Electric Vehicles (EVs) are amongst the fastest growing tech sectors in the world today. Notwithstanding its backing by governments, automakers, and consumers globally, this e-mobility evolution requires a platform to support its long term growth sustainably.
While it’s still early days for the EV evolution, its significant transformational potential is especially notable. Vertex’s investments within the EV ecosystem includes SES, Innoviz Technologies and Virta. These are initial investments and more importantly an expression of our confidence in this space.
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E-mobility | Part 1 - An overview on the EV landscape (English)
1. Vertex Perspectives | E-mobility
5-part series on e-mobility
For more info, drop us an email at
communications@vertexholdings.com
An overview
on the EV
landscape
2. GOVERNMENTS
AUTOMAKERS
CONSUMERS
EV WAVE
What is causing
the charge
towards EV
adoption?
From automakers' interest to
supportive government policies and
growing consumer acceptance, we
take a look at the key drivers leading
the EV revolution.
AN OVERVIEW OF THE EV LANDSCAPE |
3. In Thailand, EVs will account for 30%
of domestically made vehicles by 2030
In Europe, Mercedes-Benz unveils an
EUR 40B plan to go all-electric by 2030
India's government plans to have around
1,500 charging stations in Mumbai by 2025
Government and automakers are accelerating plans to
develop EV charging infrastructure and production
China has over 800,000 publicly available EV
charging outlets installed at the end of 2020
United States plans to install at least
500,000 charging points by 2030
AN OVERVIEW OF THE EV LANDSCAPE |
4. ICEV EV
Automakers are switching production lines from internal
combustion engine vehicles (ICEV) to electric vehicles (EV)
Powertrain and Power Electronics are the key differences between ICEV and EV.
Today, ICEV manufacturers are replacing the traditional engine with an electric motor. This includes mastering the build and
assembly of electric motor components, complex electrical systems and battery modules.
Source: BCG Analysis
Powertrain includes ICEV main
components (i.e. engine & auxiliary
systems) which are unnecessary for EV.
Power Electronics includes the
essential equipment in an EV but
doesn't exist in pure ICEV.
AN OVERVIEW OF THE EV LANDSCAPE |
5. OEMs are
changing their
battery supply
chain strategies
Inclining towards "Buy over Build"
Currently, there is no convergence towards a
unique technology or solution for core EV
powertrain design and this also presents a new
opportunity in powertrains for part makers.
Hyundai Motor Group buys power drive systems from U.S. automotive supplier
BorgWarner (NYSE: BWA) for compact EVs. To begin production in 2023.
Peugeot, has turned to Vitesco Technologies, a spinoff of major German supplier
Continental.
Nissan Motor affiliate Jatco, a Japanese maker of automatic transmissions, will
start mass-producing e-axles by 2025. The systems will go to Nissan and other
EV makers at home and abroad.
Italy's Marelli, the result of a merger between Magneti Marelli and Japanese
supplier Calsonic Kansei, aims to supply 1 million e-axles yearly as of 2025.
Nidec moved quickly to build an e-axle factory in early EV adopter China and
has started supplying the systems to Guangzhou Automobile Group and Geely
Automobile Holdings.
Magna (NYSE: MGA), which has been touted as a potential partner for a
self-driving car from Apple, already makes cars under contract for BMW
and Jaguar Land Rover.
AN OVERVIEW OF THE EV LANDSCAPE |
6. 03
Battery Cells,
Power Electronics
EV manufacturing could potentially include
both in-house and outsourced
manufacturing models
Battery Modules, Battery Packs,
Electric Motors
02
BUILD
EV transmissions
BUY + BUILD
01
BUY
+
AN OVERVIEW OF THE EV LANDSCAPE |
7. Expanded from providing automotive
components and sub-systems into a full
EV platform and final assembly business
Using outsourced manufacturing can enable
new entrants to easily enter the market while
reducing manufacturing ramp risk
New entrants are pursuing an outsourced model with Electronics Manufacturing Services (EMS) players.
Built the Jaguar I-PACE EV
Working with Fisker to bring the Ocean SUV
market in 4Q22
AN OVERVIEW OF THE EV LANDSCAPE |
8. 01
Automakers such
as Ford and
Volkswagen are
adopting Tesla’s
approach and
shifting to a more
vertically integrated
model
Benefits of vertical integration include:
Higher degree of
customization
Closely aligned R&D
and production
Supply chain security and
reduced dependence on suppliers
Potential cost
savings at scale
More control over the production
process and product quality
02
03
04
05
AN OVERVIEW OF THE EV LANDSCAPE |
9. 2015 2016 2017 2018 2019 2020
125
100
75
50
25
0
31%
26% 25%
26%
In 2020, global consumer spend on EV has increased to USD
120B signifying consumers’ interest in EV and hybrid vehicles
while government support stabilises.
Consumers continue spending on EV, signaling interest
But, there are more barriers to overcome before the majority of consumers are comfortable with switching to EVs.
Some barriers to adoption include driving range, cost/price premium
and lack of electric vehicle charging infrastructure.
Consumer spending Government spending
Driving Range
Cost/Price Premium
Lack of electric vehicle
charging infrastructure
10% 31% 4% 18% 24%
22% 22% 19% 24% 9%
34% 16% 20% 22% 18%
35%
32%
44% 25% 34%
% = Largest concern in each market
Source: Deloitte Global Automotive Consumer Survey 2018
Source: IEA
AN OVERVIEW OF THE EV LANDSCAPE |
USD Billions
10. USD 2T
USD 12T
USD 14T
USD 2T
USD 1T
With an increasing interest in EV, investors are making
ESG-friendly investments in the transportation sector
While the leading ESG-oriented region is Europe, the trend is
growing faster in the US and other regions are catching up.
Help manage investment risks
64%
65%
2020
2017
My firm derives reputational benefits
41%
32%
It's our fiduciary duty
43%
36%
Clients/Investors demand it
59%
45%
Improve financial returns*
35%
*No data as
of 2017
Investors shared their Top 5 drivers for ESG investments
includes managing risk and client demand.
&
Adapted from: CFA/ Visual Capitalist
AN OVERVIEW OF THE EV LANDSCAPE |
Source: Global Sustainable Investment Alliance
USD = ESG Investment Value
11. Vehicle Manufacturing Batteries Charging Powertrains Raw Materials
75%
50%
25%
0%
F C E V
e V T O L
M I C R O - M O B I L I T Y
E V I N F R A
Since the beginning of 2020, notable EV startups across various
sectors have completed their SPAC deals.
Companies are not just making vehicles themselves, but also
in the EV battery supply chain and charging infrastructure.
SPAC exits are growing. Yet no clear winners have emerged.
Some companies are raising money via SPACs to scale up activities even before generating substantial revenue.
Completed SPACs Pending SPACs
A V B A T T E R Y
L i D A R
E V
SES is a Vertex Ventures China portfolio company while Innoviz Technologies is a Vertex Ventures Israel portfolio company
AN OVERVIEW OF THE EV LANDSCAPE |
Adapted from: Bloomberg Adapted from: Mobility-Related SPAC Deals
Breakdown of SPAC listings by category
12. 01
02
03
EV ADOPTION
GROWING SPAC EXITS
In summary...
Governments are accelerating plans to develop a robust EV charging infrastructure. Similarly, automakers
are changing production lines and adopting new manufacturing models to accelerate EV production.
EV CHARGING INFRASTRUCTURE & PRODUCTION
Although global consumer spend on EV has increased, some barriers to adoption include
driving range, cost/price premium and lack of electric vehicle charging infrastructure.
Since the beginning of 2020, notable EV startups across various sectors (i.e.
battery, infrastructure, manufacturing) have completed their SPAC deals.
AN OVERVIEW OF THE EV LANDSCAPE |
SPAC
13. In Part II of our five-part series, we introduce the EV batteries landscape and the rise of
alternatives. From lithium-ion to solid-state batteries, find out how EV are being powered and the
alternatives rising to provide an efficient and cost-friendly solution.
What's charging an EV?
Battery Technology & Alternative Innovations
C O M I N G U P N E X T . . .
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