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For readers who don't believe the change to electric vehicles (EVs) is coming to the average consumer, think again. The landscape is adjusting every day to incorporate and offer more options for buyers. In fact, there are many ways to show how the automotive industry has grown to adjust for the coming market of EVs. Global EV sales rose up a massive 65% from 2017 to 2018 alone. The total amount of these vehicles sold in just that year amount to 2.1 million vehicles, but that figure rose last year in 2019.
Why EVs Will Continue To Grow Over Time
The better batteries and rise of EVs have some predicting that around 10% of global passenger vehicle sales will be EVs by 2025 and up to 28% by 2030. The same study has a total of sales of EVs to reach as much as 58% by 2040. The demand for electric vehicles is steadily rising with Bloomberg New Energy Fiance adding that new markets, price parity, and available charging infrastructure has changed in the last few years. This is good news for all companies that have already turned the tide to add production towards EVs.
Challenges Going Forward
EVs sales in the United States has surpassed the global market as it rose up to 80% from just 2017 to 2018. The growth slowed down slightly thanks to the Trump administration's affinity towards living in the past and phasing out the federal tax credit and loosening the fuel-economy standards set by previous administrations. The largest automotive brands have worked hard to ensure the change to EVs will continue as General Motors has stated they plan to move as much as $2 billion into making new domestic assembly plants to be solely dedicated toward manufacturing EVs. GM has also shown off the all-new electric Hummer SUV. The Hummer was once synonymous with large, gas-guzzling vehicles, but the all-electric version significantly displays how much things have changed in recent times. Even Ford is getting in on the action with the first-ever all-electric Ford F-150 pickup.
“These investments underscore the success of our vehicles today, and our vision of an all-electric future,” said General Motors CEO, Mary Barra.
Future of the EV Market
The United States would see a boost in the EV industry with presidential hopeful, former vice president Joe Biden's campaign pledge to create net-zero emissions by 2050. This would include an investment overtime of over 500 billion to help create the EV production and creating the infrastructure required. While the results of the next U.S. election are expected to weigh heavily on the future of EVs, the future is already starting to take shape as EVs are here to stay. While the world is mainly focused on the global Coronavirus outbreak, steadily we've seen the growth of EVs and the markets in which consumers are buying them.
Find the Right Vehicle For You With Our Help
Shop for the newest vehicles with our help at NowCar. We want you to talk to us on social media and let us know what you think about the changing EV scene and its growth. For any needs you currently have about buying your new vehicle, we can help at NowCar.
Simply visit our website to search and build what vehicle you want directly from the comfort of your computer, phone, or tablet. NowCar only sells new vehicles and we can even assist with financing, should a customer request help to make their purchase. Call us at 1-877-8375 or reach out to us to get started with a new car purchase today. We’re always open at NowCar!