Automotive is the third most innovative industry and the annual investment in R&D is nearly four times the combined R&D investment of defence and aerospace; this shows the dynamics and importance of this sector. Of the 40 most innovative companies, nearly half are automotive, and with more than US$100 billion in investment every year, more patents are granted yearly than in any other industry.

The electric motor came into existence before the internal combustion engine, which means electric vehicle were around before ICE vehicles, however they started to decline during the oil boom when cheap gasoline was readily available. The first battery powered electric vehicle was built in 1834 by Thomas Davenport, in 1838 Robert Davidson built the first battery powered locomotive and in late 1800s and early 1900s electric vehicles started being manufactured in volumes.
The prevailing challenge faced by the EV has always been the battery, as the drive range of the EV is limited by its capacity. However, there has been tremendous improvement in the motor design and electronic controllers since the start of the electric vehicle in the 1800s. As electric vehicles couldn't compete with the ICE vehicles due to limited range, they had to be employed more in low speed vehicles (LSVs) or neighbourhood electric vehicle (NEVs) for use within inner cities, battery-powered forklifts and golf carts etc.

In the last decade more focus has been put into the research and development of electric vehicles, since the drive for cleaner source of energy as a means of propulsion was revived. The challenges most researchers face since reinitiating the design and manufacture of electric vehicles have been on improving the drive range and speed of the electric vehicle. The 21st century has been a huge development in electric vehicle manufacture, as improvement in power electronics and advancement of lithium-ion batteries came to play a major role in the development of electric vehicles: some of these vehicles are already in production and distributed for consumer use, whilst others are still concept vehicles for the future. A few of the electric vehicles currently present in the vehicle
sector are:

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