October 26, 2023
The Real Picture of Electric Vehicle Development: Challenges and Prospects

Green energy and electric vehicle development are hot topics worldwide. But what are the actual trends in this market?

  1. While electric vehicle production is increasing, global dominance in the automotive industry still belongs to traditional internal combustion engine (ICE) cars. This is supported by statistical data and is easily observable on city roads.
  2. The global infrastructure for electric vehicles is still in its nascent stages. Issues related to charging, maintenance, and disposal require additional investments.
  3. Extreme weather conditions in certain countries present technical challenges for electric vehicle operation.
  4. Most electric vehicles still cost more than traditional cars, making them less affordable for the average consumer.

Interesting facts:

Top 5 electric vehicle manufacturers:
• Tesla: USA
Sales in 2022: 1.31 million cars
Market Capitalization: $738.8 billion

•   Li Auto: CHINA

Sales in 2022: 133,300 cars
Market Capitalization: $45.3 billion

•   Rivian: USA

Sales in 2022: 20,300 cars
Market Capitalization: $20.1 billion


Sales in 2022: 122,500 cars
Market Capitalization: $20 billion

•   Xpeng: CHINA

Sales in 2022: 120,800 cars
Market Capitalization: $14.9 billion

-According to the International Energy Agency (IEA), over 10 million electric vehicles were sold worldwide in 2022. The IEA predicts that sales will increase by 35% in 2023, reaching 14 million.

-Despite current challenges, many countries are heavily investing in infrastructure to support electric transportation. For instance, extensive charging station networks have been established in Europe, the USA, China, and other countries. In Norway, there’s 1 electric car for every 7 residents, in Germany 1:44, in China 1:100, in the USA 1:114, and in Japan 1:306.

Although the transition to electric vehicles is inevitable and supported at the governmental level in many countries, the process will be lengthy and requires addressing several technical and economic challenges