Welcome to BESEN’s electrifying blog, where we bring you the latest and most cutting-edge updates in the EV mobility world. With over 13 years of experience in the EV charging industry, BESEN stands as a leading EV charger manufacturer, offering sustainable EV charging solutions. Our blog aims to keep you at the forefront of the ever-evolving EV landscape, providing insights into groundbreaking innovations, market trends, and game-changing technologies that shape the future of transportation.
In today’s fast-paced world, the shift towards electric mobility becomes increasingly crucial in combating climate change and reducing our carbon footprint. As the world embraces a greener future, we are thrilled to share four exciting pieces of news that highlight the significant strides the EV industry is making globally. From Turkey’s rapid EV sales growth driven by domestic manufacturing to the dominance of the BYD Atto 3 in Thailand’s BEV sales charts, and Australia’s remarkable progress in electric vehicle adoption, we will explore the transformative impact of these developments. Additionally, we’ll delve into the opportunities presented by the EV Charger Tax Credit 2023 and how it propels the expansion of EV charging infrastructure worldwide.
Join us on this electrifying journey as we empower you with the knowledge and insights needed to stay ahead in the electrified world of transportation.
Rapid Growth in Turkey's EV Sales Driven by Domestic Manufacturing
Rapid Growth in EV Sales:
- Sales of battery-powered cars in Turkey surged by 326.64% from January to May compared to the previous year.
- In May alone, sales increased by an impressive 457.18%.
- Hybrid vehicle sales also witnessed significant growth, rising by nearly 60% year-over-year.
Market Share and Overall Vehicle Sales:
- EVs accounted for 2.21% of total sales in the first five months, compared to 0.82% the previous year.
- Hybrid vehicles claimed an 11.17% market share.
- Overall vehicle sales experienced a notable surge, with a 70.9% year-over-year increase in May.
Influence of Domestic EV Production:
- The release of Turkey’s first homegrown EV, the Togg T10X, played a significant role in driving EV sales.
- In May, the T10X accounted for 4.07% of the market share, ranking second only to the Mokka SUV.
- Togg plans to manufacture four additional EV models by 2030, increasing production capacity.
Government Targets and Expansion Plans:
- President Recep Tayyip Erdoğan aims to produce 28,000 Togg vehicles this year.
- The goal is to manufacture one million vehicles across all segments by 2030.
- Togg plans to begin exporting vehicles starting in 2025, initially focusing on the domestic market before expanding globally.
Domestic EV Production's Significance:
- The success of Togg’s domestic EV production demonstrates the power of local manufacturing.
- Domestic production offers increased availability and is perceived as a means to protect against high inflation.
- Turkey’s relatively young EV economy has shown promising growth with the Togg T10X.
Global Implications and Future Outlook:
- Domestic EV production has become a significant talking point, considering acts like the US Inflation Reduction Act and the UK’s upcoming tariffs on imported EV components.
- It remains to be seen whether these acts will lead to more localized successes similar to the Togg T10X.
BYD Atto 3 Dominates Thailand's BEV Sales Charts in the First Half of the Year
BYD Atto 3 Leads BEV Sales in Thailand:
- Reports reveal that the BYD Atto 3 was the top-selling BEV in Thailand during the first half of the year.
- The Atto 3 registered 11,167 units, followed by the Hozon Auto Neta V with 5,955 units.
- Tesla’s Model Y secured the third spot with 3,638 units, followed by the Ora Good Cat and MG4.
Expansion of BYD's Model Lineup:
- BYD plans to introduce additional variants of the Dolphin model to the Thai market.
- The Standard Range Dolphin, starting at 699,999 Thai Baht, offers a competitive price point compared to popular ICE cars.
- The Extended Range Dolphin, starting from 859,999 Thai Baht, adds more options for consumers.
Increasing BEV Sales in Thailand:
- In the first half of the year, Thailand witnessed a total of 31,738 BEV sales.
- With the introduction of more models, especially affordable options like the Dolphin, BEV sales are expected to rise further in the second half of the year.
BYD's Partnership and Expansion Efforts:
- BYD has partnered with Rever Automotive in Thailand and is constructing a plant to produce 150,000 vehicles annually.
- The Dolphin model plays a significant role in BYD’s global expansion strategy.
- The Dolphin has been launched in several countries, including Singapore, the United Kingdom, mainland Europe, Australia, and New Zealand.
Australia Sees Electric Vehicle Penetration Approaching 10%
Top-selling EV Models in Australia:
- Tesla Model Y leads the sales charts with 5,560 units sold, followed closely by the BYD Atto 3 with 1,532 units.
- The Model 3 remains a strong contender, ranking third with 1,458 units sold.
- EV Penetration and Market Trends:
- EV penetration in Australia is approaching 10%, with consistent figures of around 8% in the first five months of 2023.
- The surge in Porsche Taycan sales may be attributed to the limited supply of the Tesla Model S in the Australian market.
Overall Vehicle Sales and EV Market Share:
- Australian customers purchased 124,926 new vehicles in June, marking a 25% increase compared to June 2022.
- 6% of new vehicle sales were zero and low emission vehicles, with battery electric vehicles accounting for 8.8% in June.
- Tesla Model Y secured the second-highest sales volume, following the Toyota Hi-Lux.
EV Penetration Across Vehicle Types:
- Out of 103,927 passenger vehicles sold, over 14% were BEVs.
- Approximately 9% of the 322,213 SUVs sold were BEVs.
- The light commercial segment presents an opportunity for EV growth, with only 78 EVs sold out of a market of 129,025.
Future Outlook and Expansion:
- Australia anticipates the entry of around 80 new EV models within the next two years.
- Chinese automakers continue to dominate the Australian EV market, with Tesla, BYD, and MG leading the way.
- Affordable battery electric vehicles like the MG4, Great Wall Ora, and BYD Dolphin are expected to drive EV penetration above 10%.
Charging Infrastructure and Industry Developments:
- Charging infrastructure continues to expand, with supermarkets and service stations offering charging facilities.
- Partnerships between financial institutions like Westpac Bank and charging companies like Chargefox provide free charging options.
- Tesla and BYD are expanding their operations and establishing showrooms in Australia.
EV Adoption in Specialized Applications:
- Even police community liaison vehicles in Australia are transitioning to electric, featuring First Nations artwork.
- Australia’s EV market is progressing steadily, fueled by popular models, increased charging infrastructure, and support from various industries. The nation is edging closer to the 10% EV penetration milestone, reflecting growing consumer interest and favorable market conditions.
EV Charger Tax Credit 2023: What You Need to Know
The EV Charger Federal Tax Credit:
- The Inflation Reduction Act extends the EV charger federal tax credit for ten years, until December 31, 2032.
- Home EV charging station installations are eligible for a tax credit of 30% of the hardware and installation costs, up to $1,000.
- Starting from 2023, the tax credit also applies to other EV charger equipment like bidirectional chargers.
EV Charger Tax Credit for Businesses:
- Businesses installing new EV chargers or charger equipment can benefit from a tax incentive of up to 30% of the total cost.
- However, eligibility for the full incentive may require meeting specific labor and construction requirements.
- Under the Inflation Reduction Act, the tax credit per property item for business installations completed after 2022 is up to $100,000 per EV charger.
Claiming the EV Charger Tax Credit:
- To claim the federal tax credit, file Form 8911 with the IRS when filing your federal income tax return.
- Keep receipts of the EV charger purchase price and installation fees.
- The EV charger tax credit reduces your federal tax liability but is not refundable.
Additional Incentives and Programs:
- President Biden’s EV Charging Station Plan aims to build 100 million EV charging stations across the United States.
- The Inflation Reduction Act also offers tax incentives for home solar panel installations through the Residential Clean Energy tax credit.
- State-specific EV charger rebates and incentives, such as those in California and New York, can further offset installation costs.
- The U.S. Department of Energy provides a searchable database for finding state tax credits and rebates for EV chargers.
- It’s important to research and understand the specific incentives and programs available in your state to maximize the benefits of EV charger tax credits and other incentives.
In this blog, we’ve explored the latest news and updates on the electric vehicle mobility front. From Turkey’s rapid EV sales growth driven by domestic manufacturing to the BYD Atto 3’s dominance in Thailand’s BEV sales charts, we’ve witnessed the transformative impact of electric mobility in different regions.
Additionally, we’ve examined Australia’s remarkable approach to electric vehicle adoption, with the penetration rate nearing an impressive 10%. This growth has been catalyzed by various factors, including government incentives and the expansion of charging infrastructure, paving the way for a cleaner and more sustainable future.