Wed, 5th Jun 2024

In this week's Australian industry news, Financial Services Online examines the rapidly evolving electric vehicle (EV) industry. The International Council on Clean Transportation reports that Tesla leads the EV market, closely followed by China's BYD. German firm Mercedes-Benz and Britain's MG also make progress in their bid for zero-emission vehicles. Japanese and Indian car manufacturers, however, are lagging. Consistent with Australia's new fuel-efficiency standards, a global switch to EVs by 2035 is deemed critical for combatting climate change. A 40% global increase in EV sales, including a 161% rise in Australia, marks a shift towards sustainable transport. Australia plans to tighten emission standards further in the coming year. This analysis illuminates the strategic directions major car manufacturers are taking in response to the EV revolution.n