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This was largely caused by high sales growth of extended-range EVs (EREVs), popularised by BYD and Li Auto. Volumes grew by more than 100% in markets including Australia, Thailand, Brazil, Turkey, Malaysia, and Mexico in 2023 and more than 50% in India and Japan. This was calculated assuming normal scrappage rates.
Assuming normal scrappage rates, EV Volumes forecasts it will take until 2042 for half the global fleet to be electric. Tariffs and import duties on vehicles, even those sourced from Mexico and Canada, could be impacted. This was largely caused by high sales growth of BYD PHEVs and Li Auto extended-range electric vehicle (EREV) SUVs.
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