Latest News In Electric Vehicles - Battery Swapping Growth Fuels Global EV Sector Expansion

Recent developments in the electric vehicle (EV) sector highlight significant growth in the EV battery swapping market, projected to reach USD 2.8 billion by 2029. This surge is driven by advancements in technology, growing consumer demand, and supportive government policies aimed at expanding battery swapping infrastructure, notably in regions like China and India. The market benefits from the need to reduce EV charging times and enhance convenience, particularly for commercial fleets and urban areas. As electric vehicle adoption continues to rise globally, this technology presents a viable alternative to traditional charging methods, with implications for battery standardization and increased accessibility through subscription-based models.

• Gotion High-techLtd (SZSE:002074) last closed at CN¥20.69 down 1.1%.

In other market news, VinFast Auto (NasdaqGS:VFS) was a notable mover up 6.3% and ending trading at $4.06. Meanwhile, Tata Motors (BSE:500570) trailed, down 7.4% to finish the session at ₹697.00, hovering around its 52-week low. Two days ago, Tata reported a decline in Q3 net income despite slight revenue growth.

VinFast Auto is focusing on strategic market expansion to boost EV growth. Click to explore the narrative on how VinFast plans to capture emerging markets.

Best EV Stocks

• NIO (NYSE:NIO) settled at $4.44 up 5.2%.
• Tesla (NasdaqGS:TSLA) finished trading at $400.28 up 2.9%. Tesla's earnings announcement two days ago revealed a significant drop in net income compared to the previous year.
• Ford Motor (NYSE:F) ended the day at $10.16 down 0.5%.

Summing It All Up

• Click through to start exploring the rest of the 45 EV Stocks including Tube Investments of India, Lear and Subaru now.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Sources:

• Simply Wall St
• "$2.8 Billion Electric Vehicle Battery Swapping Market Future Trends and Forecasts to 2029: Case Studies of NIO and Gogoro" from Research and Markets on GlobeNewswire (published 29 January 2025)

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