2020 was a year when most industries were affected adversely by the COVID-19 global pandemic. The automotive industry wasn’t an exception. The timing was also the worst since the sector strives to transform from fuel-powered vehicles to electric vehicles. However, […]
2020 was a year when most industries were affected adversely by the COVID-19 global pandemic. The automotive industry wasn’t an exception. The timing was also the worst since the sector strives to transform from fuel-powered vehicles to electric vehicles. However, whereas global car sales increased, those of electric cars increased.
The growth is a clear indication that not even an economic downturn seems to be slowing down the transformation to electric vehicles. Europe is one of the main contributors to the market. For so long, China has been leading in the global EV market, but now, Europe is slowly catching up. In the meantime, people are opting for hybrid vehicles. As much as it is a great shortcut, emission reduction advocates and governments don’t see it as the solution. Eventually, there will only be room for battery electric vehicles.
Various reasons will see the rise of hybrid and electric vehicle sales despite bad economic times. One of them is the US policy since President-elect Biden plans to tighten the country’s emission standards. The effects of policies on the increase of sales have already been seen in Europe. While China has stagnated and the US has registered a drop of 7%, Europe’s market has increased by 78%. However, sales in the US might increase if emission standards improve. Biden also wants to invest in public charging stations and extend the federal tax credit for the likes of GM and Tesla.
Upon enforcement of the European policy scheduled for 2021, automakers will have to pay fines for excess CO2 emissions. If in excess, one will have to pay up to 95 euros for every gram per kilometer. If it becomes effective, Tesla might end up collecting a lot of money. After all, automakers are at liberty to trade credits between and amongst themselves. Both GMA and FCA have benefited from such an arrangement with Tesla. The move is fairer than paying the fines.
One should think about investing in electric trucks. After all, all the parties that had scheduled similar releases have postponed them to a later date. Tesla, Hydrogen, and Nikola, which were the hope, have pushed the dates back for various reasons.
The fact that the battery module will soon be wiped out means that battery innovation is crucial. It should revolve around increasing its energy density without improving the cell level. The bottom line is eliminating redundant module materials, including the module casings.
Last but not least is electric vans. They are not yet in the market, and so far, only Ford plans to release a light commercial vehicle. Therefore, the market is not ultimately captured, and using such an opportunity can see you go far.https://newsinpaphos.com/