Commercial Battery and Range Extended EV Market

• North America and Europe Commercial Vehicle Market estimated at $200 billion in 2020 – IHS Markit
• By 2040 it is estimated that 56% of Light Commercial Vehicles and 31% of Medium Commercial Vehicles will be electrified. – Bloomberg (BNEF)
• Large EV truck/van orders from fleets like Amazon (100,000) and UPS (10,000) are accelerating commercial EV adoption.
• Global electric truck market is estimated to reach $15 billion by 2030 growing at a CAGR of 51.6% – PS Market Research