Global sales of electric vehicles more than doubled to 6.6 million in 2021, as people opted for eco-friendly alternatives to traditional fuel guzzlers.
The worldwide EV market currently enjoys a market share of 9 per cent in the overall car industry, more than double the 4.1 per cent share in 2020 when 3 million units were sold, and more than triple 2019's 2.5 per cent share, when 2.2 million cars were sold, according to an International Energy Agency report.
The EV market successfully navigated its way through various challenges to post unprecedented growth, according to the Paris-based agency.
In 2012, about 130,000 EVs were sold — today, that is roughly the number sold in a week.
“Growth has been particularly impressive over the last three years, even as the global [Covid-19] pandemic shrank the market for conventional cars and as manufacturers started grappling with supply chain bottlenecks,” the IEA said.
Global EV sales — despite facing a number of challenges including, most recently, a semiconductor supply crunch due to the pandemic — have witnessed steady growth as more consumers pivot to more environmentally-friendly options, ramping up competition among car makers as they aim to capture market share.
Tesla — the world's biggest EV manufacturer and considered to be the barometer for the health of the global EV market — delivered 936,172 vehicles in 2021, up 87.4 per cent year-on-year, beating its previous record that it had already smashed in the third quarter of last year.
That resulted in a 760 per cent surge in Tesla's net profit for 2021 to more than $2.3 billion, almost $700 million more than its income in the same period of 2020.
However, the mainstream transition to EVs over the coming decades will be determined by what actions governments and the industry take today, the IEA said. Several governments, including the US and China, have taken measures and provided incentives to boost EV sales in the next decade.
The move, though, could result in a number of challenges. One is the implementation of policies to stimulate demand and convince consumers to switch from traditional petrol-powered cars. And how the EV market can cope with supply chain strains as the battery industry expands further remains to be seen.
Also critical is the infrastructure needed to increase the number of charging stations available to the public, with governments compelled to encourage investment to keep up with demand.
The global market for EV charging stations is projected to grow to $6.79bn in 2021 from $5.8bn in 2020 at a compound annual growth rate (CAGR) of 17.1 per cent. It is then estimated to hit $20.49bn in 2025 at a CAGR of 31.8 per cent, according to a recent report from data provider Research and Markets.
A rise in the prices of bulk materials can also pose a challenge for the entire auto industry, the IEA said. In 2021, the price of steel rose by as much as 100 per cent, aluminium by around 70 per cent and copper by more than a third, affecting both conventional and electric cars, it added.
EVs would face the added burden in the price of their most critical component: batteries. The price of lithium carbonate surged 150 per cent year-on-year, graphite by 15 per cent and nickel by 25 per cent, the IEA said.
For EVs to continue their current growth trajectory, battery supply chains and EV production capacity will have to expand at a rapid rate
International Energy Agency
In January, Rystad Energy warned that EV manufacturers face a potential roadblock as prices for battery-grade lithium are poised to “skyrocket” in 2022.
Research firm Gartner, which recently predicted that EV sales will rise 35 per cent this year, said in December that the global semiconductor shortage will force nearly 50 per cent of the top 10 car makers to design and produce their own chips by 2025.
EV makers are working to control costs. In October, Tesla said it changed the battery chemistry on all of its standard-range cars. Germany's Volkswagen, Europe's biggest car maker, had unveiled plans to build six large battery cell plants in Europe by the end of the decade.
“The EV value chain proved to be robust in 2021 as it managed to deliver on higher-than-anticipated demand. But for EVs to continue their current growth trajectory, battery supply chains and EV production capacity will have to expand at a rapid rate,” the IEA said.
Brief scores:
Toss: Sindhis, elected to field first
Pakhtoons 137-6 (10 ov)
Fletcher 68 not out; Cutting 2-14
Sindhis 129-8 (10 ov)
Perera 47; Sohail 2-18
The Dictionary of Animal Languages
Heidi Sopinka
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The%20specs
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Torbal Rayeh Wa Jayeh
Starring: Ali El Ghoureir, Khalil El Roumeithy, Mostafa Abo Seria
Stars: 3
Results
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UAE currency: the story behind the money in your pockets
The specs: 2018 Mercedes-AMG C63 S Cabriolet
Price, base: Dh429,090
Engine 4.0-litre twin-turbo V8
Transmission Seven-speed automatic
Power 510hp @ 5,500rpm
Torque 700Nm @ 1,750rpm
Fuel economy, combined 9.2L / 100km
New process leads to panic among jobseekers
As a UAE-based travel agent who processes tourist visas from the Philippines, Jennifer Pacia Gado is fielding a lot of calls from concerned travellers just now. And they are all asking the same question.
“My clients are mostly Filipinos, and they [all want to know] about good conduct certificates,” says the 34-year-old Filipina, who has lived in the UAE for five years.
Ms Gado contacted the Philippines Embassy to get more information on the certificate so she can share it with her clients. She says many are worried about the process and associated costs – which could be as high as Dh500 to obtain and attest a good conduct certificate from the Philippines for jobseekers already living in the UAE.
“They are worried about this because when they arrive here without the NBI [National Bureau of Investigation] clearance, it is a hassle because it takes time,” she says.
“They need to go first to the embassy to apply for the application of the NBI clearance. After that they have go to the police station [in the UAE] for the fingerprints. And then they will apply for the special power of attorney so that someone can finish the process in the Philippines. So it is a long process and more expensive if you are doing it from here.”
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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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UAE currency: the story behind the money in your pockets
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The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
Asia Cup Qualifier
Final
UAE v Hong Kong
Live on OSN Cricket HD. Coverage starts at 5.30am
Full Party in the Park line-up
2pm – Andreah
3pm – Supernovas
4.30pm – The Boxtones
5.30pm – Lighthouse Family
7pm – Step On DJs
8pm – Richard Ashcroft
9.30pm – Chris Wright
10pm – Fatboy Slim
11pm – Hollaphonic