarter.
“We came into 2023 concerned about affordability, supply constraints, and a fragile economy,” noted Cox Automotive Chief Economist Jonathan Smoke. “But the jobs market has remained healthy, and consumers have found a way to buy new wheels.
“As we close the first half, the market is showing signs of being more balanced, with smaller, more predictable changes in sales and less news about big price changes. A year from now, we might look back at this point as the beginning of a return to normal.”
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