With EV sales growing at a whopping 29 percent, the share of electric buses will double by this year.

Electric Vehicles- India TV Paisa
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World In the third quarter of this year, passenger battery electric vehicle (BEV) unit sales in the US rose 29 percent (year-over-year). Annual sales of BEVs are expected to reach around 10 million by the end of 2023, a report said on Monday. Also, despite risks related to supply delays and shortage of charging stations, the share of electric buses (e-buses) in total bus sales will double to eight per cent in the next financial year 2024-25. This information is given in CRISIL Ratings report.

China continues to dominate the EV market.

Although China has maintained its position as the top global market for BEVs, the country’s sales have struggled to regain momentum due to a weak economic outlook and fierce price competition. According to Counterpoint’s ‘Global Passenger Electric Vehicle Model Sales Tracker’, China’s BEV sales grew just 11 percent less than the global average during the third quarter. Nevertheless, Chinese brands successfully sold more than 0.13 million BEVs overseas, four times more than in the third quarter of 2022.

Tesla faces tough competition from BYD.

Tesla, BYD Auto and Volkswagen AG were the top selling BEV groups. BYD Auto (excluding Denza) has joined Tesla and is expected to overtake it for global lead in the fourth quarter. “China still has 58 percent of the global BEV market, while the U.S. has about 12 percent,” said senior analyst Somin Mandal. Germany, the third-largest BEV market, also grew by more than 60 percent year-on-year. “BEV adoption is also increasing in emerging economies such as India and Southeast Asia due to the availability of affordable options.”

The share of electric buses is expected to double.

Despite risks related to supply delays and shortage of charging stations, the share of electric buses (e-buses) in total bus sales will double to eight per cent in the next financial year 2024-25. This is expected to be driven by supportive policy measures and favorable cost of ownership, Crucial Ratings said in a report on Monday. The report states that the share of e-buses in total bus sales will increase due to emphasis on public transport as well as reduction in carbon emissions. The share of e-buses in new sales in the next financial year will increase to eight per cent from around four per cent in the current financial year. Concerted efforts are underway for the use of e-buses under the FAME scheme and the National Electric Bus Program (NEBP) launched to speed up the adoption of hybrid and electric vehicles.

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