Tesla Motors may be the current king of electric vehicles (EVs), but it took more than a decade for the company to get there. In fact, it took this long for Tesla to produce 100,000 vehicles.
Showing how far EVs have come, and with production ramping up for these models, China-based Xpeng announced it has produced 100,000 cars, just six years after it launched. Another Chinese-based automotive vendor, Nio, said it reached this mark in April, only four years after it launched, according to a report from CNBC.
The market for EVs is growing substantially due to Tesla’s popularity as well as consumer interest in the vehicles due to both climate change and potential savings on fuel. Additionally, regional mandates for carbon emissions is causing automakers to make the switch to primarily EVs quicker.
In fact, starting in January, most automakers have stated they plan to switch to all-electric cars by 2030. This includes General Motors, which will phase out all gasoline and diesel vehicles by this date, Ford, which will invest multiple tens of billions in EVs in the next decade, and all European automakers that will become purely electric. Volvo went as far as to make the decision to go public to drum up funds to switch to an all-electric portfolio.
While Chinese startups are growing rapidly, Tesla is still the leader, having crossed the 1 million car mark a year ago and producing 238,000 vehicles in the third quarter alone. However, given how fast carmakers are producing EVs shows that the market is quickly transitioning to these models.