Electric cars have been considered to be the future of mobility. This future is gradually and rapidly turning into a reality. It is exciting times in the market of electric vehicles or EVs as more and more manufacturers are positioning themselves in what seems to be the second phase of growth in the industry. This comes as a result of a rise in the market and demand for electric cars in Europe and America. In the past few months, the sales of these EVs have shot sky high, with various companies registering significant sales in the first quarter of 2020 amid COVID-19 pandemic. The market for electric vehicles has been doing better than that of internal combustion engine automobiles, which has seen a steep decline in sales for a better part of the year. Electric mobility also offers designers more creative freedom and minimal constraints as compared to conventional cars.
The market for electric vehicles is also promising to get better with recent innovations and consumer-oriented packages from giant companies. Tesla is planning to launch a more consumer appealing model of a unique-looking vehicle called the Cybertruck. This new model will have a much lower production cost, which translates to cheaper market value, and the car has already received more than half-a-million orders. Volkswagen is also planning to launch a series of electric vehicles that will cost less than $22,000, to target the economy segment population. These new developments by the two companies will help them make better sales by selling more affordable units. The original plans and strategies will place the electric vehicle industry in a better and more appealing and competitive position in the automotive market.
The road to world dominance of electric vehicles has had a helping hand from the government. Various governments in Europe, America, and China have been offering subsidies and tax reliefs for manufactures and buyers of electric cars. These governments have also been working hard to improve electric vehicle’s infrastructure, such as adding more charging stations within cities. This is because the EV industry falls in line with the government’s plans for reducing carbon footprints for a better environment. The increase in demand for electric vehicles can also be seen as a result of people being more conscious of environmental changes and dangers and even the consideration of electric vehicles as being long term cost-effective than their gasoline counterparts. The COVID-19 pandemic and its restrictions have made people aware of how vulnerable we have become to diseases as a result of air pollution.