18 May 2021
Electric Vehicles: BEV+PHEV
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
The acronym BEV stands for a Battery Electric Vehicle (a pure all-electric vehicle) while a PHEV is used to describe a Plug-in Hybrid Electric Vehicle which has both a battery and a petrol or diesel engine.
Global annual sales of BEVs plus PHEVs went over 3 million units in 2020 for the first time and Germany has now become the second largest consumer market of plug-in vehicles after China.
Interestingly and during the COVID-19 pandemic, the number of plug-in vehicles sold in Europe jumped from 589,000 to 1,395,000 in just 12 months. Surprisingly however, sales of plug-in vehicles in Japan fell by 28% during this same period.
Click for charts.
What do large global EV sales volumes imply, that the future is most definitely electric.
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