A Quick-Fire Chat with Our CEO on the Future of EVs
29.08.2025
Original Publication
FutureOfMobility
ElectricVehicles
Innovation
NextGenAutomotive
The electric vehicle sector has evolved from a niche, policy-driven initiative into one of the most transformative shifts in the global automotive and industrial landscape. At Thematica, we are deeply engaged in understanding and supporting the companies shaping this transition. To share insights on the future of mobility, we sat down with our CEO, Claes Orn, to discuss how the EV ecosystem has matured and where the opportunities lie.
The Rise of the EV Ecosystem
“What began as a policy-driven push for electric mobility has evolved into one of the most transformative industrial shifts in decades,” says Claes. “The EV ecosystem has matured, and the strongest players are emerging from consolidation stronger, more disciplined, and better positioned for long-term growth.”
The first half of 2025 demonstrates the scale of this transformation. According to Rho Motion, global EV sales reached 9.1 million units (+28% year-on-year), with China leading at 5.5M (+32%), Europe delivering 2M (+26%), and North America growing modestly at 3%, reflecting recent policy adjustments.
“These numbers show how far the EV sector has come,” Claes notes. “China and Europe are driving growth, while North America reflects the impact of policy. EVs have won the global race: charging speeds are faster, ranges now exceed 800km in many models, and prices are approaching parity with combustion cars. Concerns about slow charging, limited range, and high costs are outdated, superior technology, not subsidies, will drive adoption from here.”
From Challenges to Consolidation
The industry has faced intense competition, price wars, and high-profile bankruptcies like Northvolt over the past couple of years. Yet consolidation has strengthened the sector. Margins are improving, supply chains are stabilizing, and technological innovation continues to advance.
“We have moved past this period of fears, competition, and declining margins,” Claes emphasizes. “The sector is ready to take off. Profitability is improving, and the outlook for leading players is promising.”
Global Focus, Local Champions
As a global fund manager, Claes observes where the strongest potential is emerging. While China has been leading the EV transformation for the past couple of years, equity opportunities have only become apparent in the last 12–18 months. Many of the companies now emerging as leaders had a strong performance in 2019–2021, faced a difficult period in 2022–2023 and part of 2024, and have only recently begun to turn around as consolidation, innovation, and scale take effect.
Market leaders like CATL and Naura Technology continue to define the sector, while companies like Xiaomi, better known for consumer electronics, have rapidly scaled their EV businesses since launching their first models last year.
Beyond headline OEMs, lesser-known suppliers embedded deep in the EV value chain are quietly becoming some of the fastest growers in the ecosystem.
“I won’t reveal all the hidden champions we’re invested in,” Claes notes, “but some clear winners are emerging.”
China Leading the Charge
China is no longer just a fast follower, it is actively reshaping the global EV ecosystem. The country’s localization strategy prioritizes homegrown companies over foreign competitors that have long dominated the automotive supply chain. Many of these emerging Chinese firms are fast-growing, founder-led, and highly entrepreneurial, with a vision to scale not only domestically but globally.
Some still hold the outdated perception that Chinese products are low quality. In the EV space, however, this narrative is completely outdated. Chinese companies are setting global benchmarks in battery technology, charging infrastructure, and vehicle performance, they are driving the transformation, and no one is even close to matching their pace.
Foreign automakers are losing market share at a record pace, while Chinese EV companies are capturing growth. This shift highlights why it’s critical to be positioned in the companies taking share, rather than legacy automakers that have struggled to adapt to this new era of transportation. Many traditional competitors are run by executives focused on short-term incentives rather than long-term transformation, echoing the cautionary tale of Kodak, which failed to pivot when technology disrupted its industry.
“These Chinese companies are hungry,” Claes notes. “They’re innovative, ambitious, and founder-driven. Their localization advantage, combined with global ambition, is creating a unique ecosystem where local champions thrive alongside global leaders, accelerating transformation across batteries, charging infrastructure, and supply chains.”
Investing in this new generation of EV leaders is not just about capitalizing on growth, it’s about backing visionaries who are shaping the future of mobility.
The Road Ahead
At Thematica, we remain committed to supporting the leaders shaping the next chapter of mobility. The road ahead is electric, and opportunities are only beginning to unfold.
Disclaimer: This commentary is for informational purposes only and does not constitute investment advice or a recommendation to buy, sell, or hold any security. Figures and forward-looking statements are based on public information and may change. Consult a qualified financial advisor before making investment decisions.
