The Russian electric car market: prospects, factors hindering industry development, specifics of component production

Abstract

The article examines the general course of federal policy in the Russian Federation with regard to the development of the car market in the electric vehicle segment. Government policy should aim to reduce the percentage of vehicles with internal combustion engines (ICE). As of early 2022, projects for the production of electric cars and electric motors are being developed in the Russian Federation and are in the implementation stage. The raw material base in the Russian Federation makes it possible to produce electric vehicles and their components without exporting raw materials. The increase in mineral production is necessary to boost the rate of production of high-tech and innovative products for various industry segments. Trends in the global energy transition are reflected not only in the dynamics of the oil and gas market but also in the development of related industries. They influence the demand for different types of metals and minerals. It is well known that clean technologies require much more metals than their fossil fuel based counterparts. Rare earth metals have now become an integral part of green technology as they are widely used in wind turbine generators, engines for electric vehicles.