The giant automaker companies and policymakers are setting the targets that will inform the uptake of electric vehicles by the end of 2030. The recent country to demonstrate its efforts in the realization of these climate change resolutions. The country’s Prime Minister, Boris Johnson, articulated a ten-point plan that will align towards achieving the objectives of the climate plan. One of the strategies is the ban on the sale of new fossil-fuel cars beginning 2030, although some hybrids will escape this zone out. 

Additionally, Denmark has set this plan for its fossil-fuel cars by 2030. On the other hand, Norway intends on achieving this target in the next five years. Elsewhere, California Gov. Gavin Newsom signed a similar agreement. However, this one called for the ban on gasoline cars starting in 2035 to create a grace period for the automakers to plan for the transition efficiently. 

On the business side, the transition to electric vehicles is achievable by 2030 if the stakeholders are involved in this process. For instance, the Climate Group’s EV100 program has 92 member companies who intend to purchase electric vehicles and erect electric vehicle charging facilities to meet the demands of the transition process. 

Another advantageous strategy that has been favoring the uptake of electric vehicles is the plummeting prices of lithium-ion batteries over the past few years. Bloomberg New Energy Finance (BNEF) recorded an 87 percent reduction in the price of lithium-ion batteries in the last nine years, with last year alone witnessing an additional 13 percent drop. 

If this trend keeps up, then the electric vehicles will go for the same price or lower than that of the ICE cars beginning 2025 to 2029, varying with the model of the car. BNEF anticipates recording annual sales of electric vehicles exceeding 26 million units, which is equivalent to 28% of the new cars entering the market. 

Giant automakers are competing fervently to gain the upper hand in the electric vehicle industry’s market share. The likes of Tesla and Rivian, which have been enjoying economies of scale in electric vehicle production, have encountered stiff competition from the existing giant carmakers and emerging electric vehicle developers. Lately, General Motors chief executive Mary Barra revealed that the company is banking on its electric vehicle production line to maximize the profits that they obtain in the industry before the full transition becomes inevitable. 

To conclude, climatologists and weather observers explained that the entire globe must strive to cut down the emissions they are releasing into the atmosphere to suppress climatic problems. All the organizations setting standards for the electrification of their units have to base in 2030 to remain relevant. 

https://nymarketreports.com/

By admin