In our fifth edition of Electro Beat news, we have more fun EV stories for you!
First up is Norway, storming ahead with its hydropower resources making renewable electricity production a breeze! But make sure you keep scrolling to discover the world’s fastest-charging EV battery, rising from 10 - 80% in 10.5 minutes - this is the future of EVs!
Let’s get plugged in…
With ample oil and natural gas reserves, Norway has always been a mover and shaker in the renewable energy space. Its extensive hydropower resources cover 92% of electricity generation, supporting an almost completely renewables-based power sector!
^ Øvre Forsland hydropower plant. The world’s most striking hydropower station has been awarded “Public Winner” of the Architecture and Sustainability category by the prestigious Architizer A+ Awards architecture competition.
So, it is no surprise that Norway has also been leading the charge for electric vehicle adoption for many, many years - but an impressive new target has just been hit:
In July 2024, Norway experienced a significant shift in its automotive market, with battery electric vehicles (BEVs) making up 91.9% of all new vehicle registrations, a notable increase from 81.7% in July 2023. This surge follows a period of stagnation in BEV sales, demonstrating how policy changes can cause abrupt shifts in the market.
The market share of hybrids and plug-in hybrids (PHEVs) fell to 4.8%, down from 14% the previous year. This decline is largely due to the removal of a tax exemption in January 2024 that previously accounted for the additional weight of PHEVs' electric drivetrains. Since the exemption was lifted, PHEV sales have been steadily decreasing. Additionally, July marked a historic low for non-hybrid petrol car sales, with only 45 new units registered!
These trends underscore Norway's rapid transition toward full electrification of its vehicle fleet and highlight the significant impact of policy on accelerating this shift, offering a glimpse into how similar policies might influence automotive markets globally.
As we know, there’s been a recent, exciting surge in used EV sales. One of the reasons behind these sales is the reduction of used EV prices, creating even more incentive for people to drop their ICE (Internal Combustion Engine) vehicles and join the green side…
The end goal is for EVs to become the everyman car - to make the EV landscape accessible to everyone! Part of this process is EVs becoming more affordable, and whilst they’re cheaper to run than petrol and diesel vehicles, some motorists still struggle to afford the vehicle itself.
Now, as used EVs drop in price, their values are beginning to match that of combustion equivalents! This means that used, premium, EV models will start to parallel the standard price of a new budget vehicle, making popular, good-quality models more affordable for those considering an electric vehicle.
Used EV sales help improve the overall car market - the numbers show the recovery of sales, sitting just 3% lower than pre-pandemic!
Whilst used EV sales are rising, as demonstrated in an Autocar poll, many motorists are still concerned about the wear on the battery from the previous owner. However, the irony of this is battery replacements are very rare! Plus, with the majority of manufacturers offering warranty covers for EV batteries for 8 years or longer, typically covering battery failure and degradation below 80% of its original value, there’s very little to worry about when purchasing a used EV!
Increased affordability and trust in used EVs means there’s now little reason to not join the green race!
Speed freaks, rejoice! Rimac, the Croatian electric supercar pioneer, has just launched the Nevera R—a lightning-fast EV that rockets from 0-62mph in a blistering 1.81 seconds. This high-voltage hypercar packs a staggering 2078 horsepower, surpassing its already impressive predecessor, the Nevera. While its top speed of 256 mph (412 Km/h) remains unchanged, the Nevera R’s acceleration cements its place in history as the quickest EV ever.
Dubbed the "alter-ego" of the standard Nevera, this vehicle is lighter, more agile, and tuned for ultimate performance. Despite its ferocious power, it’s fully road-legal and designed to dominate the EV world and challenge the fastest petrol-powered machines. Limited to just 40 units, this road-legal rocket will set you back a cool £1.97 million (2.34€), plus customisations. Rimac is proving that electric vehicles aren't just the future—they’re the now, redefining what’s possible with four wheels and a battery.
The electric vehicle (EV) market is gearing up for explosive growth, projected to jump from $396.4 billion in 2024 to $620.3 billion by 2030, with a 7.7% annual growth rate. This surge is driven by stricter emission regulations, consumer demand for sustainable transport, and rapid advancements in battery technology, making EVs more efficient and appealing.
The rise of 800-volt architecture, delivering superior performance and faster charging, is setting new standards in the industry. Although initially pricey, this technology promises to revolutionise EVs by making them lighter and more efficient.
Commercial sectors, from logistics to public transport, are also jumping on the EV bandwagon, driven by the need to cut costs, meet sustainability goals, and comply with environmental regulations. Big names like Amazon and UPS are leading the charge, investing heavily in electric fleets to future-proof their operations.
Europe is emerging as a key player in the EV market, thanks to strong government support, environmental awareness, and robust charging infrastructure. Countries like Norway, Germany, and the UK are at the forefront, with major automakers like Volkswagen and Mercedes-Benz committing to ambitious electrification strategies. With growing low-emission zones and urban restrictions, Europe is rapidly accelerating towards a greener, electric future.
Zeekr, a Chinese electric vehicle (EV) manufacturer, claims its new battery technology surpasses rivals like Tesla and BYD in charging speed, with battery charge rising from 10 - 80% in as little as 10.5 minutes!
Zeekr's upcoming 2025 007 sedan, set to be released in the coming weeks, will be the first vehicle equipped with this advanced battery.
The company also highlights the battery's impressive performance in cold weather, claiming it can charge from 10% to 80% in less than 30 minutes even at temperatures as low as -10°C. In comparison, Tesla's Model 3 can gain 175 miles of range in 15 minutes, less than half the vehicle's total range.
Tu Le, the founder of Sino Auto Insights, believes Zeekr's claims are credible, and even if not the absolute fastest, being among the fastest-charging in the world is a significant achievement for the company. Mark Rainford, a China-based car industry commentator, emphasises that in the fiercely competitive Chinese market, brands like Zeekr are focusing on maximizing the charging experience, while others like BYD focus on scale and sales. Zeekr's parent company, Geely, is well-positioned to support such innovations, given its vast resources and ownership of brands like Lotus and Volvo.
In further news, Zeekr recently made its debut on the New York Stock Exchange, becoming the first major Chinese company to do so since 2021, despite its shares trading 27% below their initial public offering (IPO) price.
Thailand is rapidly becoming a top destination for EV and EV battery manufacturing facilities. With the Thai government recently making policy changes, it has become easy for manufacturers to set up shop and deliver EVs (and EV batteries) globally!
One company that has set its sights on Thailand is BYD, which recently took the leap out of China! BYD launched their first external EV manufacturing factory in Thailand this July (2024). BMW, on the other hand, opened a new high-voltage battery plant in Thailand in March (2024), continuing their relationship with Thailand from 2000 when their first manufacturing plant opened in the Rayong province and now planning to release their first Thai-made EVs in the latter half of 2025!
Thailand’s policy ‘EV 3.0’, implemented by the government in 2022, provided plenty of incentives for EV manufacturers. One of the schemes involved cash subsidies for EVs, the amount increasing depending on the EV’s battery capacity: buyers receive 70,000 baht* (£1,555.34) for a battery capacity of 10–30 kWh, and 150,000 baht (£3332.88) for any vehicle over 30 kWh!
*Per vehicle!
The country also has a “30@30” goal. The aim is that 30% of the vehicles being produced in Thailand will be EVs by 2030! Plus, more than half of the 2.5 million EVs in production will be designated for export.
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