![]() The upstart EV maker, whose cars are notably high-end, delivered over 241,000 new vehicles in Q3, a company record and a 73% year-over-year gain.īut the big names aren’t the only ones in town when it comes to EVs. Backing these investments is a perception of public demand – as seen by Tesla’s recent delivery numbers. Ford Automotive is also investing heavily in the electric sector, committing $11 billion to both an EV assembly plant and several new battery production facilities. GM is developing a $35 billion plan to transition from conventional cars to EVs and autonomous vehicles, with goals set for 2025. ![]() Likely, some combination of governmental incentives and regulations will be used to encourage higher production.įor now, we can note that Detroit’s major automakers are hardly shying away from EVs. ![]() This push will require a massive increase in EV manufacturing, as these cars currently make up only some 2% of new car sales. This includes electric battery powered vehicles, fuel-cell electric vehicles, and plug-in hybrids – with the last category offering a potential workaround for issues relating to capacity of the power grid. The Biden Administration is pushing to make half of all new car sales in the US electric by 2030. The political tailwind may be the most prominent, at least for now. A combination of pressures – social, environmental, and political – are pushing the industry faster and faster toward electrification. The automotive industry is in the midst of a sea change.
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