During the timeframe of January-March, SK Innovation reported an operating profit figure of 625 billion won (USD 454 million).

Chinese automakers are incorporating advanced technologies and premium features into EVs to woo consumers.

Honda has announced plans to collaborate with South Korean steel giant POSCO for battery cathode materials production.

In the short term, Ford will focus on hybrid vehicles to offer a smooth introduction to the customers into the future of battery technology.

Some analysts believe that GM could lose additional market share in the near and intermediate term due to its lack of hybrid gasoline-electric vehicles.

The new Tesla models will be launched ahead of the target period of the Model 2 and will also included more affordable variants.

Major automotive brands like Tesla, BMW, Volkswagen, Renault and Toyota, are expected to launch V2G equipped models in the coming future.

In Europe, low development of passenger car demand combined with weakened subsidies reduces electric car spread.

BYD is also poised to introduce its small electric mini Seagull to the UK as an arch-rival to the Dacia Spring.

BYD has already delivered nearly 20,000 units of Bao 5, the first model under its premium Fangchengbao brand.