Electric Components for New Energy Vehicle

Electric Components for New Energy Vehicle Market Outlook

The global electric components market for new energy vehicles (NEVs) is poised for significant growth, with an estimated valuation reaching approximately USD 70 billion by 2035, reflecting a robust compound annual growth rate (CAGR) of around 25% during the forecast period from 2025 to 2035. This surge in the market can be attributed to various factors, including the escalating demand for environmentally friendly transportation solutions, stringent government regulations pushing for reduced carbon footprints, and advancements in battery technologies enhancing vehicle performance. Furthermore, increased consumer awareness regarding the benefits of electric vehicles (EVs) is driving the adoption of NEVs across various segments, as more consumers seek sustainable and cost-effective transportation options. The automotive industry's shift towards electrification, fueled by substantial investments in research and development, is also contributing significantly to the market's positive trajectory. As the global focus on climate change and sustainable development intensifies, the electric components market for new energy vehicles is expected to witness unprecedented growth, reshaping the automotive landscape in the coming decade.

Growth Factor of the Market

The growth of the electric components market for new energy vehicles (NEVs) is primarily driven by the increasing adoption of electric and hybrid vehicles globally, which significantly reduces dependency on fossil fuels and lowers greenhouse gas emissions. Additionally, advancements in battery technology, particularly lithium-ion batteries, have enhanced energy density and reduced costs, making electric vehicles more accessible to a broader audience. Governments worldwide are implementing stringent emissions regulations and providing incentives for electric vehicle adoption, which further propels market growth. The transition to smart grids and renewable energy sources also supports the development of electric components, as these technologies improve the efficiency and sustainability of electric vehicle charging solutions. Furthermore, the growing trend of urbanization and the increasing need for efficient public transport systems are encouraging the integration of NEVs into urban mobility solutions, thereby contributing to the overall growth of the market.

Key Highlights of the Market

• The market is expected to witness a CAGR of 25% from 2025 to 2035.
• Increasing government incentives and subsidies for electric vehicle purchases are driving market demand.
• Technological advancements in battery and motor technologies are enhancing the efficiency of electric vehicles.
• The rise in environmental awareness is promoting the adoption of electric vehicles.
• Key players in the market are focusing on strategic partnerships and collaborations to enhance their product offerings.

By Product Type

Battery:

Batteries serve as the primary energy source for electric vehicles, making them a critical component in the electric components market for new energy vehicles. The lithium-ion battery segment is leading the market due to its high energy density, long cycle life, and decreasing costs. Consumers are increasingly demanding batteries that offer superior performance and longer driving ranges, prompting manufacturers to invest in advanced battery technologies. Additionally, innovations in solid-state batteries and developments in battery recycling technologies are expected to further enhance the sustainability of electric vehicles. As a result, the battery segment is experiencing robust growth, driven by the rising number of electric vehicle models being introduced in the market.

Motor:

The motor segment is essential for the propulsion of electric vehicles, with permanent magnet synchronous motors (PMSMs) being the predominant technology used due to their high efficiency and compact size. The increasing demand for high-performance electric vehicles is driving manufacturers to optimize motor designs and improve their efficiency and power output. Furthermore, advancements in motor control technologies are enabling better performance and integration with various vehicle systems, enhancing overall vehicle dynamics. As electric vehicles become more mainstream, the demand for efficient and reliable motors is expected to grow substantially, contributing significantly to the electric components market for new energy vehicles.

Inverter:

Inverters are crucial components in electric vehicles, as they convert direct current (DC) from the battery into alternating current (AC) for the electric motor. The inverter segment is experiencing significant growth, primarily due to advancements in insulated gate bipolar transistor (IGBT) technology, which has improved the efficiency and performance of inverters. These advancements are essential for the overall efficiency of electric vehicles, allowing for better energy management and enhanced driving experience. Moreover, as the demand for high-performance electric vehicles increases, manufacturers are focusing on developing inverters with higher power ratings and improved thermal management capabilities, further driving the growth of this segment.

Charging System:

The charging system segment is integral to the electric components market for new energy vehicles, as it facilitates the recharging of vehicle batteries. Innovations in fast-charging technologies and the expansion of charging infrastructure are pivotal factors driving this segment's growth. The demand for ultra-fast charging solutions is rising, enabling electric vehicles to be charged in a fraction of the time compared to traditional systems. Additionally, various charging methods, including home charging stations and public charging networks, are being implemented to accommodate the growing number of electric vehicles on the road. As the charging infrastructure continues to evolve, the charging system segment is expected to witness substantial growth, enhancing the overall adoption of electric vehicles.

Power Distribution Unit:

The power distribution unit (PDU) plays a vital role in managing and distributing electrical power within electric vehicles. The growing complexity of electric vehicle architectures, driven by the integration of advanced driver assistance systems (ADAS) and other electronic features, necessitates efficient power distribution management. Consequently, the demand for robust PDUs is increasing as manufacturers strive to ensure reliability and safety in electric vehicles. Innovations in power management technologies and the development of lightweight, compact designs are also contributing to the growth of this segment. As electric vehicle technology continues to advance, the power distribution unit segment is expected to witness significant growth, reflecting the ongoing evolution of vehicle electrification.

By Application

Battery Electric Vehicles:

Battery electric vehicles (BEVs) represent one of the most significant segments within the electric components market for new energy vehicles. BEVs operate entirely on electric power, with no internal combustion engine, making them a crucial contributor to reducing greenhouse gas emissions and promoting sustainable transportation. The increasing demand for zero-emission vehicles is driving the growth of this segment as consumers seek cleaner alternatives to conventional vehicles. Additionally, advancements in battery technology are enhancing the range and performance of BEVs, making them more appealing to a broader audience. As the charging infrastructure expands and government regulations favor electric mobility, the battery electric vehicle segment is expected to see substantial growth in the coming years.

Plug-in Hybrid Electric Vehicles:

Plug-in hybrid electric vehicles (PHEVs) combine traditional internal combustion engines with electric propulsion systems, offering a versatile solution for consumers seeking the benefits of both technologies. PHEVs can be charged from external power sources, enabling them to operate in electric mode for shorter trips while still having the capability to utilize gasoline for longer journeys. This flexibility is a significant driver of the PHEV market, as it addresses range anxiety associated with fully electric vehicles. Additionally, as governments extend incentives for hybrid vehicle adoption, more consumers are likely to consider PHEVs as a viable option. The segment has seen substantial growth in recent years and is expected to continue its upward trajectory as automakers introduce more models equipped with advanced hybrid technologies.

Fuel Cell Electric Vehicles:

Fuel cell electric vehicles (FCEVs) utilize hydrogen to generate electricity, producing only water and heat as byproducts. This technology presents a zero-emission alternative to conventional vehicles and has gained attention as a sustainable transportation solution. The growth of the FCEV segment is driven by increasing investments in hydrogen infrastructure and advancements in fuel cell technology, improving efficiency and reducing costs. Although the adoption of FCEVs is currently lower than that of BEVs and PHEVs, the potential for rapid growth exists, particularly in regions with robust hydrogen production and distribution networks. As public and private sectors invest in hydrogen fuel initiatives, the fuel cell electric vehicle segment is expected to evolve significantly, contributing to the overall electric components market for new energy vehicles.

By Distribution Channel

OEMs:

Original Equipment Manufacturers (OEMs) play a critical role in the electric components market for new energy vehicles, as they are responsible for the design and manufacture of electric vehicles and their components. OEMs are increasingly investing in new technologies and partnerships to enhance their electric vehicle offerings, focusing on integrating cutting-edge electric components into their products. This trend is driven by consumer demand for high-performance, reliable, and efficient electric vehicles. As the market for electric vehicles expands, OEMs are likely to enhance their production capacities and innovate their supply chains, fostering growth in the OEM segment of the market.

Aftermarket:

The aftermarket segment is crucial for the electric components market, as it encompasses the supply of replacement parts, upgrades, and services for electric vehicles. As the number of electric vehicles on the road increases, the demand for aftermarket products and services is expected to grow substantially. Additionally, the aftermarket segment offers opportunities for companies to provide specialized products, such as advanced charging solutions, battery upgrades, and performance-enhancing components. The growth of the aftermarket is further supported by the rising trend of vehicle customization and the need for regular maintenance services, making it an essential part of the overall electric components market for new energy vehicles.

By Component Type

Lithium-ion Battery:

Lithium-ion batteries are the predominant energy storage technology used in electric vehicles, accounting for a significant portion of the electric components market for new energy vehicles. Their high energy density, lightweight, and long cycle life make them ideal for powering electric vehicles. As technology advances, the performance characteristics of lithium-ion batteries continue to improve, leading to longer driving ranges and shorter charging times. The increasing demand for electric vehicles is driving investments in battery research and development, pushing manufacturers to explore alternative materials and designs to further enhance battery efficiency. Consequently, the lithium-ion battery segment is expected to witness continued growth, fueled by the accelerating shift towards sustainable transportation solutions.

Permanent Magnet Synchronous Motor:

Permanent magnet synchronous motors (PMSMs) are widely utilized in electric vehicles due to their efficiency and compact design. These motors provide high torque and power-to-weight ratios, making them suitable for a variety of applications in the electric vehicle sector. The demand for PMSMs is being driven by the need for high-performance electric vehicles, as they offer superior performance characteristics compared to traditional motor technologies. Ongoing research and development efforts aimed at optimizing motor designs and reducing costs are expected to further promote the adoption of PMSMs in electric vehicles. As the market for electric vehicles continues to grow, the PMSM segment is anticipated to expand significantly, reflecting advancements in electric propulsion systems.

Insulated Gate Bipolar Transistor:

Insulated gate bipolar transistors (IGBTs) are essential components in electric vehicle power electronics, facilitating the efficient conversion and control of electrical power. The increasing complexity of electric vehicle systems, combined with the need for improved efficiency and performance, is driving the demand for advanced IGBT solutions. Innovations in IGBT technology are enabling higher voltage and current ratings, enhancing the performance of electric vehicles. As electric vehicle manufacturers seek to optimize their powertrain designs, the IGBT segment is expected to see substantial growth, reflecting the ongoing evolution of electric vehicle technologies and the push for greater efficiency in power electronics.

Onboard Charger:

Onboard chargers (OBCs) are critical components in electric vehicles, responsible for converting AC power from the grid into DC power to charge the vehicle's battery. The increasing adoption of electric vehicles is driving the demand for advanced onboard charging solutions, which enable faster and more efficient charging processes. As manufacturers focus on enhancing charging capabilities, innovations in OBC technology, such as bidirectional charging and integration with renewable energy sources, are becoming more prevalent. The growth of the onboard charger segment is also supported by the expansion of charging infrastructure and governmental policies promoting electric vehicle adoption. Consequently, the onboard charger segment is anticipated to experience significant growth as electric vehicle technology continues to advance.

High Voltage Distribution Unit:

High voltage distribution units (HVDUs) are crucial for managing and distributing the electrical energy in electric vehicles, ensuring the safe and efficient operation of various components. As electric vehicle architectures become more complex, the demand for advanced HVDUs is increasing, driven by the need for reliable power distribution among the various systems in the vehicle. Innovations in materials and designs are contributing to the development of lightweight and compact HVDUs, enhancing vehicle performance and efficiency. Furthermore, as the market for electric vehicles expands, manufacturers are likely to invest in advanced HVDU technologies to improve the overall safety and reliability of electric vehicle systems. Therefore, the high voltage distribution unit segment is expected to witness substantial growth, reflecting the ongoing advancements in electric vehicle technology.

By Region

The electric components market for new energy vehicles is experiencing diverse growth across various regions, with North America, Europe, and Asia Pacific being the primary markets. In North America, the demand for electric vehicles is bolstered by government incentives, a growing charging infrastructure, and increased consumer awareness regarding environmental issues. The North American market is projected to grow at a CAGR of approximately 22% during the forecast period, driven by the strong presence of major automotive manufacturers and startups focusing on electric mobility solutions. Meanwhile, Europe is witnessing significant growth due to stringent emissions regulations, an ambitious push towards electrification, and expanded charging networks, positioning it as a leader in the adoption of electric vehicles.

In the Asia Pacific region, particularly in countries like China, Japan, and South Korea, the electric components market for new energy vehicles is expected to see exponential growth. China, as the largest electric vehicle market globally, is driving technological advancements and investment in charging infrastructure, promoting the adoption of electric vehicles. The region's CAGR is projected to be around 28%, fueled by rising urbanization, increasing disposable income, and supportive government policies. Other regions like Latin America and the Middle East & Africa, while currently smaller markets, are gradually witnessing growth as electric vehicle adoption begins to take root, driven by a need for sustainable transportation solutions and investment in renewable energy sources. Overall, the electric components market for new energy vehicles is poised for substantial growth across all regions, reflecting the global shift towards electric mobility.

Opportunities

The electric components market for new energy vehicles presents numerous opportunities for growth and innovation. One significant opportunity lies in the development of advanced battery technologies, such as solid-state batteries, which promise to offer higher energy densities and faster charging times. As research and development in this area progresses, manufacturers that capitalize on these advancements will be well-positioned to meet the increasing demand for electric vehicles with enhanced performance characteristics. Additionally, the expansion of charging infrastructure represents a substantial opportunity for growth, as more charging stations become available, facilitating electric vehicle adoption in urban and rural areas alike. Companies that focus on developing innovative charging solutions, including ultra-fast and wireless charging technologies, will find new avenues for growth within the market.

Furthermore, the increasing integration of smart technologies into electric vehicles presents another significant opportunity for the market. The incorporation of advanced driver assistance systems (ADAS), connectivity features, and vehicle-to-grid (V2G) technologies can enhance the overall driving experience, increase safety, and improve energy management in electric vehicles. As consumers demand more smart features, companies that invest in research and development of these technologies will likely see substantial market opportunities. Additionally, collaboration among stakeholders, including automakers, technology providers, and governments, can create synergies that drive innovation and accelerate market growth. Overall, the electric components market for new energy vehicles is ripe with opportunities for those willing to invest in future technologies and sustainable practices.

Threats

Despite the promising growth prospects, the electric components market for new energy vehicles faces several threats that could impede its progress. One of the primary threats is the increasing competition among manufacturers, which may lead to price wars and reduced profit margins. As more companies enter the electric vehicle market, established players may find it challenging to maintain their market share unless they innovate and differentiate their products. Additionally, fluctuations in raw material prices, particularly for critical components like lithium and cobalt, could impact production costs and supply chain stability. This volatility can result in increased expenses for manufacturers, potentially leading to higher retail prices for electric vehicles, which could hinder consumer adoption.

Furthermore, the lack of charging infrastructure in certain regions poses a significant threat to market growth. While major urban centers are seeing rapid expansions in charging networks, rural and less developed areas continue to struggle with accessibility. This limitation can deter potential buyers from considering electric vehicles due to concerns over range anxiety and the availability of charging facilities. Regulatory challenges and changing government policies can also create uncertainties for manufacturers, affecting their investment decisions and long-term strategies. Overall, while the market for electric components in new energy vehicles is on an upward trajectory, several threats must be carefully managed to ensure sustained growth and success.

Competitor Outlook

• Tesla Inc.
• BYD Company Limited
• NIO Inc.
• Panasonic Corporation
• LG Chem Ltd.
• BMW AG
• Ford Motor Company
• General Motors Company
• Volkswagen AG
• Hyundai Motor Company
• SAIC Motor Corporation Limited
• Fujitsu Limited
• Hitachi Automotive Systems, Ltd.
• CATL (Contemporary Amperex Technology Co. Limited)
• A123 Systems LLC

The competitive landscape of the electric components market for new energy vehicles is characterized by a mix of established automotive manufacturers and emerging technology companies. Leading players, such as Tesla and BYD, are at the forefront of electric vehicle innovation, consistently pushing the boundaries of technology and performance. Tesla, known for its high-performance electric vehicles and expansive supercharger network, continues to dominate the market, prioritizing advancements in battery technology and autonomous driving capabilities. Other established players like Ford and General Motors are increasingly pivoting towards electrification, investing heavily in research and development to expand their electric vehicle offerings and improve production efficiencies.

In addition to traditional automotive giants, a number of specialized companies, including battery manufacturers like LG Chem and Panasonic, are critical to the electric components market. These companies focus on developing advanced battery technologies to enhance performance and reduce costs, forming strategic partnerships with automakers to supply essential components for electric vehicles. Furthermore, companies like CATL and A123 Systems are leading the charge in battery manufacturing, continuously innovating to meet the growing demand for electric vehicles. As competition intensifies, manufacturers are focusing on establishing a strong presence in the market through strategic alliances, mergers, and acquisitions to enhance their technological capabilities and market reach.

Moreover, the electric components market for new energy vehicles is witnessing the emergence of startups and technology firms that are introducing cutting-edge solutions, such as smart charging technologies and advanced power electronics. These companies are focusing on addressing key challenges related to charging infrastructure, energy management, and vehicle-to-grid solutions, enabling them to carve out a niche in this rapidly evolving market. As the focus on sustainability and emissions reduction continues to grow, the competitive landscape will likely become more dynamic, with players striving to differentiate themselves through innovation, quality, and customer-centric solutions. Overall, the electric components market for new energy vehicles is positioned for robust growth, driven by competition and collaboration among diverse industry participants.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 BMW AG
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 NIO Inc.
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Tesla Inc.
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 LG Chem Ltd.
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Volkswagen AG
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Fujitsu Limited
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 A123 Systems LLC
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Ford Motor Company
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 BYD Company Limited
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Hyundai Motor Company
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Panasonic Corporation
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 General Motors Company
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 SAIC Motor Corporation Limited
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Hitachi Automotive Systems, Ltd.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 CATL (Contemporary Amperex Technology Co. Limited)
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Electric Components for New Energy Vehicle Market, By Application
    • 6.1.1 Battery Electric Vehicles
    • 6.1.2 Plug-in Hybrid Electric Vehicles
    • 6.1.3 Fuel Cell Electric Vehicles
  • 6.2 Electric Components for New Energy Vehicle Market, By Product Type
    • 6.2.1 Battery
    • 6.2.2 Motor
    • 6.2.3 Inverter
    • 6.2.4 Charging System
    • 6.2.5 Power Distribution Unit
  • 6.3 Electric Components for New Energy Vehicle Market, By Component Type
    • 6.3.1 Lithium-ion Battery
    • 6.3.2 Permanent Magnet Synchronous Motor
    • 6.3.3 Insulated Gate Bipolar Transistor
    • 6.3.4 Onboard Charger
    • 6.3.5 High Voltage Distribution Unit

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Electric Components for New Energy Vehicle Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Electric Components for New Energy Vehicle market is categorized based on

By Product Type

• Battery
• Motor
• Inverter
• Charging System
• Power Distribution Unit

By Application

• Battery Electric Vehicles
• Plug-in Hybrid Electric Vehicles
• Fuel Cell Electric Vehicles

By Component Type

• Lithium-ion Battery
• Permanent Magnet Synchronous Motor
• Insulated Gate Bipolar Transistor
• Onboard Charger
• High Voltage Distribution Unit

By Region

• Asia Pacific
• North America
• Europe
• Latin America
• Middle East & Africa

Key Players

• Tesla Inc.
• BYD Company Limited
• NIO Inc.
• Panasonic Corporation
• LG Chem Ltd.
• BMW AG
• Ford Motor Company
• General Motors Company
• Volkswagen AG
• Hyundai Motor Company
• SAIC Motor Corporation Limited
• Fujitsu Limited
• Hitachi Automotive Systems, Ltd.
• CATL (Contemporary Amperex Technology Co. Limited)
• A123 Systems LLC