TREN D 3 TREN D 2 The age of agility A hyper-competitive environment An uncertain regulatory environment In Europe, Germany stopped providing financial support for electric vehicle purchases in late 2023, France has reduced financial aid for the low-cost leasing of electric vehicles and there is no single Europe-wide approach to boost investment in the industry. However, regulations, particularly the CAFE* standard, are forcing manufacturers to make ever greater efforts and investments, with a planned phase-out of combustion engines in 2035. In the United States, the Inflation Reduction Act boosted investment across the industry. A wide range of technologies Traditional combustion engines, combustion engines powered by alternative fuels, battery vehicles, hydrogen-powered vehicles: manufacturers, consumers and governments are faced with different technologies which continue to coexist. *The European CAFE (Corporate Average Fuel Economy) standard aims to reduce the fuel consumption and carbon dioxide emissions (CO2) of motor vehicles. In 2025, the aim is to reduce the global average to 93.6 gCO2/km per new vehicle sold (electric, plug-in hybrid, hybrid, thermal). The world’s leading electric vehicle manufacturer is now BYD, a Chinese manufacturer which overtook the American company Tesla in late 2023 Top 5 electric manufacturers in 2024 — In automotive production market share New players Long-standing automotive manufacturers are facing unprecedented disruption to the market and consumer habits. In this landscape, new players, driven by the development of electric vehicles, have emerged and are now well-positioned, with very short development cycles of between 18 and 24 months. Today, China is the world’s leading automotive manufacturer (29.6 million vehicles in 2024, all powertrains combined) and the leading manufacturer of battery electric vehicles (7.6 million vehicles in 2024). The country has wide-ranging expertise across the entire electric vehicle value chain, from the extraction and refining of critical raw materials to the production of batteries. Source: S&P Global Powertrain, published in January 2025 – [0-3.5 t]. 16% BYD 15% Tesla 8% Geely 7% Volkswagen 6% SAIC
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