India's Ability to Match EV Production Rates Across Asia

In the year 2023, the electric vehicle (EV) market in Asia is experiencing a significant boom. China, in particular, is leading the charge, producing nearly 10.2 million EVs this year, making it the most advanced country in Asia and globally, except for Tesla, in the production of electric cars.

The Chinese government's supportive policies, initiated over a decade ago, have played a crucial role in this growth. One such example is the Shanghai-based Tesla Gigafactory, which currently produces around 250,000 cars and aims to increase production to 550,000 by the end of 2021. Tesla cars produced here are not only sold domestically but are also exported to the region and Europe.

Meanwhile, in Singapore, a resident is purchasing an EV from a new Hyundai factory in Jurong. The factory, a highly automated electric car facility using breakthrough technology, is part of Singapore's investment of USD300 million. Customers can purchase and customize their vehicles on their phones, and production begins immediately after an order is made.

The Hyundai factory is not alone in Singapore. The Chinese company BYD established a futuristic electric car factory here in 2023, offering customers the ability to personalize their vehicles via their smartphones.

Japan, another major player in the automobile industry, is forecasted to produce 1.7 million EVs in 2022, while South Korea will produce 881,000. However, Japanese cars contributed less than 5% of EVs sold worldwide in 2020, with Nissan's Leaf accounting for 65% of all Japanese electric cars sold.

Japan is focusing on petrol-electric hybrid cars, betting that EV cars will not be attractive to most consumers for a few years due to higher costs, range constraints, and limited charging points. In contrast, China is investing in infrastructure to address these concerns and is home to the second bestselling EV car in 2020, the Hongguang Mini, a product of a joint venture between General Motors, Wuling Motors, and SAIC Motor. The Hongguang Mini achieved this in just six months and is projected to overtake the best-selling Tesla Model 3.

Other leading Chinese electric automobile brands include Li Auto, Nio, and Xpeng. Interestingly, customers in China can also watch their cars being assembled at the centre and receive their cars relatively quickly.

In a unique twist, a Singapore resident is making the payment for her new EV using her bitcoin account. As the EV revolution continues to gather pace in Asia, it's clear that the future of personal transportation is electric.