Low-Emission Vehicle Industry Overview
- The market for low-emission vehicles is characterized by the presence of both established companies and small start-ups. There are also a large number of regional players currently focusing on specific geographies. BYD is a major player in the market studied, owing to its growing orders for passenger cars and electric buses from domestic and international markets. The company sold 227,152 passenger vehicles in 2018, the highest among all companies in China. BYD also received an order to build 4,473 electric buses for Guangzhou city under the tender of a total of 4,810 electric buses. Other major companies are Tesla, Daimler, Volkswagen AG, Toyota Motor Corporation, Ford, and Geely Group.
- In April 2022, the Ministry of Economic Progress, Italy announced the provision to allocate EUR 650 million (USD 699 million) for each of the years 2022-2023-2024, which falls within the resources allocated by the Government to the Automotive Fund for which a total financial endowment of EUR 8.7 billion (USD 9.34 billion) has been provided until 2030. Incentives for purchasing electric, hybrid, plug-in, and endothermic vehicles are granted only to individuals. A small percentage of the funds is reserved for car-sharing companies to purchase electric, hybrid, and plug-in vehicles.
- The Canadian government established a sales mandate in May 2022 to guarantee that all new light-duty vehicle sales are ZEVs by the year 2035. The Government is investing up to CAD 529 million (USD 423 million) into this project
Low-Emission Vehicle Market Leaders
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Tesla Inc
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Volkswagen AG
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Toyota Motor Corporation
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Hyundai Motor Company
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AB Volvo
- *Disclaimer: Major Players sorted in no particular order
