Electric cars are the future. The electric vehicle industry per reports is picking up pace with 100% FDI possible, new manufacturing hubs, and increased push to improving charging infrastructure. As Biden calls for $174 billion for electric vehicles. Reported plans are to make electric vehicles more affordable to turn a to switch to cars and trucks that run on electricity, not gasoline or diesel. Per reports Biden is offering help to automakers to get them to build electric vehicles and batteries in the the US.
There are so many new models hitting the market that it should shift the entire industry. Experts say 2021 could be a pivotal year for EV adoption. It's reported
many auto dealerships are embracing the electric vehicle transition. One report stated, electric vehicles are starting to worry traditional auto dealerships, and it's moving its sales to online only.
EV startups are beginning to enter the market, and begun angling how.
One report stated both General Motors and Ford help as they shift to electric vehicles: to their massive dealer networks. This year, they’re rolling out several new EVs.
There are several EV Start-Ups. One report stated, the Electric Vehicles has over 4.3K+ startups that comprise of companies which help technology advancement in electric vehicle industry. This includes companies developing, manufacturing electric vehicles, charging infrastructure, electric drive systems and batteries. Another report stated Electric Vehicles is one of the most active sectors for investors, with an overall funding of USD 82.3B in 1.2K+ companies.
ALSO reported China is home to the world’s largest electric-car market, or stay closer to home? How much pressure will they face from old giants like GM, which said this week it would spend $27 billion through 2025 on the development of electric and driverless vehicles?
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Advances in EV battery and associated technologies. Promotion of electric vehicle sales are expected to increase the demand for EV batteries. High Opportunity in the Industry.
Selling electric cars requires a robust charging network. Increasing investments by governments across the globe to develop charging infrastructure and incentives offered to buyers will create opportunities for ownership.
Market reports indicate the electric motor market is expected to grow from an estimated USD 113.3 billion in 2020 to USD 169.1 billion by 2026.
It's reported that Governments of several countries are promoting the usage of electric vehicles on account of rising environmental concerns. T
EVs have several advantages over conventional vehicles energy. EVs can also reduce the emissions that contribute to climate change and smog, improving public health and reducing ecological damage.