Charging towards the Future!
Electric Vehicles (EVs) are the FUTURE. In years to come, electric vehicles will be taking over the industry. As of today, China is the leading market for EVs, reckoning more than 40% of electric cars sold in the world. Aside from China being the global leader, the US and Europe is also catching up with a total of 90% of all EVs sold around the world. Although EVs are now slow in many other countries, we are in the beginning of an “Electric Revolution”. According to a research firm called Bernstein, it is predicted that EVs could represent 40% of auto sales in 20 years to come. In relation to www.forbes.com, China is way ahead of the curve in terms of EVs and while the number of cars per person in China may never reach the US level, auto penetration will surely grow from where it is today.
BYD is by far the largest EV maker in China and is backed by Warren Buffet. Warren Buffet is a renowned American business investor and a philanthropist. According to China specialized research firm, JL Warren Capital, since the government lowered subsidies for EVs, BYD’s popular and inexpensive “Qin” hybrid sedans have led its 31% share of China’s EV market. However, with Tesla’s expensive luxury EV’s, the automaker has the ability to generate more revenue from its electric car sales compared to BYD.
Volkswagen, Herbert Diess
Another automaker dominating the EV sector is none other than Tesla. This also includes BMW, GM (General Motors), and Nissan. These EV leaders have made efforts to bring EV to the industry and continue to embrace the EV-dominating future. On the other hand, Volkswagen is on the go to overtake Tesla and become a leader in electric cars. According to fortune.com, the German automaker has set an ambitious target of one million electric car sales by 2025. Tesla had already pledged to build one million vehicles by 2020. The head of the VW brand, Herbert Diess said the company will shift its focus to manufacturing electric vehicles. He also declared,“Anything Tesla can do, we can surpass.” Well, competition is always good in every business! With more competition, comes more innovation and improvement.
In a separate notion, UK is set to dominate battery technology for electric vehicles. The government is investing £246m in battery technology for EVs to establish the UK as a world leader. This will see a formation of a centre for battery research development in battery technology. According to www.autocar.co.uk, once the research institute has been formed, the research created will move closer to market through industrial collaborations, led by the Innovate UK, the government’s innovation agency. Francisco Carranza (Managing Director of Energy Services) of Nissan said, “Electric vehicles are not just changing the way we drive, but also the way we live. To ensure Nissan plays a wider role in the advancement, and protection, of our cities and towns, our electric vehicles will be used as clean mobile energy units.”