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The global auto industry has committed $1.2 trillion to developing electric vehicles (EVs), providing a golden opportunity for new suppliers to grab contracts providing everything from battery packs to motors and inverters…Startups specialising in batteries and coatings to protect EV parts, and suppliers traditionally focused on niche motorsports or Formula One (F1) racing, have been chasing EV contracts. Carmakers design platforms to last a decade, so high-volume models can generate large revenues for years…The next generation of EVs is due to hit around 2025 and many carmakers have sought help plugging gaps in their expertise, providing a window of opportunity for new suppliers…"We've gone back to the days of Henry Ford where everyone is asking 'how do you make these things work properly?'," says Nick Fry, CEO of F1 engineering and technology firm McLaren Applied…Bought from McLaren by private equity firm Greybull Capital in 2021, McLaren Applied has adapted an efficient inverter developed for F1 racing for EVs. An inverter helps control the flow of electricity to and from the battery pack…The silicon carbide IPG5 inverter weighs just 5.5 kg (12 lb) and can extend an EV's range by over 7%...Mass-market carmakers often prefer to develop EV components in-house and own the technology themselves. After years of pandemic-related parts shortages, they are wary of over-reliance on suppliers…Traditional suppliers, such as German heavyweights Bosch and Continental, are also investing heavily in EVs and other technologies to stay ahead in a fast-changing industry.

Surging electric vehicle sales are helping to darken the outlook for road fuel demand in the UK…While the nation’s automakers reported their worst overall sales year in three decades in 2022, electric vehicles bucked the trend with shipments surging 40% from a year earlier. That drove up their share of the nation’s new-car market to 17% from 12%, data from the Society of Motor Manufacturers and Traders show…Electric vehicle adoption is increasingly eating into road fuel demand around the world, offering hope of cleaner air and curtailed carbon emissions…A mix of fuel efficiency gains and growth in electric vehicle sales, will erode global oil consumption growth this year by about 870,000 barrels a day — slightly less than 1% of worldwide demand — according to estimates from the International Energy Agency in Paris…The surge in battery-powered car sales saw them overtake diesel for the first time and now ranking second only to gasoline.