What is the story about?
What's Happening?
Range-extended electric vehicles (REEVs) are rapidly becoming the fastest-growing powertrain category globally, driven by significant growth in China. In 2024, REEV sales in China represented over 10% of new car sales, quadrupling their share from 2020. REEVs utilize a series hybrid architecture, where the engine powers a generator to charge the battery, allowing for efficient operation and reduced battery size without impacting range. Major automakers like Ram, Jeep, Nissan, and Hyundai are planning to launch REEV models soon.
Why It's Important?
The rise of REEVs addresses critical barriers to electric vehicle adoption, such as range anxiety and cost concerns. By offering a driving experience similar to battery electric vehicles (BEVs) with extended range capabilities, REEVs can attract consumers who are hesitant to switch to fully electric vehicles. This trend could expand the market for EVs and help automakers meet emissions targets, especially in regions struggling to sell zero-emission vehicles.
What's Next?
Automakers are expected to continue investing in REEV technology, with production of new models beginning in 2025. As consumer interest grows, REEVs may become a key component of automakers' strategies to transition to electric mobility. The development of REEVs could also lead to advancements in hybrid and electric vehicle technologies, further enhancing their appeal and performance.
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