Issue 02 | July 2023

ELECTRIC CARS
MARKET

Electric cars market in US and China

 IN THIS ISSUE

Welcome 3

Do you know? 4

Electric car in US market 8

Electric car in China market 19

29
Glossary

Crossword 30

Answers 31

2
 WELCOME
E
lectric cars nowadays have started to change how human lives as it is the inevitable road to green
life in the future. Because of that, having background knowledge about EC including the history and
developments as well as the advantages and disadvantages of EC cars is necessary as people especially
young people need to be equipped with this knowledge to prepare and adapt to the soon going to happen future.
Due to the above reasons, in the previous volume namely Electric Cars, we provided you the fundamental
information about the born, and growth as well as pointed out some benefits and drawbacks of EC cars in the
present.

Still, there may still be confusion among the readers about the actual development of EC cars and their effects
on our daily life. Showing the whole growth of EC cars is too much as EC cars have affected many fields in
human life and it is impossible to fully research the whole growth of EC cars in the present due to the limitation
of time and resources. Therefore, in our second volume, readers are only going to be informed through the
information and analysis from the market point of view, which will make it easier to visualize a part of the real
development of EC cars nowadays. For the second volume, we will provide some interesting news about the EC
global market as well as the EC market development in Vietnam and focus on analyzing two of the biggest EC
markets in the world currently China and the USA from different perspectives.

3
DO YOU KNOW?
In 2022, 14% of all the cars being sold all over
the world were Electric, which is about 9%
higher than the sales of EC in 2021 but still
lower than the sales in 2020, which are 19%. As
expected, China still remains the frontrunner,
as this market accounts for 60% of global EC
sales, while in Europe, the second largest
market, electric car sales increased by more
than 15% in 2022, which means that for every
5 cars sold, one is an EC.
Global EV market, source: https://www.virta.global/en/global-
electric-vehicle-market
Finally, Electric car sales in the third-largest
market, the USA, increased by 55% in 2022,
reaching a sales share of 8%. The new edition
of the IEA’s annual Global Electric Vehicle
Outlook also shows that more than 10 million
electric cars were sold worldwide in 2022, and
they are expected to increase by 35% this year,
reaching 14 million in 2023.
This year, electric car sales have had a great
boost, as more than 2.3 million EC cars were
sold in the first quarter, which is about 25%
higher year over year. It is expected that by
the end of 2023, 14 million EC cars will have
been sold out, representing a 35% year-on-
year increase, with new purchases accelerating
in the second half of this year, which could
account for 18% of total car sales across the
full calendar year.
4
 PROMISING SIGNS FOR ELECTRIC VEHICLES IN SMALL MARKETS
Although sales of electric cars outside the three
major markets are still low, we have witnessed
some development in these smaller markets in
2022, with the prime examples being India,
Thailand, and Indonesia. Surprisingly, these
EC markets have made tremendous progress,
as about 80,000 EC cars are sold in these
countries, which is about triple the number of
electric car sales year over year. Thailand is the
leader of these three, with more than 3% of the
share of electric cars in total sales, while India
and Indonesia averaged around 1.5% last year.
With the support of the Indian government
through the USD 3.2 billion incentive program
and USD 8.3 billion in total investment, EV
and component manufacturing will continue to
have explosive growth in the future. Thailand
and Indonesia also reform their policy support
schemes in order to provide valuable
experience for other emerging market
economies.
5
AVinFast car charging station at a Petrolimex gas station in Nguyen Trai Ward, Ha Giang City, Ha Giang Province – PHOTO:
COURTESY OF VINFAST (Source: https://english.thesaigontimes.vn/vinfast-launches-ev-charging-station-in-far-north-of-
vietnam/)

VIETNAM'S ELECTRIC VEHICLE MARKET SEES GREAT POTENTIAL

In recent years, electric cars have slowly but
steadily developed in Vietnam, as the country
has a young population and an increasing
middle class with a strong interest in finding
transportation that is not only fuel efficient but
also environmentally friendly. Not only that,
but the growing demand for passenger vehicles
and the problem of personal transportation
resulted in high levels of air pollution and
traffic jams in major cities like Hanoi and Ho
Chi Minh City. In order to completely solve
these problems, the Government has put forth
regulations to gradually restrict motorbikes on
city streets by 2030 in its major cities like
Hanoi, Hai Phong, Da Nang, Ho Chi Minh
City, and Can Tho, paving the way for EV
adoption within the country.
Knowing the market demand for EC,
Vietnamese automaker VinFast has entered the
e-vehicle market at a "golden time," as the sales
volume of electric vehicles has begun to
increase. VinFast, being the pioneer in
developing electric cars, has shown some
remarkable improvements. First, VinFast has
been able to enter many fastidious markets like
the US, France, Germany, the Netherlands,
and Canada, where the popularity of e-vehicles
is drastically increasing. Not only that, but the
EC market in Viet Nam also shows a light spot
as the sale of the VF e34, the first model
developed by Vietnamese automaker VinFast,
has suddenly increased, ranking it 8th in the
list of best-selling cars in the Vietnamese
market in July 2022, according to the report of
The Vietnam Automobile Manufacturers
Association (VAMA).

6
VinES battery factory in Ha Tinh, Source: https://hatinh.gov.vn/nha-may-san-xuat-pin-vines-du-kien-van-hanh-thu-vao-thang-32023

One of the biggest drawbacks to developing
electric cars in Vietnam is the limited number
of EV charging stations. Since our first quick
EV charging system was built and introduced
in Da Nang in December 2017, funded by the
Central Power Corporation in cooperation
with Mitsubishi, Vietnam has started
improving, and more charging stations are
being opened across the country.
For example, VinFast had installed 500 EV
charging stations by July 2021, with plans to
have 2,000 set up nationwide with over 40,000
charging ports by the end of 2022, or the
establishment of a $174 million VinES Battery
Manufacturing Factory in Ha Tinh, Vietnam,
in December 2021, with an expectation of
manufacturing up to 1 million battery packs
per year.

Inside the VinES Battery Factory

Source: https://hatinh.gov.vn/nha-may-san-xuat-pin-vines-du-kien-van-hanh-thu-vao-thang-32023

7
ELECTRIC CARS IN THE
US MARKET
History and development
The history and development of
electric cars in the US can be traced
back to the late 1800s. In fact, electric
cars were some of the first
automobiles to be invented and
produced commercially. In the early
1900s, electric cars were actually quite
popular, accounting for around one-
third of all cars on the road.
However, advancements in gasoline-
powered cars and a more efficient
production process led to a decline in
the popularity of electric cars. By the
1920s, electric cars had all but
disappeared from the market.
It wasn't until the 1990s that electric
cars began to make a comeback.
California passed the Zero Emission
Vehicle (ZEV) mandate in 1990, which
required automakers to produce some
percentage of zero-emission vehicles.
This led to the production of electric
cars such as the GM EV1 and the
Toyota RAV4 EV.
However, by the early 2000s, most
major automakers had discontinued
their electric car programs due to a
lack of consumer demand and high
costs. It wasn't until Tesla Motors
introduced the Model S in 2012 that
electric cars began to gain significant
traction once again.
Today, there are a variety of electric
cars available on the market, from
affordable models such as the Nissan
Leaf to luxury vehicles such as the
Tesla Model X. With increasing
concerns over climate change and the
push towards renewable energy
sources, it's likely that we will
continue to see the development and
growth of electric cars in the US and
around the world.
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ELECTRIC CARS IN THE
US MARKET
EEI Forecast of EV Stock: 26.4 Million EVs on
U.S. Roads in 2030
https://www.eei.org/-/media/Project/EEI/Documents/
Issues-and-Policy/Electric-Transportation/EV-
Forecast--Infrastructure-Report.pdf
Growing Popularity
According to a report by the Edison
Electric Institute, the number of
electric cars on American roads is
growing rapidly. The number of EVs
on U.S. roads is estimated to reach
26.4 million in 2030; that’s more than
18.7 million as presented in the 2018
report.
There are various reasons for this
growth in popularity. One significant
factor is the increasing public concern
about climate change and the desire
to reduce carbon emissions. Electric
cars produce zero emissions at the
tailpipe, which makes them an
attractive option for environmentally
conscious buyers.
Source: https://about.bnef.com/blog/the-ev-price-gap-
narrows/
Another reason for the growing
demand for electric cars is improving
technology. In recent years, batteries
have become more efficient, allowing
for longer ranges per charge.
Additionally, electric motors have
become more powerful, providing
better acceleration and overall
performance.
Finally, the cost of electric cars has
also been decreasing as production
has scaled up and technology has
improved. In 2021, according to a
report by Bloomberg NEF, the price
of electric cars is expected to reach
parity with gasoline-powered cars in
five years, making them a more
accessible option for many buyers.
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ELECTRIC CARS IN THE
US MARKET

Popular brands and model in US

Tesla Model S
The Tesla Model S is an all-electric
luxury sedan that was first introduced
in 2012. It is one of the most popular
electric cars on the market and has
received numerous awards for its
performance, technology, and design.
This popular electric car is a ground-
breaking innovation that has
redefined what is possible in the
automotive industry. With a range of
up to 402 miles per charge, the Model
S is one of the longest-range electric
cars available today. It also boasts
impressive performance, with the
ability to accelerate from 0 to 60 mph
in as little as 1.98 seconds.
The Model S features a spacious and
luxurious interior, with seating for up
to five adults and a large touchscreen
display that controls many of the car's
functions. Additionally, it comes with
Tesla's advanced Autopilot driver
assistance system. Overall, the Tesla
Model S has had a significant impact
on the electric car industry and helped
to establish Tesla as a major player in
the automotive world.

(Source: https://www.edmunds.com/tesla/model-s/)

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ELECTRIC CARS IN THE
US MARKET

Popular brands and model in US

Chevrolet Bolt
The Chevrolet Bolt is a compact The car's controls are operated via a
electric vehicle that was first large touchscreen display, which
introduced in 2016. It has received supports both Apple CarPlay and
numerous accolades for its Android Auto. Furthermore, the Bolt
practicality, affordability, and comes with several safety features to
efficient use of space. The Chevrolet keep occupants safe on the road. In
Bolt becomes an affordable electric summary, this vehicle is a fantastic
vehicle that provides ample range and choice for individuals looking for an
practicality. It can travel up to 259 electric car that is both cost-effective
miles per charge and has a spacious and practical.
interior that accommodates five
passengers and a flexible cargo area.

(Source: https://about.bnef.com/blog/the-ev-price-gap-
narrows/)

11
ELECTRIC CARS IN THE
US MARKET
Popular brands and model in US
Tesla Model 3
The Tesla Model 3 is a mid-sized all-
electric vehicle introduced by Tesla
Inc. in 2017. The car has quickly
become one of the most popular
electric vehicles on the market due to
its impressive range and performance
capabilities.
From an engineering standpoint, the
Tesla Model 3 is a remarkable feat of
innovation. The car's electric
powertrain is designed to deliver
instant torque and acceleration,
allowing the vehicle to go from 0 to
60mph in as little as 3.1 seconds. This
is made possible through a characterized by its aerodynamic lines
combination of advanced battery
technology and powerful electric
motors, which work together to
provide a smooth and seamless
driving experience.
(Source: https://about.bnef.com/blog/the-ev-price-
gap-narrows/)
One of the most notable features of
the Model 3 is its impressive range.
Depending on the model and
configuration, the car can travel up to
358 miles on a single charge. This is
achieved through careful optimization
of the car's aerodynamics as well as
improvements in battery capacity and
efficiency. In addition to its
impressive performance and range,
the Tesla Model 3 also boasts a sleek
and minimalist design. The car's
interior is notable for its large
touchscreen display and comfortable
seating, while the exterior is
and modern styling.
Overall, the Tesla Model 3 is an
exceptional example of electric vehicle
engineering and design. Its advanced
technology and innovative features
have helped make it a popular choice
among drivers looking to transition to
clean-energy vehicles. As electric
vehicle technology continues to
evolve, it is likely that we will see
even more impressive vehicles like the
Model 3 in the years to come.
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ELECTRIC CARS IN THE
US MARKET
(Source:https://eur-lex.europa.eu/TodayOJ/)
Range
One of the main concerns that buyers
have when considering an electric car
is how far it can travel on a single
charge, also known as range anxiety.
However, many new models offer
ranges of over 200 miles per charge,
which makes them practical for
everyday use.
According to a report by the US
Department of Energy, the average
range for all-electric cars available in
the US market increased from 73
miles in 2011 to 259 miles in 2020.
This increase is due to advances in
battery technology and improvements
in electric motor efficiency.
Some popular electric cars currently
available in the US market with
ranges over 200 miles include the
Tesla Model S (402 miles), Tesla
Model 3 (333 miles), Chevrolet Bolt
EV (259 miles), and Ford Mustang
Mach-E (305 miles).
It's worth noting that the range of an
electric car can be affected by factors
like driving style, temperature, and
terrain. However, with ranges of over
200 miles becoming increasingly
common, range anxiety is becoming
less of an issue for many potential
buyers.
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ELECTRIC CARS IN THE
US MARKET

(Source:https://afdc.energy.gov/fuels/electricity_infrastructure.html)

Charging Infrastructure
As electric cars become more popular, These include Level 1, Level 2, and
the charging infrastructure is also DC fast charging stations, which offer
growing rapidly. There are now different charging speeds and can be
thousands of public charging stations found at various locations like
across the country, making it easier parking garages, shopping centers,
for drivers to recharge their vehicles and along highways.
while on the road.
The major players in the charging
According to the US Department of infrastructure industry include
Energy, there were over 100,000 ChargePoint, EVgo, and Electrify
public charging ports available in the America, among others. These
US as of August 2021. Recently, The companies operate networks of
Golden State has had approximately charging stations across the country
14,040 public charging stations and and offer various payment plans for
37,987 ports. drivers.

14
ELECTRIC CARS IN THE
US MARKET
(Source: https://relightsolutions.com/how-to-install-an-ev-charging-station-at-home/)
In addition to public charging
stations, many electric car owners
choose to install a home charging
station, which allows them to charge
their vehicle overnight. According to
a report by the National Renewable
Energy Laboratory, about 80% of all
charging sessions take place at home.
Overall, the growing charging
infrastructure is helping to make
electric cars more practical for
everyday use. With more and more
charging stations appearing across the
country, drivers can feel confident
that they'll be able to find a place to
charge their vehicles when they need
to.
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ELECTRIC CARS IN THE
US MARKET
(Source: https://evadoption.com/resources/federal-electric-vehicle-ev-tax-credit-works/how-the-federal-ev-
tax-credit-amount-is-calculated-for-each-ev/)
Government Incentives
To encourage the adoption of electric
cars, the US government offers
various incentives for buyers,
including tax credits and rebates.
These incentives can help offset the
higher purchase price of electric
vehicles.
One of the main incentives available
is the federal tax credit, which can
reduce the cost of a new electric car
by up to $7,500. However, this tax
credit is subject to phase-out once an
automaker sells 200,000 qualifying
vehicles in the US market, which
means that some popular models like
Tesla and General Motors are no
longer eligible for the full credit.
In addition to the federal tax credit,
many states also offer their own
incentives for electric car buyers. For
example, California offers a rebate of up
to $2,000 for new electric car
conversions and a $1,000 rebate for used
electric cars. Some states also offer other
perks like free or discounted access to
public charging stations and reduced
tolls on highways. These incentives can
help = make electric cars more
affordable for buyers and encourage the
transition away from gasoline-powered
cars. As battery technology continues to
improve and prices come down, it's
likely that these incentives will become
even more important in driving the
adoption of electric vehicles.
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ELECTRIC CARS IN THE
US MARKET
(Source:https://www.coxautoinc.com/market-insights/jan-2021-kbb-atp/)
Price
Although prices for electric cars have
been decreasing as production has
scaled up and technology has
improved, electric cars still tend to be
more expensive than gasoline-powered
cars. However, lower operating costs
and possible government incentives
can help offset this initial cost
difference.
According to a report by Kelley Blue
Book, the average price of a new
electric car in the US market in 2021
was $58,385, compared to an average
price of $40,000 for a new gasoline-
powered car. However, this varies
widely depending on the make and
model, with some electric cars priced
closer to gasoline-powered cars.
In addition to the federal tax credit,
many states also offer their own
incentives for electric car buyers. For
example, California offers a rebate of up
to $2,000 for new electric car
conversions and a $1,000 rebate for used
electric cars. Some states also offer other
perks like free or discounted access to
public charging stations and reduced
tolls on highways. These incentives can
help make electric cars more affordable
for buyers and encourage the transition
away from gasoline-powered cars. As
battery technology continues to improve
and prices come down, it's likely that
these incentives will become even more
important in driving the adoption of
electric vehicles.
17
ELECTRIC CARS IN THE
US MARKET

(Source: https://cleantechnica.com/2020/08/31/the-cost-of-charging-an-electric-vehicle-in-the-united-states-
averages-15-cents-per-kilowatt-hour/)

Government incentives can also help ECs are becoming as an attractive

offset the higher purchase price of
electric vehicles. As mentioned above,
the federal tax credit can reduce the
cost of a new electric car by up to
$7,500, and various state incentives
may also be available. Overall, while
electric cars are still generally more
expensive than gas-powered cars
upfront, the lower operating costs and
potential government incentives can
make them a more affordable option
over time.
option for many American buyers,
and the industry is expected to
continue growing in the coming years.
With improvements in technology and
continued government support, we
may see even more widespread
adoption of electric vehicles in the
future.

18
 ELECTRIC CARS IN
CHINA

(Source: https://www.forbes.com/sites/jamesmorris/2020/07/18/chinese-electric-cars-will-take-over-the-world-
-if-we-let-them/?sh=4a1cfea66a12)
History and development
China became the world’s leading It was a powerhouse in manufacturing
force in electric car development and traditional internal-combustion cars, but
production during the major rise of there were no domestic brands that
the vehicle types, and its momentum could one day rival the foreign makers
has yet to stop. The industry is dominating this market. As the
growing at a speed that has surprised realization struck that they would never
even the most experienced observers, overtake the US, Germans, and Japanese
but the story of how the sector got on internal combustion engine
here is about Chinese state policy. innovation or research on hybrid
vehicles, which was already being led by
In the early 2000s, before it fully countries like Japan, the Chinese
ventured into the field of EVs, government was pushed to break away
China’s car industry was in an from the established technology and
awkward position. invest in completely new territory: cars
powered entirely by batteries.

19
The risks were extremely high; at this
point, EVs were only niche
experiments made by brands like
General Motors or Toyota, which
usually discontinued them after just a
few years. But the potential reward
was a big one: an edge for China in
what could be a significant slice of the
auto industry. Utilizing their readily
available and well developed auto
supply chains, the Chinese
government took steps to invest in
related technologies as early as 2001;
that year, EV technology was
introduced as a priority science
research project in China’s Five-Year
Plan, the country’s highest-level
economic blueprint.
Then, in 2007, the industry got a
significant boost when Wan Gang, an
auto engineer who had worked for
Audi in Germany for a decade,
became China’s minister of science
and technology. Wan had been a big
fan of EVs and tested Tesla’s first EV
model, the Roadster, in 2008, the year
it was released. People now credit
Wan with making the national
decision to go all-in on electric
vehicles. Since then, EV development
has been consistently prioritized in
China’s national economic planning.
Starting in 2009, the country began
handing out financial subsidies to EV
companies for producing buses, taxis, or
cars for individual consumers. That year,
fewer than 500 EVs were sold in China.
But more money meant companies could
keep spending to improve their models.
It also meant consumers could spend less
to get an EV of their own. From 2009 to
2022, the government poured over 200
billion RMB ($29 billion) into relevant
subsidies and tax breaks. While the
subsidy policy officially ended at the end
of last year and was replaced by a more
market-oriented system called “dual
credits,” it had already had its intended
effect: the more than 6 million EVs sold
in China in 2022 accounted for over half
of global EV sales.
The government also helped domestic EV
companies stay afloat in their early years
by handing out procurement contracts.
Around 2010, before the consumer
market accepted EVs, the first ones in
China were part of its vast public
transportation system. Finally, local
governments have worked closely with
EV companies to customize policies that
can help the latter grow. For example,
BYD, the Chinese company currently
challenging Tesla’s dominance in EVs,
rose up by keeping a close relationship
with the southern city of Shenzhen and
making it the first city in the world to
completely electrify its public bus fleet.
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 ELECTRIC CARS IN
CHINA

Current trends-By car model

Looking at the 2023 ranking, the
BYD Song is well above the
competition, with the #2 Tesla Model
Y following closely while maintaining
its position during the #3 BYD Qin
Plus’ strong month. Below the
podium, some highlights were the
BYD Dolphin on 5th, switching
places with the Wuling Mini EV, and
making a grand total of four BYDs in
the top five positions. The compact
MPV-disguised-as-a-crossover GAC
Aion Y was up one spot to #10. In the
second half of the table, Geely Panda
Mini sat among the highlighted
models after jumping to #14, and the
BYD Frigate 07 also went up four (Source: https://cleantechnica.com/2020/08/31/the-
spots to #15. Not too far below, the cost-of-charging-an-electric-vehicle-in-the-united-
states-averages-15-cents-per-kilowatt-hour/)
midsized Changan SL03 moved up a
spot to #19.
Finally, in #21, we now have Wuling
Bingo, which should join the table in
May, with the question being: How
high will it get by year's end? Top 10?

21
 ELECTRIC CARS IN
CHINA
(Source: https://asia.nikkei.com/Spotlight/Electric-cars-in-China/BYD-zooms-past-Tesla-in-China-s-
electric-car-market)
Current trends-By automakers
Looking at the auto brand ranking,
there’s no major news. BYD (35.7%,
down from 36.4%) remains stable in
its top position and is looking
forward to winning the automaker
title this year, while Tesla (9.3%,
down from 10%) stands strong in #2.
After a long period of reduced sales,
the SGMW joint venture is starting to
benefit from the Bingo-effect (having
stopped the trend of losing share) by
remaining with 5.9% share in April,
but the rising GAC Aion (6.3%, up
0.4%) has already risen and claims the
bronze medal. Will SGMW retake this
position in May?
Finally, #5 Changan (4.3%, down from
4.5%) is in 5th, but it is losing ground
over #6 Li Auto (4.1%, up from 3.9%).
Will a change in position happen in
May? Let’s wait for the analytics.
Looking at OEMs, automotive groups,
and alliances, BYD is comfortably
leading with a 38.1% share of the
market, while #2 Tesla (9.3%) also
remains stable. With the SAIC
mothership still in crisis, the new Wuling
Bingo wasn’t enough to stop the current
sales bleed; the Shanghai-based OEM
once again lost share (7.6%, down from
7.8%).
22
Current trends-By car model
If SAIC doesn’t stop the sales bleed With #6 Changan losing ground (4.6%,
soon it surely will be surpassed, as down 0.3%), Geely can rest for now. The
their most immediate competitors are “Chinese Volkswagen Group” is still
consistently growing: #4 GAC performing way better than the actual
profited from the brilliant Volkswagen Group. Still, Volkswagen
performances of its dynamic duo to Group is looking to recover relevance in
jump from 6.1% to 6.6% in April; one China, having recently recovered some
step down, Geely-Volvo continues on share. In April, it saw its share grow
the rise thanks to the recent success of from 2.6% to 2.8%.
the Geely Panda Mini (5.3%, up from
5%).

(Source: https://cleantechnica.com/2020/08/31/the-cost-of-charging-an-electric-vehicle-in-the-united-states-
averages-15-cents-per-kilowatt-hour/)

23
 ELECTRIC CARS IN
CHINA
The BYD Seagull costs $11,000. Aly Song/Reuters
Popular brands and models - BYD
BYD—an acronym for Build Your
Dreams—is competing with American
EV maker Tesla to become the world's
top-selling EV maker. And it is
already the top-selling EV brand in
China, selling over 900,000 EVs in
2022—more than Tesla sold in 2022.
The Chinese EV maker is backed by
legendary investor Warren Buffet and
recently expanded operations
worldwide. It now has operations in
Norway, Denmark, the UK, Thailand,
and Australia.
BYD's prices can be extremely
competitive. Last month, the company
launched an $11,000 hatchback at the
Shanghai auto show called Seagull -
which Insider's Tim Levin called
"ridiculously cheap." In comparison, the
price of a Tesla Model 3 starts from
around $40,000.
Despite its move into Europe and
Southeast Asia, the company doesn't
seem to have any plans to enter the U.S.
passenger market, BYD founder Wang
Chuanfu said in March, per Bloomberg.
At present, BYD only has a small
commercial vehicle business in the U.S.,
per Insider on May 17.
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 ELECTRIC CARS IN
CHINA
A NIO EP9 electric vehicle. Chen Wen/China News Service/Getty Image
Popular brands and models - Nio
Nio - a Shanghai based EV company - is
a relatively young player in the field,
having been founded less than a decade
ago in 2014. The startup is known for its
premium smart EVs — with some
vehicles being sold at prices higher than
those of even Teslas, per CNBC. Pricing
on a midsize Nio ES7 SUV starts at
around $68,000 — costlier than a Tesla
Model Y which retails at about $38,000,
Barrons reported on April 18.
Even though it's priced in the premium
range, Nio still managed to post a 33%
increase in vehicle sales last year — but
the company is still in the red with only
$7.4 million in revenue in 2022.
Nio's full-year operational loss in 2022
was 15.6 billion yuan, or $2.3 billion,
according to the company's statistics.
However, William Li, Nio's CEO, told
CNBC in an April interview that they
would not join the price war. Li told
Germany's Heise Autos that the
company plans to enter the U.S. market
by 2025, and while Nio hasn't entered
the U.S. yet, it's already selling in
European countries including Norway
and the Netherlands.
25
 ELECTRIC CARS IN
CHINA
A Wuling Air EV. Xu Qin/Xinhua/Getty Image
Popular brands and models - Wuling
Wuling, a brand that falls under a
joint venture between General
Motors, China's SAIC Motors, and
Liuzhou Wuling Motors, is known for
their Hongguang Mini, a tiny EV that
outsold Tesla in China in 2021.
The Hongguang Mini was the top-
selling EV in China in 2022, with over
550,000 units sold, according to the
Xinhua news agency. The starting
price of a Hongguang Mini was
$4,500 in 2021, with the vehicle being
under 115 inches in length and about
59 inches in width.
To put it in comparison, a Fiat 500 is
around 140 inches in length while,
surprising enough, having the same
amount of cargo space as the Hongguang
Mini, as written in Insider's Tim Levin's
May 2021 post.
According to a February 2023 report in
the Rest of World, a newer version of
Wuling's compact car, described by the
news site as a "tiny, comically square car
—the Wuling Air—is now going global
and is dominating EV sales in Indonesia.
26
 ELECTRIC CARS IN
CHINA
The Zeekr 001. Zeekr
Popular brands and models - Zeekr
Zeekr is an electric vehicle brand
under the privately held Chinese auto
giant Geely — which bought the
Swedish brand Volvo in 2010.
Zeeker already has international
ambitions, despite being founded in
2021. Zeekr said in April it plans to
sell its newly launched SUV-style
Zeekr X and Zeekr 001 EV sedan in
Western Europe, Reuters reported.
The EV maker did not indicate a
timeline for its plans. The $27,000
Zeekr X even has facial recognition
software to unlock the car and owners
can also opt to install a refrigerator
in the car, Andy An, the CEO of Zeekr,
said at an event.
The company aims to deliver 40,000
Zeekr X cars to the China market this
year, with its first domestic deliveries
starting in June, An said per Reuters.
And even though Zeekr is backed by a
major auto player, it still trails its EV
peers in the domestic Chinese markets.
Zeekr sold just 15,234 of its existing
models in the first quarter of 2023 —
this is half of the 31,000 vehicles Nio
sold and just 10% of what Tesla sold in
the same period, per Reuters.
27
 ELECTRIC CARS IN
CHINA
The XPeng G6 electric SUV. VCG/VCG via Getty Images
Popular brands and models - Xpeng
Guangzhou-headquartered EV car
maker Xpeng Motors has been
expanding aggressively in Europe,
starting with Norway in December
2020.
Since then, the Alibaba-backed
automobile manufacturer has been
opening retail outlets and establishing
dealership networks on the continent,
where new energy vehicle sales are
soaring. Xpeng vice president and
chairman Brian Gu told CNBC in
November 2021 that it eventually
wants to ship half its vehicles to
countries outside China. He did not
provide a time frame for the goal.
"As a company that focuses on global
opportunities, we want to be balanced
with our contribution of delivery — half
from China, half from outside China —
in the long run," Gu told the network.
In February, Xpeng launched an SUV
and sports sedan for order in Denmark,
Norway, and the Netherlands.
Xpeng's global foray gels with Beijing's
goal for the country's top two EV
makers to sell 10% of their vehicles
overseas by 2025, per the South China
Morning Post in October 2018. Beijing
did not name any companies.
28
 GLOSSARY English meaning Vietnamese meaning
A period of 365 or 366 days, starting on 1
Calendar year Năm dương lịch
January and ending on 31 December
Something, especially money, that
Incentives encourages a person or organization to do Khuyế n mãi
something
The person, animal, or organization that is
Front-runner Người đi đầ u
most likely to win something
A transfer of money from the government
Financial subsidy to an entity, leading to a fall in the price of Trợ cấ p tài chính
subsidized products.
System equipment, control and
management sets and such devices for
Charging
data transmission, supervision, control and Cơ sở hạ tầ ng sạc
infrastructure
payment as may be necessary for charging
service

Automaker
Company that makes cars Công nghiệp ô tô

The baseline charging level for EVs. It’s

what’s available from a standard household
outlet, providing a charge of up to 120V
Level 1 charging Sạc cấ p độ 1
and between 8A and 20A. Level 1 charging
typically takes a full 24 hours to top up an
empty EV
The charging level at most dedicated
charging points. They charge EVs quite a bit
Level 2 charging more quickly with 240V output up to 80A. A Sạc cấ p độ 2
full charge at a Level 2 point takes about 4
hours.

The fastest charging you’ll find. These

charging points use direct current to
charge EV batteries quickly, often in a half
Level 3 charging hour. Tesla has a network of superchargers Sạc cấ p độ 3
that take advantage of unique connectors
to deliver level 3 charging rates. Level 3
charging goes up to 900V at over 100A.

29
 CROSSWORD
The words to be filled in are given as
clues, which can be in the form of
definitions, synonyms, antonyms, or
word play. Base on the clues can be
found down or across to complete the
crossword puzzle

Across
3. Worry on the part of a person
driving an electric car that the battery
will run out of power before the
destination or a suitable charging
point is reached
5. A fixed piece of equipment with an
attached cable and plug for charging
electric vehicles
6. A market that has high standards
and giving a lot of attention to details
Down
1. A vehicle's capacity to gain speed
within a short time
2. The structured use of rewards
and recognition to motivate desired
behavior from a specific group of
people
4. A one-year period that begins on
January 1 and ends on December
31

30
 ANSWERS
Across
3. Worry on the part of a person
driving an electric car that the battery
will run out of power before the
destination or a suitable charging
point is reached
5. A fixed piece of equipment with an
attached cable and plug for charging
electric vehicles
6. A market that has high standards
and giving a lot of attention to details
Down
1. A vehicle's capacity to gain speed
within a short time
2. The structured use of rewards
and recognition to motivate desired
behavior from a specific group of
people
4. A one-year period that begins on
January 1 and ends on December
31
31
 Issue 02 | July 2023

Thank you!
Summoning Tesla from across the country
"I think that within two years, you'll be able to summon your car from across the
country."
(Elon Musk, The Verge, 2016)
This is the end of volume 2. Thank you for your continuous support, and we hope
that through our two volumes you have obtained useful information about electric
carrs, learned more about them, and understood their development from the market
perspectives. Electric Cars have, are, and will continue to change the world we live in
today, so adapting to this change is necessary and essential for people, especially
Generation Z, to become global citizens in the near future.

Nguyễn Quang Anh-20193478

Nguyễn Thành Đại-20183048
Nguyễn Minh Đức-20193504
Phạm Thanh Sơn-20193592

THE ELECTRIC
CAR MAGAZINE