Many people are concerned about how gas-guzzling cars pollute the environment. Last year, many countries experienced total or partial lockdowns due to the COVID-19 pandemic. There were fewer cars on the roads and fewer factories running. The result was lower pollution levels and the presence of animals in human habitats for the first time. Some car manufacturers have committed to switching to commercialized electric vehicles that are cleaner and safer for the environment.
Pioneering Companies
Tesla, which has been selling electric vehicles for years now, has recently seen its stock prices increase sharply. Its market value has made it the largest company in the world, and many startup electric vehicle companies have followed suit. Some of these firms have gone public, while others have partnered up with larger corporations to launch their electric vehicles in the market. It is currently believed that there will be electric tractors, electric delivery trucks, and even luxury electric brand vehicles in the next five years.
2021 is set to become a time of increased production of electric vehicles. Unfortunately, it remains unknown how macro conditions will be in the aftermath of the COVID-19 pandemic. Since the electric vehicle industry is still fairly new to the fluctuations, the right footing in the marketplace has made it hard to predict the exact trajectory.
Many people are interested in seeing the EV industry succeed. Lucid Motors, a luxury EV manufacturer, is said to be ready to start shipping electric vehicles later in 2021. CEO Peter Rawlinson believes some bad actors can give a bad name to the EV industry, but many firms are determined to fight hard for the success of electric vehicles.
The Broader Picture
At the moment, Europe and China are leading the way in providing subsidies for EV companies as well as the supportive regulatory environment for the EV industry to thrive in. Due to Telsa having the upper hand in the EV market, many companies and startups realize the need to become collaborative. However, the main concern for those firms is not consumers but to get gas-guzzling cars off the road sooner. Consumers are still uncertain about what they want in electric vehicles, so the market is still there for the taking.
EV makers face a greater challenge in that there is a lack of infrastructure. All across the world, there is a gas station for gas-guzzling cars, but there is a lack of fast-charging stations or any type of charging station for electric vehicles. Some EV companies see 2021 as the year where charging stations will increase in various locations such as convenience stores and shopping centers. The rise in charging stations will lead to an increase in consumers ready to make the change from gas-guzzling vehicles to electric ones.
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