The electric vehicle industry is poised for explosive growth, argues Faraday Future Intelligent Electric, Inc (FF).
According to the Electric Vehicle Outlook 2021, a long-term forecast released in May 2021 by Bloomberg New Energy Finance (BNEF Report), which predicts that electric passenger vehicle sales in the United States, Europe and China could grow to a total of approximately 14.0 million vehicles by 2025, up from 3.1 million vehicles in 2020, and then continue to grow rapidly.
Driven by China’s new energy vehicle (NEV) credit and European CO2 regulations, as well as municipal policies restricting sales of new internal combustion engine (ICE) vehicles, electric vehicle sales in China and Europe are estimated to exceed 65% of all passenger electric vehicle sales by 2030, according to the BNEF Report.
In addition, since many U.S. households have the infrastructure to install home charging, they are ideal adopters of electric vehicles.
According to the BNEF Report, by 2040, more than three-quarters of all new passenger cars sold will be electric, with markets in China and parts of Europe achieving even higher penetration.
For commercial electric vehicles, demand for electric vans and trucks is expected to increase rapidly, with the U.S., European and Chinese markets growing faster than the overall market.
Also, the report notes that light commercial vehicles will experience the largest increase in demand for electric drivetrains among all commercial vehicles.
Electric vehicle industry
Faraday Future believes that its dual market strategy in the U.S. and China, as well as its innovative DNA, strong technology portfolio and emphasis on design, driving experience and customized user experience position it well in the electric passenger vehicle segments in these markets.
FF is a California-based global shared intelligent mobility ecosystem company with a vision to disrupt the automotive industry.
Headquartered in Los Angeles, California, the company designs and manufactures next-generation smart and connected electric vehicles.
FF intends to begin manufacturing vehicles at its Hanford, California production facility, with additional production capacity needs in the future through a contract manufacturing partner in South Korea.
FF is also exploring other potential contract manufacturing options in addition to the contract manufacturer in South Korea.
The company has additional engineering, sales and operations capabilities in China and is exploring opportunities for potential manufacturing capabilities in China through a joint venture or other arrangement.
