Future of Electric Vehicles: Bright or Gloomy

With the sporadic effects of COVID-19 pandemic on all the sectors worldwide, mainly the start-ups, the future of EV stands frozen. This year started with the growing support for the notion that the international demand for the white metal will hike by 15%. On the contrary, a 5% drop in demand is predicted in 2020.

It is estimated that the slump will agitate the industry for a year. It may quite extend the threat for operations depending on the COVID-19 effects on deployment plans from Ford Motor Co., Volkswagen AG, and more auto manufacturers.

Most people would agree that a drop in oil prices should encourage end-users to purchase an internal combustion engine(ICE) vehicle. On the contrary, we believe that keeping in mind the tremendous damage caused by fuel-based vehicles to the environment, people will opt for Electric vehicles and their sale would conclusively boost.

The Government had launched the National Electric Mission Plan in the year 2013 with a vision to line 6-7 million electric vehicles on road by 2020 resolving to attain 30% e-mobility in India by 2030. Moreover, EV industries are likely to generate 10 million jobs in the future. This Mission hints an enormous scope for a lucrative career in EV industries.

Some thought-provoking facts about the Future of Electric Vehicles​

Major Auto manufacturers are all set to strike a goal of Electric vehicle production. Tesla planned to reach 0.5 million electric car sales in 2018 and 1 million electric car sales by 2020. Surprisingly, Tesla made a jolting profit within the half-moon of 2020 of $16 million, regardless of factory lockdowns in China and the US. Tesla has supposedly predicted that it may still whack its goal of delivering 500,000 vehicles globally this year in the face of the pandemic. It’s the primary time in Tesla’s history that the firm has turned in three successive profitable quarters.

Volkswagen has significantly increased electric car plans, now targeting 1.5 million EVs in 2025. And procreating it to be affordable for millions of people desiring the climate-favoring individual mobility.

Ford plans to advance sales of full-electric vehicles to a third of overall sales by 2030 and 15% of EV sales by 2025.

Advanced parking Charging system for the future of electric vehicles

Volvo cars have carried out to put one million electrified cars on the road and 50% of Volvo cars sale size to be fully electric by 2025.

Accelerated ‘Electric Vision’ Blueprint will find Honda’s dominant models electrified which will be

much before the anticipated time that’s by 2022, three years earlier than formerly planned. Honda intends six Electric cars to be introduced in the next 36 months.

Furthermore, BMW strategize to spawn one-quarter of sales from Electric Vehicles (EVs) in 2021. Ascending up to at least one third in 2025 and one half in 2030.

China, the Major manufacturer of EVs, has imposed a target of 60% of all vehicles to be sold and run on electric motors by 2035.

The list carries on. Although, the Pandemic caused the sale of EVs to be unlikely, the rationale being the cost of EVs as compared to traditional vehicles. However, with the visions, goals, and the determination of the World’s most experienced and largest automakers, the future looks more promising.

Conclusion​: The EV revolution may have lagged at the moment. It’s on the verge of emerging as the most sought-after vehicle globally. As Pedro Palandrani of the Global X Lithium & Battery Technology ETF said to the Economic Times, “The long-term story is a structural trend toward EV adoption. It’s extremely well on its way”

Also read: Understand Types of Electric Vehicles

EV Duniya Editorial: This article is written by Madhuri Pawar