EV launch commitments by vehicle manufacturers

With the success of new electric vehicle OEMs, such as Tesla, incumbent vehicle manufacturers, who deal with long product to market lead times, have had to react.  Many have now made electrification announcements and set targets to phase out production of ICE vehicles.  Many billions of dollars are being spent globally to develop new technologies for BEVs, as well as PHEVs and FCEVs.  This global shift will have significant implications on Australia’s transportation future.

Almost all major OEMs have made electrification announcements including future goals to cease production of ICE vehicles.

• Volvo announced that every new car they launch from 2019 onwards will have an electric motor⁴. By 2030, Volvo will only sell fully electric cars.⁵
• Ford announced US$ 22 billion investment in EVs through 2026. They also target to use 100% locally sourced renewable electricity for all manufacturing plants by 2035.⁶
• Hyundai aims for eco-friendly vehicles to comprise 25% of its total sales by 2025.⁷
• Honda announced its commitment to strive for carbon neutrality by 2050. To reach the zero environmental impact objective by 2050, their target is to increase EVs sales ratio to 40% by 2030, to 80% by 2035, and to 100% by 2040.⁸
• Toyota aims to sell more than 5.5 million electrified vehicles including more than 1 million ZEVs by 2030.⁹
• General Motors committed to bring 30 new EVs by 2025 with a $35 billion investment between 2020-2025.¹⁰ GM’s net zero commitment: General Motors plans to become carbon neutral in its global products and operations by 2040.¹¹
• BMW has a goal to reduce emissions by 200 million tonnes with 50% sales from fully electric models by 2030.¹²

The following table shows the exponential growth in choice of BEV and PHEV models and provides insight into the European market proving to be representative of other key markets like the US.

Total number of new BEV models by year in Europe¹³

Total number of new PHEV models by year in Europe¹⁴

[4] https://group.volvocars.com/company/innovation/electrification
[5] https://www.media.volvocars.com/global/en-gb/media/pressreleases/277409/volvo-cars-to-be-fully-electric-by-2030
[6] https://media.ford.com/content/fordmedia/feu/en/news/2021/03/31/building-a-better-world–ford-announces-steps-towards-carbon-neu.html
[7] https://www.hyundai.news/eu/articles/press-releases/hyundai-and-canoo-to-co-develop-all-electric-platform.html
[8] https://global.honda/newsroom/news/2021/c210423eng.html
[9] https://www.toyota-europe.com/world-of-toyota/feel/environment/environmental-challenge-2050/2030-global-mid-term-targets
[10] https://www.gm.com/electric-vehicles.html
[11] http://www.bmwgroup.com/en/company/news.html#ace-1312289094
[12] https://www.bmwgroup.com/en/company/news.html#ace-1312289094
[13] https://www.transportenvironment.org/sites/te/files/publications/2019_07_TE_electric_cars_report_final.pdf
[14] https://www.transportenvironment.org/sites/te/files/publications/2019_07_TE_electric_cars_report_final.pdf