Faraday Future Launches Affordable Electric Vehicles

Faraday Future announced to launch of the Faraday X–FX series with the launch of two models FX 5 and FX 6 having affordable prices between $20,000- $30,000 and $30,000- $50,000 respectively. These products are available in gasoline-range extended as well as battery electric powertrains. The innovation aims at achieving both work and life balance by providing perfect features fulfilling personal and family needs.

Electric Vehicle Range Extender Market Size

According to Precedence Research, the global electric vehicle range extender market size was USD 1.09 billion in 2023 and is predicted to grow from USD 1.19 billion by 2024 to approximately USD 2.27 billion by 2032. The market is expanding at a solid CAGR of 9% over the forecast period.

According to the recent report of the Confederation of Indian Industry, the project aims to set up about 1.32 million charging stations by 2030 and they will present a remarkable growth opportunity for the electric vehicle sector. The success of the electric vehicle range extender market in Europe is due to the expansion of product selling, the growth of the UK in this region, and the rising adoption of hybrid vehicles and electric vehicles. In 2023, North America showed noteworthy growth in the electric vehicle range extender due to the great demand for batteries, technological advancements, and the rising adoption of electric vehicles especially in the U.S.

2024 Investments in Electric Vehicles

Investment Period	Investing Company/Organization	Significance
March 2024	BYD India	The company announced to introduce the luxury electric sedan segment and launched the BYD SEAL along with two products, the BYD ATTO 3 and the All-New e6.
February 2024	The Indian Army	Electric vehicles were introduced at ‘Peace Stations’ nationwide to promote green energy, embrace technological advancements, and reduce dependence on fossil fuels.
January 2024	VinFast and Tamil Nadu Govt.	The Govt. signed a MoU to invest US$ 2 billion for an electric vehicle project in Thoothukudi. About US$ 500 million was committed for the first phase targeting 150,000 units annually.

U.S. Electric Vehicle Range Extender Market Size

A recent report from Precedence Research Reveals, the U.S electric vehicle range extender market size is calculated at USD 380 million in 2024 and is projected to cross over USD 780 million by 2032. The market is poised to grow at a notable CAGR of 9.5% during the forecast period.

Based on products, the internal combustion engine range extender holds low cost and there is a rising adoption of hybrid electric vehicles globally. Based on vehicles, the passenger vehicles come across the government efforts for the insertion of electric vehicle range extenders in passenger vehicles. The commercial vehicles are experiencing the rising adoption of electric vehicle range extenders in the commercial vehicles by the UK and the U.S. nations. Based on components, the battery packs have higher efficiency and durability in electric vehicles. Nissan, BMW, and Plug Power are some of the leading companies contributing to the success of the electric vehicle range extender market.