2023 was a wild year. A record of 1.2M EVs were sold in the US, making EVs 7.6% of the total US vehicle market (up from 5.2% in 2022) and the steady shift to electric continues.
With China and Europe leading EV adoption—China alone accounting for 60% of global EV sales—global demand continues to grow, along with consumer standards. In Q4, Tesla's shares plummeted and fell behind EV sales to Chinese automaker BYD:
BYD accelerated past Tesla to claim the title of the world’s biggest seller of EVs in 2023’s fourth quarter, selling about 530,000, beating Tesla’s 485,000. (Source: Forbes)
As more automakers fight for EV market share, Cox Automotive predicts more models, more incentives, more discounts, and more advertising to help convince the average buyer to switch to electric.
Two & three wheelers: the hottest segment in EVs
Global market trends demonstrate a huge market for a safe, robust, and self-balancing 2-wheel vehicle. 2W and 3W electric vehicles actually outnumber cars in emerging markets and developing economies, and EV sales tripled in India, Thailand, and Indonesia from 2021 to 2022 alone.
In response to the rise in popularity of electric motorcycles, car companies are taking note of 2-wheel potential and following suit: Honda announced their plan to invest $3.4 billion with the aim of selling four million electric motorcycles a year by 2030 (Source: New York Times)
As for the Lit Motors AEV: reduced noise, pollutants, ease of parking, maneuverability, energy efficiency, and unmatched safety make the C-1 an easy choice for any commuter, particularly in dense cities, especially with its lightweight, space-efficient architecture.
As the EV market continues to mature, consumer standards will also increase. EVs will require more range, faster charge times, and more value promised from their lifecycle. Considering the C-1’s fast charge, high performance, high speed capability, and incredibly novel drive experience, we’re already slated to meet these standards - and more.
Recommended reading to delve deeper: