Market Trends of South America Automotive High Performance Electric Vehicles Industry
This section covers the major market trends shaping the South America Automotive High Performance EV Market according to our research experts:
Increased performance of BEV is boosting the sales of Electric Vehicles
Geographies around the world are witnessing an increase in demand for fuel-efficient and low emission vehicles. A limited range of electric vehicles is a major factor that is restraining the growth of the market. OEMs are now manufacturing electric cars with a higher mobility range that goes beyond 200 miles in a single charge. Tesla leads the market when it comes to producing high-performance vehicles. Tesla automotive revenue stood at USD 5.35 billion at the end of the third quarter of 2019. Tesla's profit from the automotive division was recorded at 1.19 billion dollars which was 29% more than the previous quarter. Model S, Model 3, Model X, Model Y, and Roadster, all have mobility range greater than 300 miles. Other high-performance models from key players include Hyundai Kona (258 miles), Kia Niro Electric (239 miles) and Chevy Bolt (257 miles). Since the cost of ownership of electric and hybrid vehicles is higher, OEMs are now opening their manufacturing hubs in developing economies like China and India to bring down the cost of the vehicles. Tesla opened its Gigafactory in Shanghai. Leading electric bus manufacturer BYD has partnered with Olectra India to produce high-performance electric buses in India.
Growing Demand for High-performance Electric Commercial Vehicles
Truck manufacturers, such as Daimler, Tesla, and Navistar International Corp. are racing to overcome the challenges of replacing diesel engines with batteries, as international organizations have been improving and implementing stringent exhaust emissions and fuel economy norms. As a result, commercial vehicle manufacturers and logistics companies are manufacturing their battery-based commercial vehicles. For instance,
- In January 2019, Toyota Motor North America and Kenworth Truck Company announced that they are collaborating to build ten zero-emission Kenworth T680s powered by Toyota hydrogen fuel cell electric powertrains.
- In November 2019, Tesla launched Cybertruck, an all-electric pickup truck. Tesla claims that Cybertruck has a range of more than 500 miles (250+ miles range for the base model which is priced at USD 39,900) and reaches 0 to 60 miles per hour in less than 2.9 seconds. The maximum towing capacity of Cybertruck is 14000 lbs.
- In 2017, Daimler delivered its first electric truck to United Parcel Service, which would be the first US commercial customer for its new battery-powered eCanter truck.
