Expansion Updates
MCB expands DePower into Electric Vehicles (EV)
Amid escalating concerns over climate change and air pollution, there is a growing shift among consumers and industries towards electric vehicles (EVs) as a means to reduce their carbon footprint and promote environmental sustainability. This rising global interest has pushed the EV market into a critical phase of transformation, with innovations and financial investments driving the widespread adoption of EVs around the globe.
Recognizing the importance of electric vehicles in promoting green sustainability, MCB has chosen to expand its DePower initiative into the commercial EV sector.
In brief
JP Morgan recognized 2025 as the tipping point, where electric vehicle (EV) sales are projected to account for more than 30% of all vehicle sales globally.
MCB has just announced an elite partnership with EV Dynamics (HK: 476), Hong Kong publicly listed company.
DePower is expanding into the EV market, focusing on commercial transportation systems.
Global market share and size
Electric vehicles are poised to assume a crucial role in achieving the ambitious goal of zero-emission targets set for 2050, and the industry is gearing up for this transition (Source: UN.org)
The year 2022 marked a significant milestone, with record-breaking numbers in electric vehicle sales. Surpassing 10 million units sold, electric cars accounted for 14% of all new car purchases, a notable leap from 9% in 2021 and less than 5% in 2020. This surge resulted in over 26 million electric vehicles on roads worldwide by 2022, reflecting a 60% increase from the previous year.
The market is expanding rapidly and extensively, driven by a serious commitment to decarbonization by major nations and bolstered by diverse policies and incentives. In 2023, global electric vehicle (EV) sales surged, with 2.3 million units sold in the first quarter alone, marking a 25% increase compared to the same period in 2022. Projections suggest that by the end of 2023, sales could reach 14 million, potentially constituting 18% of total car sales.
Source: EV volumes
>> MCB segment of Focus
While passenger cars dominate the EV narrative, MCB recognizes the significance of electrifying various modes of transportation. The commercial EV fleet industry, in particular, is very lucrative due to the advanced technologies necessary for innovating with batteries and power density. Under public transit systems, the transportation sector is undergoing a profound shift towards sustainability. With its expertise and strategic advantages, MCB is ambitious about playing a pivotal role in this transition.
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Since 2020, electric buses have been gaining significant traction. In 2022, nearly 66,000 electric buses were sold worldwide, with China leading the market by capturing over 80% of global electric bus sales. China also stands out in electric bus manufacturing and serves as a major exporter to Latin American, North American, and European countries.
Within the European Union, the Clean Vehicles Directive sets targets for the public procurement of electric buses. Countries like France, Germany, and Spain are among those experiencing a surge in electric bus sales. In 2022, Finland notably achieved the highest sales share of electric buses in Europe, with electric bus sales constituting over 65% of the market there.
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In 2022, almost 60,000 medium- and heavy-duty trucks were sold globally. With many truck manufacturers aiming for a future powered entirely by electric vehicles, the availability of zero-emission truck models has significantly expanded. Currently, the market offers over 840 models from more than 100 Original Equipment Manufacturers (OEMs).
The electrification of the heavy-duty sector is deemed critical in the transition towards a zero-emission future. Despite comprising only 10% of all Internal Combustion Engine (ICE) vehicles, heavy-duty trucks are responsible for a staggering 70% of ICE CO2 emissions.
Governments are taking note of this issue, with several countries committing to achieving 100% zero-emission truck sales by 2040. In 2022, both the US and the EU proposed stricter emission standards for heavy-duty vehicles.
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In 2022, electric Light Commercial Vehicles (LCVs) surpassed passenger EVs in sales share for the first time. Despite an overall decline in LCV sales, electric LCVs experienced substantial growth, with a sales increase of over 90%. Globally, around 310,000 electric LCVs were sold in 2022. With the introduction of additional electric LCV models and increasing awareness among commercial customers about the cost-saving advantages of electric LCVs, we anticipate further market acceleration in the future.
MCB’s DePower Initiatives and EV scope
>> Vision for DePower
MCB's "Decentralized Power" initiative is revolutionizing the energy landscape by introducing distributed energy systems and integrating cutting-edge technologies like blockchain and AI. This approach brings energy production closer to consumption points, enhancing efficiency and reliability while reducing environmental impact.
Efficiency through Localization: Decentralized energy systems leverage renewable sources, CHP plants, and microgrids to minimize transmission losses and boost resilience. This shift towards local energy solutions not only meets community needs efficiently but also supports the transition to greener energy alternatives.
DePIN model for Transparency and Optimization: By adopting blockchain, MCB ensures transparent, secure energy transactions within the network, fostering a direct and seamless energy market between consumers and producers. AI further refines this model by enabling smart grid management and predictive analytics, ensuring energy distribution aligns perfectly with demand patterns.
>> Expansion to EV
MCB is broadening the reach of its DePower initiative to include electric vehicles (EVs). MCB has just announced an Elite Partnership with EV Dynamics (HK: 476). Ev Dynamics (HK: 476), a Hong Kong publicly listed company since 1996, is an innovative solutions provider renowned for skillfully integrating cutting-edge technologies to develop high-tech products and applications that enhance daily life.
Their primary business sectors encompass electric vehicles (EVs), battery technology, and mining. Leveraging their advanced proprietary technology in lithium-ion polymer solid batteries, the company has secured its first electric bus project with the Hong Kong Productivity Council. Additionally, they have established strategic alliances with QEV Technologies, Quantron, W Motors, Citizens, and GET to expand into international markets and ensure compliance with European and American homologation standards for their full range of electric vehicles.
In collaboration with Ev Dynamics (HK: 476), MCB aims to extend the DePower project's scope and introduce EVs to the global market, particularly in the Asia and Africa regions! Stay tuned for further updates on our projects!
>> Global EV Outlook
The Global EV Outlook is an annual publication that identifies and discusses recent developments in electric mobility across the globe. It is developed with the support of the members of the Electric Vehicles Initiative (EVI).
The Environmental Effects of EVs
In total, electric vehicles consumed around 110 terawatt-hours of electricity in 2022, marking a doubling from the previous year. Projections suggest that by 2030, EVs will represent less than 4% of global electricity consumption.
As the demand for electric vehicle charging increases, so does the imperative to safeguard the electricity grid. Thoughtful strategizing regarding electricity infrastructure, widespread adoption of smart charging, and deployment of smart energy management solutions for load regulation will all be essential in maintaining robust and well-balanced power systems.
In 2022, the global use of electric vehicles resulted in the saving of over 80 million tonnes of greenhouse gas emissions. Unlike internal combustion engine (ICE) cars, where emissions occur during both use and production, all emissions from electric vehicles are generated solely during the manufacturing process. Overall, this shift underscores a growing consensus favoring electric vehicles over ICE cars in the ongoing public discourse regarding environmental impact.
According to forecasts derived from the Stated Policies Scenario, it is anticipated that by 2030, the adoption of electric vehicles could prevent the emission of 700 million tonnes (Mt) of carbon dioxide equivalent (CO2-eq) of greenhouse gas emissions. The Announced Pledges Scenario goes even further, projecting over 770 Mt of CO2-eq emissions avoided.
While electric vehicles do indeed contribute to increased electricity consumption, they hold the potential to become a boon for energy utilities in the future. By the 2040s, the collective installed battery storage capacity of electric vehicles is projected to exceed 30 terawatt-hours (TWh). For utilities, this presents an opportunity for cost-effective energy storage, with minimal capital expenditure and relatively low operational costs.
Under the more ambitious Announced Pledges Scenario (APS), it is anticipated that nearly 250 million electric vehicles will be in operation on roads worldwide by 2030. Additionally, electric vehicle sales are expected to account for over 35% of all vehicle sales.
In the Net Zero Emissions by 2050 Scenario (NZE), it is forecasted that the global electric vehicle inventory will reach 380 million units, with electric vehicle sales rising to comprise 60% of all vehicle sales by 2030.
