TSLA accelerates 15% on Monday after FSD approval

An electric vehicle, or EV, is a car that uses a rechargeable battery and electric motor to accelerate rather than an internal combustion engine (ICE). Batteries have been around for over 100 years, but battery technology research and development was minimal for most of the 20th century. In the late 1990s and 2000s, lithium-ion battery technology developed, making it possible to mass-produce electric vehicles, and since Tesla’s Roadster was released in 2008, sales have steadily increased. Electric vehicles are seen as a means of reducing carbon emissions after battery electric vehicles. BEVs themselves do not produce any emissions. Other vehicles, called plug-in hybrid electric vehicles (PHEV), utilize both battery power and ICE as backup.

EVs are growing from a small base, rising from 9% of global new vehicle sales in 2021 to 14% of total sales in 2022. This is a 65% year-on-year growth rate and the industry delivered 10.2 million EVs globally in 2022. According to forecasts, this number is expected to increase to more than 16 million by 2023. Globally, market share varies greatly by country. Almost 88% of new car sales in Norway in 2022 were EVs. On the other hand, in the United States, where many of the modern innovations in EVs have occurred, less than 8% of new vehicle sales in 2022 were allocated to EVs. China, the world’s largest EV market, accounted for 30% of total sales. The market moves towards EVs that year.

We know you’re thinking of Elon Musk. But he’s probably closer to the father of mass-market modern EVs. In 1827, a Hungarian priest named Anyos Jedlik invented the electric motor, and the following year used it to power a type of vehicle. French scientist Gaston Planté invented the lead-acid battery in 1859, and German engineer Andreas Flocken created the first truly electric car for the public in 1888. EVs accounted for about 38% of all vehicles sold in the United States around 1900. They started losing markets. They were shared rapidly after 1910, when gasoline-powered vehicles became much more affordable. They largely disappeared until new research programs in the 1990s led to gradual private sector investment in the 2000s.

China’s BYD is the world’s largest EV manufacturer. It sold 1.8 million EVs in 2022, accounting for 20% of the global market in the second half of the year. The asterisk given to BYD is that the majority of these vehicles are hybrids. Tesla’s 12% market share is often considered more significant than BYD’s. Because Tesla only sells BEVs and is the most famous EV brand in the world. Volkswagen, BMW and Wuling round out the top five. However, many startups have flooded the market as it is a new field in which massive investments are being made. These include China’s Nio, Li Auto, and Xpeng. a Swedish-Chinese manufacturer called Polestar; and Lucid and Rivian in the US.