Despite the fact that the majority of these programmes are long-term, the expenditures are already paying off in the EV market. 6.75 million electric vehicles (EVs) were sold globally in 2021, accounting for 8.3% of all car sales and a 108% increase from the previous year.
Compared to the regular car industry, the EV sector has quite different levels of competition. More prominently featured are Chinese manufacturers, and the market leader, Tesla, is a start-up that has never sold an internal combustion engine (ICE) vehicle since it was founded.
The majority of Asian businesses target the mass market by pricing their models competitively. While placing themselves between the mainstream and specialised sectors, historically high-end companies like Mercedes-Benz are charging more for quality and design. By taking advantage of loopholes, Lucid has established itself in the high-end niche market.
Source: Market in Focus: Battery Electric Vehicles (BEV) in the Kingdom | SIDF
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