News
Global Electric Vehicle market size to swell by five-times to $823.74B by 2030: study
A new study suggests that the global electric vehicle market will multiply in valuation by five times by 2030, based on new data acquired by Allied Market Research.
The 2020 EV market size was valued at $163.01 billion, a sizeable figure considering the sector’s relatively low share compared to that of combustion engine vehicles. With several large-scale automotive companies with storied histories transitioning to electric vehicles, these companies will supplement the smaller, EV-focused companies, like Tesla, Rivian, and Lucid, contributing large-scale production operations with relatively limitless amounts of capital.
The new study says that the global EV sector will reach $823.74 billion by 2030, at a compound annual growth rate (CAGR) of 18.2 percent.
The report also includes both PHEVs and FCEVs in the overall EV sector. However, the study also confirms that BEVs have dominated the sector, “accounting for more than three-fourths of the global electric vehicle market.”
According to IBISWorld.com, the global automotive industry will be worth $2.8 trillion this year, a 4 percent increase from its valuation in 2021. More competition, more technological advances, and an everchanging background of consumer wants are driving the electrification industry to grow exponentially over the next several decades. However, in the short term, as in up until the end of the decade, Allied Market Research expects the market to saturate and expand, especially as the cost of driving a combustion engine vehicle continues to bubble, giving consumers more incentive to drive an electric powertrain.
Allied Market Research suggests that there are several factors that are driving consumers to consider EVs, but the biggest seems to be the issue of cost.
“Surge in fuel costs, rise in need for fuel-efficient, low-emission, and high-performance vehicles, and strict governmental rules about vehicle emissions drive the growth of the global electric vehicle market. Moreover, reduction in cost of electric vehicle batteries supplements the market growth,” the report states. “However, high manufacturing cost, lack of infrastructure for charging, and range anxiety and serviceability hinder the market growth. On the contrary, technological advancements, development of self-driving electric vehicle technology, and proactive government initiatives are expected to open new opportunities for the market players in the future.”
The study also looks into the regions that are highly associated with EVs, like Europe and Asia. Allied Market Research said:
“By region, the market across Asia-Pacific, followed by Europe and North America, held the largest share in 2020, accounting for nearly half of the market, due to rise in vehicle population and surge in vehicle standards. However, the global electric vehicle market across Europe is anticipated to register the highest CAGR of 20.6% during the forecast period, owing to rise in environmental concerns and strict emission norms set by European governments and environmental agencies.”
Electric vehicles outsell ICE cars in Norway, forecasting a combustion engine decline
Without a doubt, the EV sector is primed for a major expansion in the coming years. With legacy automakers like Ford, General Motors, and others committing to fully-electric lineups in various timeframes, the global EV industry has nowhere to go but up. Additionally, the legacy automakers are riding the coattails of the full-EV manufacturers, who are disrupting the industry more than ever before. In perhaps the largest technological transition to a sector in history, the automotive sector is looking to basically rework its entire concentration in the next 10 to 15 years. As the transition becomes more prevalent moving forward, the combustion engine market will begin to hinder, while EVs continue to snap up more of the global market share.
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Tesla received a price target upgrade just on the heels of what was a crazy successful quarter for its automotive business, as the company reported a delivery beat of over 15 percent for Q2.
Jefferies analysts are upping Tesla’s price target (NASDAQ: TSLA) to $400 from $375, while maintaining their “Hold” rating on shares, and the strong automotive deliveries from Q2 is a big reason. However, there are some other catalysts that Jefferies believes position Tesla for a strong position in the second half of the year.
Strong Deliveries
Tesla reported 480,000 deliveries for Q2, while Wall Street was between 395,000 and 405,000, as an overall consensus. It was an incredibly strong quarter from a delivery perspective, and Tesla sold well more than it produced during the three months.
Tesla crushes Wall Street expectations, beats delivery estimates by over 15 percent
While vehicle deliveries are not necessarily looked at in the light that they used to be, Tesla still maintains a lot of advantages for keeping deliveries strong. With the loss of the $7,500 EV Tax Credit last year, Tesla still maintains a strong demand case for its EVs.
Robotaxi Performance
Tesla has been operating Robotaxi for over a year now, as it launched in Austin in mid-2025. That program has expanded to Houston and Dallas, the San Francisco Bay Area, and, most recently, Miami, Florida, the suite’s first appearance in the Sunshine State.
While the Robotaxi suite is still in its early phases and Tesla is working through things like fleet size and wait times, the company has been able to undercut the pricing of its competitors and has a great safety record.
Merger Speculation with Tesla and SpaceX
This is perhaps the biggest topic that many are speaking about with Tesla and SpaceX, and it is the one thing that seems to be on the mind of every investor.
Jefferies warns that growing talk of a Tesla-SpaceX merger could cause Tesla stock to trade more like a SpaceX proxy, which may disconnect it from underlying automotive fundamentals. SpaceX has a lot going for it, especially its compute deals that have been widely publicized as of late.
Profitability in New Projects Could Take Some Time
Tesla has a few long-term ventures in the pipeline, most notably the Optimus project and Robotaxi, which is launched but will take several years to expand to a meaningful level that resonates with everyday people.
This is something that investors need to be careful of. Tesla’s projects could take some time to round out, so Jefferies advises that these may carry initial losses, rather than immediate profit. Seasoned Tesla investors have echoed something like this for a long time; they knew going in it would not be an open-and-shut strategy. It was going to take time.
These new projects are no different.
News
Tesla readies its autonomous Cybercab and Robotaxi cleaning service
A Texas permit just confirmed Tesla’s cleaning robot is coming to service its Cybercab and Robotaxi fleet.
A routine Texas building permit may have quietly confirmed that Tesla’s robot vacuum and autonomous cleaning bot for the Robotaxi and Cybercab is coming. A state filing with the Texas Department of Licensing and Regulation, as first discovered by Tesla enthusiast Spencer and posted to X, that project number TABS2025022006, lists the scope of work at Tesla’s Austin Robotaxi hub at 5900 E Ben White Blvd to include a “Cleaning Robot” alongside Supercharger cabinets and an Equipment Inspection System.
Tesla first showed the cleaning robot publicly on January 31, 2025, posting a short video on X with the caption “This robot sucks,” showing a large robotic arm inside a Cybercab cabin switching between attachments to vacuum debris, pick up trash, and wipe down surfaces.
The operational case for this hardware comes down to mathematics. A robotaxi running rides across Austin needs to cycle passengers continuously to generate revenue. Every minute a vehicle sits waiting for a human cleaning crew is a minute it is not earning. A robotic arm that can fully clean a Cybercab cabin between rides in under two minutes removes one of the key bottlenecks in fleet utilization that no autonomous vehicle company has yet solved at scale.
This robot sucks pic.twitter.com/VUmGfCM5B3
— Tesla (@Tesla) January 31, 2025
The 5900 E Ben White Blvd address sits roughly 12 miles southwest of Gigafactory Texas, where Tesla has been mass producing its Cybercab. The Ben White facility is expected to functions as Tesla’s Austin Robotaxi Hub, the physical base of operations where fleet vehicles return between rides to charge, get cleaned, and undergo inspection before being dispatched again – and all autonomously. One can imagine a Cybercab dropping off a passenger, routes itself back to Ben White, pulls into the cleaning station, charges on one of the Supercharger cabinets listed in the same permit, passes the equipment inspection system, and returns to service, all without a human making a single decision.
The sighting activity around both locations has accelerated in parallel with production. By mid-March 2026, Cybercabs were spotted regularly on public roads across Austin and Silicon Valley. Tesla’s Robotaxi operations in Texas has expanded to cover the entire Austin metro area and has spread to Dallas, while autonomous Cybercab employee shuttle runs at Gigafactory Texas are also set to begin soon. What it represents is the physical infrastructure behind a fleet that Tesla intends to run without anyone cleaning, driving, or dispatching it by hand.
SpaceX is preparing for the 13th integrated flight test of its Starship system, with a targeted launch as early as Thursday, July 16. The 90-minute launch window opens at 5:45 p.m. CT from Starbase in South Texas.
This comes roughly seven weeks after Flight 12 on May 22, underscoring the company’s accelerating pace in its rapid development campaign. The mission will use the latest Starship and Super Heavy V3 vehicles equipped with Raptor 3 engines. Booster 20 will attempt a controlled boostback burn, followed by a splashdown in the Gulf of Mexico, while Ship 40 will follow a suborbital trajectory.
Starship’s thirteenth flight test is preparing to launch as early as Thursday, July 16 → https://t.co/Rp7VwBzpWx pic.twitter.com/jdpFlQUEpF
— SpaceX (@SpaceX) July 11, 2026
Key objectives for Flight 13 will include demonstrating reliable stage separation, engine performance under various conditions, and controlled reentry.
A major milestone for Flight 13 is the first deployment of 20 next-generation Starlink V3 satellites. These satellites feature advanced laser links for inter-satellite communication, deployable solar arrays, and onboard cameras, six of which will capture imagery of Starship’s heat shield during flight.
Several heat shield tiles on Ship 40 will be painted white to serve as imaging targets, while additional experiments test upgraded tiles on aft flaps, modified attachments on the aft skirt, and load-sensing tiles to measure stresses. The upper stage will also attempt a single Raptor engine relight in space before a targeted splashdown in the Indian Ocean.
These tests build directly on lessons from Flight 12, which introduced the V3 configuration but encountered issues including a booster flip anomaly during boostback and an engine-out event on the ship. Hardware and software modifications on Booster 20 and Ship 40 aim to improve engine relight reliability, startup sequencing, and overall robustness.
Next Starship launch aiming for Thursday https://t.co/SajPPd4pdb
— Elon Musk (@elonmusk) July 12, 2026
The short interval between Flights 12 and 13 highlights SpaceX’s iterative approach. Elon Musk has repeatedly emphasized that Starship launches will become “incredibly common” in the coming years.
The company envisions scaling to rates as high as one launch per hour within 4-5 years, potentially enabling thousands of flights annually. Such cadence is essential for Starship’s goals: establishing orbital refueling for lunar and Mars missions, deploying massive satellite constellations, and making life multiplanetary.
With each flight, Starship edges closer to full reusability and operational maturity. Success on July 16 would mark another step toward routine access to space and the ambitious vision of humanity becoming a spacefaring civilization.
Tesla gets price target upgrade on heels of crazy successful auto quarter
Tesla readies its autonomous Cybercab and Robotaxi cleaning service
