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Strong long-term growth in EV vehicles across Europe and US
EV cost arriving at an inflexion point
US medium car segment EVS price vs ICE price (1)
($000s)
$40
$30
$20
$10
$0
VOLVO
8
HYUNDAI
2020 2022 2024 2026 2028 2030
Traditional OEMs (3)
gm
RENAULT
Ford
KENAIKAN HA
DAIMLER
00
北汽集团
BAIC Group
JAGUAR
1
I
New EV OEMs (3)
1
-CANOO
EV Battery Price
EV price (Vehicle +
Powertrain)
ICE Price
T
TESLA
N NIKOLA
NIO
WORKHORSE
Total cumulative passenger EV sales (²)
(million of EVS)
3.8
1.6
2.2
2020
4.7
1.9
2.9
Stimulating demand for EVs
2021
CAGR: 28%
6.1
2.2
3.9
2022
8.0
2.7
5.3
2023
10.4
3.5
6.9
2024
Sources: Bloomberg NEF
Notes: (1) Average internal combustion engine (ICE) price based on the US medium car segment; (2) BEVS and PHEVS passenger vehicle fleets; (3) Selected OEMs, does not represent
an exhaustive overview
13.3
4.5
8.9
2025
CAGR
¹20 - ¹25
23%
32%
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