COVID-19 Impacts: Automotive Engineering Service Providers (ESP) Market Will Accelerate at a CAGR of Over 6% Through 2020-2024 | Increasing Vehicle Digitization and Electrification to Boost Growth | Technavio

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LONDON–(BUSINESS WIRE)–Technavio has been monitoring the automotive engineering service providers (ESP) market and it is poised to grow by $ 5.31 bn during 2020-2024, progressing at a CAGR of over 6% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Please Request the Latest Free Sample Report on COVID-19 Impact

Frequently Asked Questions-

  • What is the year-over-year growth of the automotive engineering service providers (ESP) market in 2020?

    Technavio says that the year-over-year growth of the market is 5.61% in 2020.
  • At what rate is the market projected to grow during the forecast period 2020-2024?

    Growing at a CAGR of almost 6%, the market growth will accelerate in the forecast period.
  • What is the key factor driving the market?
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Lucid Will Finally Show Off Production Air Electric Vehicle on September 9

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From Car and Driver

The coronavirus pandemic has delayed more than a few vehicle unveilings. With nearly all the auto shows of the year already canceled, automakers are figuring out how to make the best of a weird situation. Lucid for its part was planning on showing off its first vehicle at the New York auto show in April. But in a post-auto show world, the electric vehicle startup has announced it’ll show off the production version of the Lucid Air online on September 9.

Lucid is pitting the Air mostly against German sedans as a luxury vehicle that happens to be electric. Regardless of what it’s aiming for, the Tesla Model S will likely be what it is judged against when it comes to market. It’ll be capable of a range over 400 miles which is something that Tesla just announced its Model S Long Range Plus is currently

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A Look At The Chinese Electric Vehicle Market

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This story is the second of a two-part look at China’s electric vehicle market. Read part one here. 

Here’s a look at Nio, a homegrown electric vehicle startup with ADSs listed in the U.S.; another domestic player, Xpeng, which is reportedly eyeing a U.S. listing;  and Tesla, which is nurturing a strong Chinese ambitions. 

Nio: A Homegrown Contender

Nio, or Weilai in Chinese, meaning “Blue Sky Coming,” was founded as Nextev in 2014. It took on its current nameplate in July 2017.  

Nio’s Models

  • EP9 – launched in 2016
  • ES8 – first volume-manufactured EV, unveiled in December 2017 and made available to the public in June 2018
  • ES6: launched in December 2018; deliveries began in June 2019
  • EC6: This model was unveiled to the public Dec. 28 and will be made available in September 2020.

The ES6 comes in three variants and is priced between 358,000 yuan to 468,000 yuan.

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AFLA Canada Hosts Webinar on Vehicle Depreciation in the Canadian Market – Used Vehicle Values

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 - Photo: AFLA

Photo: AFLA

The Automotive Fleet & Leasing Association (AFLA Canada) held a webinar on Thursday, May 7, 2020 on the Canadian fleet market titled “The Impact of the Recent Economic Downturn on Vehicle Depreciation: What Fleets Need to Know.”

You can view the webinar on demand here.

The full list of panelists included Jeff Hartley, president of LeasePlan Canada; Jon Grant, national fleet manager, G4S Canada; Brian Murphy, VP of research and analytics, Canadian Black Book; and Mike Antich, editor and associate publisher for Automotive Fleet magazine, who served as the webinar’s moderator.

Hartley kicked off the webinar with a deep-dive on the current changes with vehicle depreciation for the Canadian market due to the impact of COVID-19, and offered some best practices on how to manage depreciation going forward. The webinar also included a discussion on the broader Canadian used-vehicle market, led by Murphy of Canadian Black Book; and

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