Mobec Bytes (11 March-18 March)

Hello Byters,?

We are excited to present the latest edition of MobecBytes.

Are you interested in expanding your understanding of EV charging? This week's newsletter will feature:?

• EV news updates
• Innovations in EV Charging
• Global ev sales growth 2024
• Battery Technology Breakthroughs
• Tesla's India Entry

So what are you waiting for?

Stay tuned for more updates.

EV news updates

Here are some of the latest updates in the electric vehicle (EV) industry:

• New EV Policy Impact: Analysts suggest that the new EV policy will intensify competition in the passenger vehicle segment, with auto component makers likely to benefit from the focus on localization and advanced technology investments.
• Hyundai Creta EV: Reports indicate that Hyundai is working on an electric version of the Creta, which may offer a range of 450 kilometres on a single charge and feature design modifications like a repositioned brand logo and a front-fender mounted charging port.
• Tata Punch Facelift: The Tata Punch facelift has been spotted testing and is expected to draw design inspiration from the Punch EV, including newly designed 16-inch alloy wheels.

Innovations in EV Charging

The EV charging landscape is rapidly evolving, and several innovative trends will emerge in 2024.?

1. Intelligent Charging Systems: Companies like AOHAI have introduced intelligent chargers capable of charging and discharging, featuring the latest EV CHARGER 3.0 technology1.
2. Design and User Experience: Brands focus on sleek, minimalist designs that blend with modern aesthetics, as seen with CE-LINK's new EV charger.
3. Smart Charging Solutions: Anker's SOLIX V1 EV charger and ETN's card-swipe charging product are examples of intelligent charging solutions that offer user-friendly interfaces and extended charging ranges1.
4. Home Fast Charging Stations: KN's introduction of an intelligent charging wall box indicates a trend towards convenient home fast charging solutions1.
5. Futuristic Charging Options: PIKKA's "Anywhere Door" shaped charger showcases a futuristic approach to EV charging, emphasizing adaptability and safety certifications.

Global EV sales growth 2024

The global electric vehicle (EV) market shows robust growth in 2024.

Here are some critical points on the sales growth:

• Overall Growth: The global EV market is expected to grow solidly, with plugin vehicles getting a 16% share of the worldwide auto market (10% BEV) as of January 20241.
• Sales Projections: Global EV sales are projected to rise to 12 million in 2024, nearly doubling from 2021.
• Market Share: By the end of 2024, the EV market share could reach above 20% (15% BEV market share).
• Regional Contributions: China's market is the primary driver of growth, representing over 60% of all global sales of electric cars in January 20241.
• Price Trends: The volume-weighted average price of electric vehicles is predicted to be around $52.9k in 2024, reflecting their increasing affordability.
• Revenue Projections: The revenue in the Electric Vehicles market is projected to reach approximately $623.3 billion worldwide in 2024, with a steady annual growth rate (CAGR 2024-2028) of 9.82%.

Battery Technology Breakthroughs

1. High-Efficiency Zinc Batteries: Researchers at Oregon State University have developed a new electrolyte for zinc batteries that boosts their charging efficiency to 99.95%, making them competitive with lithium-ion batteries. This breakthrough addresses limitations such as poor recharging efficiency and unwanted hydrogen production.
2. Solid-State Batteries: Solid-state batteries are gaining traction due to their potential to pack more energy into a smaller space, improving the range of electric vehicles. They also offer faster charging times and improved safety by reducing fire risk.
3. Alternative Materials: The industry is exploring alternative materials in battery production to address the supply and environmental concerns associated with metals like cobalt and nickel.

Tesla's India Entry

Tesla's entry into the Indian market has been a topic of much anticipation and speculation. In 2024, significant policy changes have paved the way for Tesla to establish its presence in India:

• New EV Policy: The Indian government announced a comprehensive electric vehicle (EV) policy to attract investment from leading global EV manufacturers, including Tesla1.
• Custom Duty Adjustments: The government approved a scheme that allows import by OEMs who commit to investing Rs 4,500 crore at a 15% customs duty for 3 years.
• Import Duty Reduction: For five years, customs duty on the import of ready-to-assemble automobiles, or CKD units, has been slashed to 15%, facilitating EV majors like Tesla's entry into the Indian market.
• Investment and Manufacturing: Under the new policy, companies that commit to invest at least USD 500 million will be granted three years to establish local manufacturing facilities for EVs.

And here we conclude this amazing, enlightening, and fact-filled newsletter.

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