Connect with us

News

BEV adoption reaches ‘tipping point’ in 31 countries: Bloomberg

Credit: Tesla

Published

on

Tesla and other electric vehicle (EV) brands are becoming more popular around the world, and a recent report shows that several countries have surpassed a crucial EV adoption tipping point.

Battery-electric vehicles (BEVs) have surpassed a tipping point of making up 5 percent of overall automotive sales in 31 countries, up from just 19 in 2022, according to data shared by Bloomberg last week. The report looks at 2023 BEV adoption across countries, as well as BEV sales trends from countries that surpassed the 5 percent mark just a few years ago.

Notably, the report points out that some of the BEV markets that have grown most quickly were in Southeast Asia and Eastern Europe, for the first time ever. Countries that surpassed this tipping point a few years earlier are now showing trends of BEV adoption trajectory between 5 and 25 percent, with some seeing this surge in less than four years.

Credit: Bloomberg

RELATED:

U.S. pace of EV adoption rivals rate of California: analysis

The data runs through the fourth quarter of 2023, and Bloomberg says that the 5 percent milestone is significant because it means BEV adoption is transitioning from an “early-adopter” phase to hooking into a wave of mainstream acceptance. Early barriers, including general consumer ambivalence, lacking infrastructure, and cost, play a major role in this transitional period, and reaching 5 percent indicates that these barriers are flattening.

Advertisement

“Once enough sales occur, you kind of have a virtuous cycle,” said Corey Cantor, an EV analyst at BloombergNEF. “More EVs popping up means more people seeing them as mainstream, automakers more willing to invest in the market, and the charging infrastructure expanding on a good trajectory.”

Norway, Iceland and Denmark led the BEV market share charts in Q4, with Sweden and Finland following behind. While each of these countries reached the 5 percent tipping point several years ago, others like Turkey, Thailand, Estonia and Bulgaria did so at some point last year. By comparison, BEVs surpassed this milestone in the U.S. in 2021, in Canada in 2022, and in China in 2020.

Globally, BEVs were at a 14.5 percent adoption rate in Q4, after surpassing the 5 percent tipping point about halfway through 2021.

Check out Bloomberg’s full list of BEV adoption rates by country below.

Credit: Bloomberg

The U.S. could become one of the first countries to take over three years to go from 5 percent to 25 percent this year, along with South Korea. However, if BEV adoption trends accelerate and follow some of the other countries included in the data, the country could at least reach the milestone by 2026—about five years after it surpassed the 5 percent mark.

Tesla says Model Y has achieved unthinkable ‘best seller’ label in just four years

Advertisement

What are your thoughts? Let me know at zach@teslarati.com, find me on X at @zacharyvisconti, or send us tips at tips@teslarati.com.

Zach is a renewable energy reporter who has been covering electric vehicles since 2020. He grew up in Fremont, California, and he currently lives in Colorado. His work has appeared in the Chicago Tribune, KRON4 San Francisco, FOX31 Denver, InsideEVs, CleanTechnica, and many other publications. When he isn't covering Tesla or other EV companies, you can find him writing and performing music, drinking a good cup of coffee, or hanging out with his cats, Banks and Freddie. Reach out at zach@teslarati.com, find him on X at @zacharyvisconti, or send us tips at tips@teslarati.com.

Advertisement
Comments

News

Tesla creates clever solution to simplify and improve its Service

Raj Jegannathan, a Vice President of IT/AI-Infra, Apps, Infosec, and Vehicle Service Operations, revealed that Tesla has started a small pilot program at a few service locations to combat this issue.

Published

on

tesla service
Credit: Tesla

Tesla has created a clever solution to simplify and improve its Service. Tesla performs most of the services that are needed on its vehicles at its company-owned Service Centers.

However, service has been a weak point of the company, as some regions have fewer Service Centers than others. This can cause long wait times for Tesla owners in some parts of the country.

There are also instances where customers do not agree with what Tesla is saying about their vehicle. In fact, one instance that revealed this new change Tesla is making to its Service was precisely that.

One owner posted on X that his vehicle’s battery seal had failed after a recall was issued. Tesla insurance and Tesla Service both did not assist, and it took CEO Elon Musk stepping in to get the issue resolved:

Another owner suggested there should be a more streamlined communications process between the customer and the Service Center, a solution that has been missing.

Raj Jegannathan, a Vice President of IT/AI-Infra, Apps, Infosec, and Vehicle Service Operations, revealed that Tesla has started a small pilot program at a few service locations to combat this issue.

Elon Musk wants Tesla Service to fix two-thirds of cars in the same day

Jegannathan said that Tesla has started to share local and regional leader contact information so customers have the ability to reach out when they have complaints or disagree with warranty claims, changes in estimates, or initial diagnostics.

Advertisement

It is available in a handful of locations already, and Jegannathan said that once abuse guardrails are built, this will expand to all locations:

This would be a major improvement in the Service portion of Tesla’s business. There are common disagreements between Service and customers, specifically when Service’s suggestions don’t align with the customer’s beliefs.

When it comes to things like a warranty claim, these issues are not really up for interpretation. Instead, the repairs should be made. If there is a misunderstanding on Service’s side, a simple message from the customer could have resolved the issue. That’s basically what happened here.

Advertisement
Continue Reading

Investor's Corner

Tesla gets its best analysis from Morgan Stanley as ‘it’s all about to change’

He maintained its ‘Overweight’ rating and the $410 price target Morgan Stanley had on the stock.

Published

on

(Credit: Tesla)

Tesla has gotten perhaps its best analysis from Morgan Stanley in quite some time, as the Wall Street firm claims that “it’s all about to change.”

That phrase could be used for both the company’s status and the world in general.

Analyst Adam Jonas said in a new note on Thursday to investors that Tesla could be one of the major winners in terms of the global transition from what it is now to what it will be.

He describes the global shift that will occur over the next few years:

“Have you interacted with a robot today? Have you even seen a robot today? No? Well, take a mental picture because it’s all about to change. When we meet someone who has never been in a Waymo or a Tesla Cybercab (which is most people), we frequently see a wince and a response such as ‘I’m not sure I’d feel comfortable getting in a car without a driver.’ We imagine going back in time to 1903 and asking people if they’d feel comfortable in an airplane.’”

Advertisement

The same technological revolutions that have occurred over the past 150 years will continue to occur again and again. We are on the verge of another, Jonas believes, as companies like Tesla are working on artificial intelligence tech, which includes changing the way we look at things like transportation and labor.

Jonas includes an interesting tidbit in his note about how humanoid robots could change wages, and how it could work into the advantage of Tesla, especially as it is developing its own Optimus robot:

“We estimate 1 humanoid robot at $5/hour can do the work of 2 humans at $25/hour, generating an NPV of approximately $200k/humanoid. 1 robot shaped car can potentially drive down cost/mile of a ride share vehicle to <$0.20 mile (1/10th human-driven ride-share).”

Jonas sees Tesla as a key player in how AI will impact things like manufacturing and various automotive industries, and he believes there is long-term potential for AI, robomobility, and even autonomous eVTOL platforms.

Tesla stock: Morgan Stanley says eVTOL is calling Elon Musk for new chapter

Advertisement

He maintained its ‘Overweight’ rating and the $410 price target Morgan Stanley had on the stock.

Continue Reading

Elon Musk

Tesla expands Robotaxi program in Austin to new riders

Tesla has been expanding both the rider group and the geofence in Austin slowly, making sure to prioritize safety and avoid any major events with the early rollout.

Published

on

Credit: @TerrapinTerpene/X

Tesla is expanding its Robotaxi program in Austin, Texas, as several people have received invitations to participate and take rides.

Tesla first launched the Robotaxi platform on June 22. It invited a handful of people to participate in the first-ever public rides. We were lucky enough to get an invitation, and our permissions have been expanded in the Bay Area pilot program as well.

The group was small and consisted of big names in the Tesla community. It expanded and is continuing to offer these exclusive invitations to notable members of the Tesla community.

There have been fewer than five subsequent invitations after the first group’s were sent in late June:

Tesla has been expanding both the rider group and the geofence in Austin slowly, making sure to prioritize safety and avoid any major events with the early rollout.

Advertisement

Tesla’s new Robotaxi geofence shape is an FU by Elon Musk to the competition

“We are being very cautious. We do not want to take any chances, so we are going to go cautiously. But the service areas and the number of vehicles in operation will increase at a hyper-exponential rate,” CEO Elon Musk said during the Q2 Earnings Call.

Eventually, the Robotaxi platform will not require an invite, and it will operate without geofences. Musk believes Tesla can get there within three or six months, and plans to have at least half of the U.S. population with access to a Robotaxi by the end of the year:

Advertisement

“I think we will probably have autonomous ride-hailing in probably half the population of the U.S. by the end of the year. That’s at least our goal, subject to regulatory approvals. I think we will technically be able to do it. Assuming we have regulatory approvals, it’s probably addressing half the population of the U.S. by the end of the year.”

Tesla plans to have regulatory approval in Nevada, Arizona, and Florida sooner than in other states.

Continue Reading

Trending