When referring to the Electric Vehicle (EV) market, the U.S. and China often get the most attention. That’s because both nations are experiencing an electric car boom right now. It’s worth noting, however, that Electric Vehicle adaptability is a global phenomenon as consumer tastes are changing and EVs continue to gain in popularity.

For example, in 2022, four out of five cars sold in Norway were battery-powered and made by Tesla, Inc. According to the registration data, Tesla has been selling more EVs in the country than any other brand—holding 12.2% of the market share. Volkswagen was second with 11.6% of the market share.

Overall, according to the Norwegian Road Federation, 79.2% of all new cars sold in Norway were electric in 2022. In 2021, this figure was just 65%. Meanwhile, a decade ago, electric vehicles consisted of just 2.9% of all new cars sold in the country.1

With EV sales surging worldwide, there is a lot more competition in the EV sector now than ever before. Due to the increase in competition and a global recession looming on the horizon, Tesla recently decided to lower the price of its Model 3 and Model Y vehicles—its best-selling electric cars around the world.

It’s believed that this move could help protect Tesla’s market share and keep the company’s growth trajectory as global economic headwinds get stronger.

Tesla’s EV prices were lowered in some of the company’s key markets such as the U.S., China, and Germany where the price cuts amounted to anywhere between one percent and 20%.

In China, Tesla has lowered its prices two times in the last three months. In Japan and South Korea, the electric car maker reduced its price by 10%.2

electric vehicles
Source: Insideevs/norwayelectriccarsalesdec2022

Updates on EV Manufacturers

Lucid Group’s Shares

Lucid Group designs, engineers, and builds electric vehicles, powertrains, and battery systems. Recently, Lucid Group’s shares soared as much as 88% in a single day and were repeatedly halted due to such large price fluctuations following speculation that Saudi Arabia’s Public Investment Fund (PIF) is considering buying a remaining stake in the company. The PIF already owns 65% of Lucid.

Garrett Nelson, VP and senior equity analyst at CFRA Research, said that if the PIF does buy all the shares, it’s likely it will fix the operational issues at the company, and that will help in the long term. In 2022, the company only produced 7,189 vehicles. This amounts to approximately 38 electric vehicles per day. In comparison, during the fourth quarter of 2022, Tesla produced 4,779 electric vehicles per day.3

electric vehicles
Source: LucidGroupInc

Mullen Automotive’s Electric Cargo Vans

Mullen Automotive Inc. is headquartered in Brea California. It is an emerging electric vehicle manufacturer that focuses on passenger and commercial vehicles. Mullen Automotive also provides solid-state polymer battery technology.

Just recently, the company announced a pilot program involving its Class 1 electric cargo vans with Menzies Aviation and Loop Global Inc. at the Los Angeles International Airport (LAX). It will be a 60-day pilot program where Menzies Aviation will evaluate the Class 1 cargo vans across its operations at LAX. Menzies Aviation is the world’s largest aviation services company with operations at 250+ airports in 58 countries and 8,000 vehicles in its global fleet.

In this pilot program, Loop Global will provide charging infrastructure and fleet operations software to service Mullen’s vans through its electric vehicle fleet as-a-service (EVFaaS) program. Furthermore, Loop Global’s cloud-based Charger Management System (CMS) will enable Menzies Aviation to charge Mullen’s electric vehicles between each shift at LAX.4

electric vehicles
Source: Mullen

Investing in Auto Innovation with CARS ETF

If you’re looking to invest in an electric vehicle ETF, consider Canada’s first automobile innovation ETF, Evolve Automobile Innovation Index Fund (TSX Ticker: CARS). CARS ETF invests in global companies that are directly or indirectly involved in developing electric drivetrains, autonomous driving or network-connected services for automobiles. Shift your investments into gear with CARS in your portfolio. For more information on this fund, please click here: https://evolveetfs.com/cars/


For the month, Lucid Group Inc. made the largest contribution to the Fund, followed by Fluence Energy Inc. and Evgo Inc. The largest detractors to performance for the month were Ess Tech Inc., followed by Canoo Inc., and Renault SA. On last rebalance, these securities were added to the portfolio: Mullen Automotive Inc. and Renault SA.

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  1. Reuters, “Tesla in top spot in Norway’s race to EV goal,” Automotive News Europe, January 2, 2023; https://europe.autonews.com/automakers/tesla-top-spot-norways-race-ev-goal.
  2. King, H., “What’s behind Tesla’s drastic price cuts,” Axios, January 16, 2023; https://www.axios.com/2023/01/16/tesla-price-cuts-elon-musk.
  3. Ferré, I., “Lucid stock soars amid Saudi buyout speculation,” Yahoo! Finance, January 27, 2023; https://finance.yahoo.com/news/lucid-stock-soars-amid-saudi-buyout-speculation-212055245.html.
  4. “Mullen Automotive, Loop Global and Menzies Aviation Pilot New Electric Vehicles and Charging Infrastructure at Los Angeles International Airport,” Yahoo! Finance, February 2, 2022; https://finance.yahoo.com/news/mullen-automotive-loop-global-menzies-150000405.html.


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