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EV Company News For The Month Of April 2020


  • Global electric car sales for March 2020 were significantly up on February 2020, but 15% down on March 2019. Europe led the way (9.9% share) with China recovering (5.7% share).
  • EV market news - Morningstar forecasts by 2030, half of all new auto sales globally will be electrified in some form.
  • China reduces subsidies YoY through to 2022 by 10% each year; stricter rules on range requirements favor NCM or NCA over LFP cathodes.
  • EV company news - Tesla Cybertruck pre-orders soar to over 600,000. Renault stops making gas cars in China. Kia to invest $25b; 11 new Kia EVs by 2025.
  • I do much more than just articles at Trend Investing: Members get access to model portfolios, regular updates, a chat room, and more. Get started today »

Welcome to the April 2020 edition of Electric Vehicle (EV) company news.

The big news this month was the COVID-19 disruption. Despite this, global EV sales were solid mostly due to another great result from Europe, and China starting to recover. Perhaps the surprise for March was Tesla Model 3 outselling all other models by a factor of over 9 fold.

Global electric car sales as of end March 2020

Global electric car sales finished March 2020 with 192,000 (up on Feb. 116,000) for the month, down 15% on March 2019, with market share 2.5% for March 2020 and 2.0% YTD.

Of note 74% of all global electric car sales in March 2020 were 100% battery electric vehicles (BEVs), the balance being hybrids.

China electric car sales were ~60,000 in March 2020, down 51% on March 2019. Electric car market share in China for March was 5.7% and 4.2% YTD.

On March 31, 2020, China extended the subsidies for two years. Then in April 2020, subsidies were announced to decline by 10%pa through to 2022. The China's Zero Emission Vehicle credit system (NEV credit scheme) in 2020 required 12 points of credits from new energy vehicles (NEVs). It is currently under consideration to be increased (14 in 2021, 16 in 2022 and 18 in 2023). A December 2019 report from Reuters stated: "China wants new energy vehicle sales in 2025 to be 25% of all car sales."

Europe electric car sales were 84,000 in March 2020, 41% higher than in March 2019. Europe electric car market share was 9.9% in March and 7.5% YTD. Norway still leads the world with an incredible 75% market share in March 2020.

US electric car sales were not reported by EV Sales in March 2020 as it appears many ICE brands don't want

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