- The target markets include North America, Europe, Mainland China, and India.
- It is expected that these two behemoths will be battling to control the entire charging system market.
- General Motors and Toyota both have their own patent applications pending for their fully electric vehicles (EV).
Taiwan’s Hon Hai (also known as Foxconn) and electric vehicle manufacturer Fisker signed a memorandum of cooperation, it was reported on Wednesday. The two parties will work together to build an electric vehicle under the Fisker brand, which is expected to be mass-produced in the fourth quarter of 2023.
Fisker and Hon Hai have a preliminary plan to jointly develop a new range of vehicle products, and the annual output is expected to exceed 250,000. The target markets include North America, Europe, Mainland China, and India.
As a long-term enterprise, the global automotive industry has been dominated by two powerful players: Toyota and the Chinese electric-vehicles. These two giants have been dominating the industry for decades, but a new entrant into the marketplace, Apple, has challenged both of them.
At the time when Apple filed for its patent for its “iMobile” application, it is expected that these two behemoths will be battling to control the entire charging system market. Today, there are two main technologies that are being used by the major players in this charging system industry.
General Motors and Toyota both have their own patent applications pending for their fully electric vehicles (EV). In fact, GM had their own patent for their electric car project. They then invested over $500 million in China-based CNP Qiagen, which is working on an electric car.
The other major player in the electric-vehicle market are the Chinese automobile companies. The world saw some signs of progress in this regard when Chinese regulators announced that they would allow electric vehicles to use regular auto parts.
In this respect, they are following the same strategy as Toyota, which was also planning to produce its own EV in collaboration with GM. However, Chinese regulations require full conformity with Chinese laws before GM could start manufacturing its own electric buses.
Meanwhile, the Chinese government is encouraging the growth of electric vehicle sales by promoting the sale of zero-emission vehicles. However, it is hard to see any significant headway due to the slow progress in EV technology. Some believe that the slow progress is due to the fact that Chinese authorities are still promoting the production of traditional cars.
In addition, the government’s incentives for electric vehicles do not cover enough of the market, leading to the perception that the Chinese market does not need any further incentives to develop zero-emission vehicles. This may change as the market grows, especially once the Chinese economy takes off.
There are some carmakers in the Chinese automotive industry who have made a conscious decision to develop electric vehicles. They are taking advantage of the low price of an electric vehicle and the government’s encouragement of hybridization.
In fact, these Chinese carmakers are now starting to introduce electric vehicles in their mainstream product lines. It remains to be seen how successful they will be at this. For now, there are indications that Chinese carmakers are gradually taking over the leading position in the electric vehicle market.
Developed nations, such as the United Kingdom and Germany, have relatively high densities of electric vehicle market penetration. The price of an electric vehicle in these nations is usually lower than in developed countries, even when depending on the size of the vehicle.
If we look at the region-wise penetration, then the results are much more mixed. The biggest drivers of the growth are China, India, and Brazil, while the United States, Japan, and South Korea show minimal to zero growth in recent years.
A recent poll by the National Automobile Dealers Association (NADA) indicates that nearly half of new car purchases in Europe are electric vehicles. France, the UK, Portugal, and Spain are also reported to be having strong electric vehicle markets.
Germany is reported to have the strongest and fastest-growing automotive segment in Europe, followed by Nordic countries.
The second region with a global perspective in Asia. A recent survey by the NADA shows that nearly half of new cars in Asia will be electric. Japan is said to be leading the way with almost a quarter of the market, followed by Nissan, which is expected to launch its new line of sport utility vehicles with the model year ending in March 2021.
China and India are also reported to be making a significant impact on global sales. Apart from these, South Korea is expected to follow in the next few years with its own indigenous passenger car.