We have all witnessed the undergoing transformation in the automotive industry since Tesla has managed to crack the code for an attractive and a real alternative to the internal combustion engine cars. Until a couple of years ago, the sheer thought of mass adoption for Electric Vehicles (EV) was ludicrous, however, since then the automotive industry has been bound for an acceleration transformation.
Fast forward to 2021, more people consider or purchase EVs, and governments encourage EV ownership through financial aid/tax credit, and incentivize manufacturers to accelerate the shift with end dates for internal combustion engine (ICE) car production and /or have them on the road. This will lead to, according to the latest report by Bloomberg New Energy Finance, EVs making up 58% of global passenger vehicle sales worldwide and 33% of cars on the road by 2040.
(See attached pdf)