There were 10.74 million electrified vehicles (EVs) on the road globally by the end of 2021. The transition to electrification is creating unprecedented disruption in the auto industry. Original equipment manufacturers (OEMs) with more than a century of experience building combustion-powered vehicles are now battling overcapacity across their production networks and face big costs to retool their factories. Meanwhile, EV startups have emerged to meet swelling demand.

The widely reported environmental damage from combustion-powered transport has led governments around the world to announce cut-off dates for the sale of combustion-powered light vehicles. This is being met by growing consumer demand for EVs led by desirable models from both novel startups and established players.

The electric vehicles thematic report looks at the electric vehicles theme – principally, battery electric vehicles (BEVs). These models demand new technologies and components that were previously uncommon in vehicles, especially in the field of lithium-ion batteries, which are not a core competency for most traditional automakers.