[TREND 5] Major Shift to Alternative/EV Vehicles
Meanwhile, electric vehicles are disrupting the automotive space. We should see a sustained shift to electric vehicles over the next two decades.
Before the COVID-19 crisis, the EV market was booming. In the early stages of expansion, EVs were heavily promoted by strong governmental intervention, leading to regulatory frameworks imposing stringent emission reduction levels, coupled with generous financial support and incentives. Currently, there are three key issues preventing the mass-scale consumer acceptance of EVs: the relatively high vehicle cost, lack of dense recharging infrastructure, and limited vehicle range. Prior to the pandemic, Kline reported that EVs might account for about a third of the global passenger vehicle fleet by 2040. But as the world is gradually entering a post-COVID-19 “new normal,” the question is whether the pace of deployment of EV technology will be slower or faster in the aftermath of C-19 and if governments prioritize the emerging challenges at various fronts.
The interest in speeding up the deployment of the digital economy and smart technologies could also impart momentum to autonomous and electric vehicles.
The year 2021 will already be marked as the beginning of new era by literally dozens of new EV launches in the United States and Europe (Audi E-Tron GT, Lotus Evija, Porsche Taycan, SEAT el-Born, Fiat 500e – from luxury to premium to mass).
Some companies emerge as the winners in this revived interest for EVs. Nikola, a company operating in fuel cell battery-powered trucks, went public, reaching a market capitalization of USD 26 billion. Tesla is also doing relatively well, pushing to increase its production volumes and getting an immediate positive response from the market, with company shares increasing stock values.
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