Denmark is an early adopter of the new wave of electric cars that the world has been witnessing during

the last 7 years, and with more manufacturers that join this relatively still new market, the competition for
Tesla, the major player in this field, is surely catching up in both technology and sales, BMW being one
of them. At the same time, companies such as Toyota, Hyundai and KIA are looking for a bigger slice
from the pie.

The Danish market for electric vehicles is divided in multiple segments and each manufacturer has a
different approach and advantages they use for gaining as much share in the market as possible. Tesla
uses innovation (features such as fast charging, higher range performance, advanced AI-based autopilot)
in order to gain customer loyalty, their Model 3 being the best-selling electric car in the whole market in
2019. Toyota is the leader in affordable mild hybrids while Hyundai develops all kinds of electric
vehicles (hybrid, plug-in, all electric). KIA, just like Toyota and Hyundai, has increased financial strength
and diversity in the wider automotive industry. They are less dependent on these sectors of the market and
can invest in further research and development, compared to Tesla, deeply dependent on their financial
situation. Each company has a different strategy going into 2022 and long-term developments, Tesla is
still focusing on the technology they put in the car and aim at staying at the top of the board, trying at the
same time to bring more affordable Tesla models to the market, whereas Toyota is focusing on their
hybrid development. Hyundai and KIA are focusing on affordable sub-compact cars, both following a
scalable manufacturing architecture in order to save financial resources and a faster production process.

The Danish market for hybrid & electric vehicles is set to grow and develop even more during the next 2
years, with increased growth in both revenue and units sold. 2022 is set to see a 26.9% growth compared
to 2021 and even though the growth will not be as significant as it was in the previous years, given the
fact that more customers are switching to hybrid or completely electric cars every year, 2023 and 2024
will be a combined 40.2% growth in market value compared to 2022. Given all the projects and strategies
of the manufactures to keep up developing and pushing the market towards a completely electric future,
the potential for both new manufactures and customers to join is really promising.