AutoTrends Weekly

EU decides to impose definitive countervailing duties on Chinese EVs for a period of five years

• On Oct. 29, the European Commission concluded its anti-subsidy investigation by imposing definitive countervailing duties on imports of BEVs from China for a period of five years.

• Sampled Chinese exporting producers will be subject to the following countervailing duties: BYD: 17.0%; Geely: 18.8%; SAIC Motor: 35.3%.

• Other cooperating companies will be subject to a duty of 20.7%. Following a substantiated request for an individual examination, Tesla will be assigned a duty of 7.8%. All other non-cooperating companies will have a duty of 35.3%.

• The provisional duties imposed on imports of BEVs from China on 4 Jul. 2024 will not be collected. (Xinhuanet, Oct. 30)

Shared vehicles market to $160.69 billion in 2024 

• The shared vehicles market will grow to $281.81 billion in 2028 at a CAGR of 15.1% from 2024 to 2028, according to a recent report from The Business Research Company.

• This growth can be attributed to factors such as government policies and incentives, advancements in technological integration and connectivity, and increasing awareness of mobility-as-a-service.

• The increase in travel and tourism activities is expected to drive the growth of the shared vehicles market in the future.

• Companies in the sector are developing new technologies to remain competitive in the market. These technological innovations significantly enhance shared vehicles by improving user experience, increasing efficiency, and promoting sustainability. (The Business Research Company, Oct. 29)

Connected cars market to reach $56.2 billion by 2031

• The connected cars market is expected to reach $56.2 billion by 2031, growing with a CAGR of 18.5% during the forecast period 2024-2031, according to a recent report from Data Intelligence.

• The market is driven by increasing consumer demand for smart technology, improvements in vehicle safety and efficiency, and the rise of autonomous driving systems.

• Additionally, the integration of IoT and advancements in telecommunications, like 5G, are facilitating the development of more sophisticated connected car features.

• As automakers focus on innovation and improving customer experiences, the connected cars market is expected to see significant growth in the coming years. (Data Intelligence, Nov. 4)

Toyota, NTT to Invest $3.3 billion in AI, autonomous driving

• Toyota and Nippon Telegraph & Telephone Corp. have agreed to jointly invest RMB 500 billion ($3.3 billion) between now and 2030 to develop autonomous-driving software assisted by AI.

• The goal is to implement the technology by 2028 and to share it with other companies, the companies said.

• The technology would rely on AI to operate a network that would help predict and respond to traffic accidents in the hopes of improving road safety. (Bloomberg, Nov. 4)

Autonomous vehicle market to witness a remarkable CAGR of 62% from 2024 to 2030

• The autonomous vehicle market is projected to witness a remarkable CAGR of 62% from 2024 to 2030, according to a recent report from Stellarmr.

• A supportive regulatory environment, coupled with significant government investments in digital infrastructure, is expected to propel growth.

• The transition towards smart cities, along with the rising demand for connected vehicles embedded with IoT, is also instrumental in alleviating traffic congestion, which in turn supports market expansion. (Stellarmr, Nov. 4)

Global market size of the EV industry to reach $823.75 billion by 2030

• The global market size of the EV industry is projected to reach $823.75 billion by 2030, registering a CAGR of 18.2% from 2021 to 2030, according to a recent report from Allied Market Research.

• EVs are witnessing wide adoption globally due to stringent vehicular emission norms to reduce carbon footprint and the changing vehicle architectures. 

• In addition, urbanization, rise in congestion, and increase in emissions have propelled the hybridization and electrification of vehicle powertrains.

• Moreover, volatile oil & gas prices and upcoming shortages in fossil fuel are expected to boost the adoption of fuel-efficient vehicles. (Allied Market Research, Oct. 29)

NIO plans to launch 1st hybrid car in 2026, but will only sell in overseas markets

• NIO is planning to launch its first hybrid model in 2026 and will only sell it in overseas markets, including the Middle East, North Africa, and Europe, according to two people with knowledge of the matter.

• It is scheduled to be launched in late 2026 and delivery will start in 2027, one of the people said.

• NIO will unveil the first model under the Firefly brand at its annual event on Dec. 21. It is counting on the model to sell into Europe's mass market with designs catering to European consumers' preference for nimble small-sized cars. (Reuters, Nov. 3)