Global shipments of electric vehicles rose an annual 79 per cent to about 1.95 million units in the first quarter of 2022, with Tesla continuing to dominate the market, a study by Counterpoint Research has shown.
China emerged as a crucial market for the EV industry both from a consumer and manufacturing standpoint, with EV shipments in the world's second-biggest economy leaping 126 per cent to more than 1.14 million in the three-month period ending March 31.
The opening of Tesla's Gigafactory in Shanghai helped the company significantly boost its deliveries in the country, Hong Kong-based Counterpoint said.
Shipments of Tesla, the world's biggest EV maker, rose 68 per cent year-on-year in the first quarter, outselling the combined sales of Wuling Hongguan, BMW and Volkswagen in the battery EV segment. The Texas-based EV manufacturer had a 16.7 per cent market share in the period, almost double of China's Wuling Hongguan, which was second with 8.9 per cent.
Tesla reported earlier this month that its deliveries fell for the first time in two years after a Covid-19-related shutdown at its Shanghai factory affected production.
The global EV market was able to withstand the negative effects of the pandemic and the semiconductor shortage, both of which disrupted supply chains. Its recovery presents a growth opportunity for existing players and an opening for new ones, said Soumen Mandal, senior research analyst at Counterpoint.
"The EV market is witnessing a boom ... fresh players are entering the market to benefit from the opportunity. To counter new entrants, existing players are using leading-edge technologies to have improved battery, superior IVI [in-vehicle infotainment] system and higher levels of Adas [advanced driver assistance systems] in their EV models as major selling points," he said.
Shipments would have been higher if the automotive supply chain was not affected by Russia's military offensive in Ukraine and fresh Covid-19 waves that beset China in March, Mr Mandal added.
The global EV market continues to grow as more countries aim to phase out petrol-powered vehicles to adhere to environmental standards and achieve net-zero goals.
EV sales doubled in 2021 from the previous year, to a record 6.6 million, with nearly 10 per cent of global car sales being electric last year, four times the market share in 2019, the International Energy Agency said.
In June, EV sales in China increased 133 per cent annually to about 596,000, the China Association of Automobile Manufacturers said this week. That brought total sales to about 2.51 million in the first half of 2022, up nearly 130 per cent year-on-year, research firm Rystad Energy noted.
Other manufacturers are also leveraging new battery technology to challenge market leaders Tesla and General Motors.
South Korea's Hyundai this week introduced the Ioniq 6, a sedan version of its cult EV, which can travel up to 610km on a single charge of its 77.4 kilowatt-hour battery, compared to its predecessor's 429km range.
BYD Auto was China's top EV seller in the first quarter, with sales surging more than five-fold to about 280,000 units, the Counterpoint study showed. This was driven by the Shenzhen-based company's decision to completely stop its internal combustion engine business and focus on battery and plug-in hybrid electric vehicles (PHEVs).
The market share of Wuling Hongguan, the joint venture between China's Saic and Wuling, and Detroit-based General Motors, grew 14 per cent, posting high EV shipments by just operating across China and Indonesia.
Expanding across South-East Asian nations will help to grow the company's business, Counterpoint said.
German majors BMW and Volkswagen ranked third and fourth, respectively. BMW’s 16 per cent annual growth is mostly due to its new PHEV models, while Volkswagen — its efforts to compete with Tesla in Europe stymied by the Russia-Ukraine conflict's effect on supply chains — increased its shipments by 25 per cent year-on-year.
Tesla's Model Y and Model 3 were the top two EVs globally in the first quarter, with market shares of 8.5 per cent and 6.6 per cent, respectively. Wuling Hongguang's Mini EV was third, while BYD had four of its cars in the top 10.
Improvements in the technology of batteries — which now are capable of longer ranges and overall life — have been a significant factor for the rise in EV interest and sales, Counterpoint said.
The research company forecasts EV shipments to exceed 10 million units in 2022 and hit about 58 million by 2030, with competition becoming stiffer.
"This is the most tumultuous period since the auto industry was established more than a century ago," Peter Richardson, vice president at Counterpoint, wrote in the study.
"There will be a fight for existence as incumbent auto manufacturers use their scale and manufacturing expertise to fend off new entrants that have no legacy business to protect," he said.
"The current economic headwinds are likely to favour deep-pocketed incumbents, but some new entrants will either survive on their own or be acquired by established players.”
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4.4-litre%2C%20twin-turbo%20V8%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3Eeight-speed%20auto%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E617hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E750Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh630%2C000%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Mohammed bin Zayed Majlis
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
More from Rashmee Roshan Lall
KILLING OF QASSEM SULEIMANI
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Clinicy%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Prince%20Mohammed%20Bin%20Abdulrahman%2C%20Abdullah%20bin%20Sulaiman%20Alobaid%20and%20Saud%20bin%20Sulaiman%20Alobaid%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Riyadh%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2025%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20HealthTech%3Cbr%3E%3Cstrong%3ETotal%20funding%20raised%3A%3C%2Fstrong%3E%20More%20than%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Middle%20East%20Venture%20Partners%2C%20Gate%20Capital%2C%20Kafou%20Group%20and%20Fadeed%20Investment%3C%2Fp%3E%0A
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
UAE currency: the story behind the money in your pockets
Reputation
Taylor Swift
(Big Machine Records)
The specs: 2019 Audi A8
Price From Dh390,000
Engine 3.0L V6 turbo
Gearbox Eight-speed automatic
Power 345hp @ 5,000rpm
Torque 500Nm @ 1,370rpm
Fuel economy, combined 7.5L / 100km
Ireland v Denmark: The last two years
Denmark 1-1 Ireland
7/06/19, Euro 2020 qualifier
Denmark 0-0 Ireland
19/11/2018, Nations League
Ireland 0-0 Denmark
13/10/2018, Nations League
Ireland 1 Denmark 5
14/11/2017, World Cup qualifier
Denmark 0-0 Ireland
11/11/2017, World Cup qualifier
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
India squad for fourth and fifth Tests
Kohli (c), Dhawan, Rahul, Shaw, Pujara, Rahane (vc), Karun, Karthik (wk), Pant (wk), Ashwin, Jadeja, Pandya, Ishant, Shami, Umesh, Bumrah, Thakur, Vihari
Disability on screen
Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)
Rosewood and Transparent — heart issues
24: Legacy — PTSD;
Superstore and NCIS: New Orleans — wheelchair-bound
Taken and This Is Us — cancer
Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)
Grey’s Anatomy — prosthetic leg
Scorpion — obsessive compulsive disorder and anxiety
Switched at Birth — deafness
One Mississippi, Wentworth and Transparent — double mastectomy
Dragons — double amputee
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
DUBAI WORLD CUP CARNIVAL CARD
6.30pm Handicap US$135,000 (Turf) 2,410m
7.05pm UAE 1000 Guineas Listed $250,000 (Dirt) 1,600m
7.40pm Dubai Dash Listed $175,000 (T) 1,000m
8.15pm Al Bastakiya Trial Conditions $100,000 (D) 1.900m
8.50pm Al Fahidi Fort Group Two $250,000 (T) 1,400m
9.25pm Handicap $135,000 (D) 2,000m
The National selections
6.30pm: Gifts Of Gold
7.05pm Final Song
7.40pm Equilateral
8.15pm Dark Of Night
8.50pm Mythical Magic
9.25pm Franz Kafka
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 374hp at 5,500-6,500rpm
Torque: 500Nm from 1,900-5,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.5L/100km
Price: from Dh285,000
On sale: from January 2022
Global state-owned investor ranking by size
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United States
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
The Bio
Ram Buxani earned a salary of 125 rupees per month in 1959
Indian currency was then legal tender in the Trucial States.
He received the wages plus food, accommodation, a haircut and cinema ticket twice a month and actuals for shaving and laundry expenses
Buxani followed in his father’s footsteps when he applied for a job overseas
His father Jivat Ram worked in general merchandize store in Gibraltar and the Canary Islands in the early 1930s
Buxani grew the UAE business over several sectors from retail to financial services but is attached to the original textile business
He talks in detail about natural fibres, the texture of cloth, mirrorwork and embroidery
Buxani lives by a simple philosophy – do good to all
BAD%20BOYS%3A%20RIDE%20OR%20DIE
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Adil%20El%20Arbi%20and%20Bilall%20Fallah%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EWill%20Smith%2C%20Martin%20Lawrence%2C%20Joe%20Pantoliano%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
Dubai World Cup nominations
UAE: Thunder Snow/Saeed bin Suroor (trainer), North America/Satish Seemar, Drafted/Doug Watson, New Trails/Ahmad bin Harmash, Capezzano, Gronkowski, Axelrod, all trained by Salem bin Ghadayer
USA: Seeking The Soul/Dallas Stewart, Imperial Hunt/Luis Carvajal Jr, Audible/Todd Pletcher, Roy H/Peter Miller, Yoshida/William Mott, Promises Fulfilled/Dale Romans, Gunnevera/Antonio Sano, XY Jet/Jorge Navarro, Pavel/Doug O’Neill, Switzerland/Steve Asmussen.
Japan: Matera Sky/Hideyuki Mori, KT Brace/Haruki Sugiyama. Bahrain: Nine Below Zero/Fawzi Nass. Ireland: Tato Key/David Marnane. Hong Kong: Fight Hero/Me Tsui. South Korea: Dolkong/Simon Foster.
MATCH INFO
Southampton 0
Manchester City 1 (Sterling 16')
Man of the match: Kevin de Bruyne (Manchester City)
UAE currency: the story behind the money in your pockets
