The globe has witnessed an increasing inclination towards electric vehicles owing to its major contribution towards a sustainable future. The number of electric vehicles on roads in elevating rapidly. According to the latest report by The International Energy Agency, there are more than three million electric cars on the streets worldwide and the sales are increasing at nearly 75% annually. Such a scenario highlights the robust acceleration bagged by the electric vehicle industry. Moreover, the increasing awareness regarding the increasing carbon emission and its hazardous impact on environment and health has created a scope of expansion for the electric vehicle segment, wherein automakers are considering a complete transition from diesel and fuel-powered vehicles to electrically-powered vehicles.
Despite the promising numbers and lucrative growth attained by electric vehicles, the most vital aspect to be considered is whether the world is ready for electric vehicles. With key obstacles such as limited driving range, high production costs, and extended charging time holding back the growth of the electric vehicle landscape, there is a lot more to be considered. Although the efforts to overcome the environmental challenges has fostered the growth of the electric vehicle market, certain countries continue to strive for making themselves ready for the change.
Automakers Implement Vehicle Electrification Strategy
Amidst the transition of electric vehicles from a mere on-paper concept to the future of mobility, there are several developments witnessed alongside the electric vehicle revolution. Companies serving the automotive sector are increasingly implementing the vehicle electrification strategy to align with the world’s sustainability efforts. Companies are making key investments for delivering electric vehicles to the market.
The Chery Jaguar Land Rover Automotive Co., Ltd. recently entered into a cooperative agreement with Changshu Economic and Technological Development Zone for its new energy vehicle (NEV) program and R&D center. Encompassing an investment of RMB7 billion, the program would build a novel energy powertrain plant and new vehicle body workshop based on its current annual capacity of 200,000 vehicles powered by fossil fuel for the Changshu-based plant of Chery Jaguar Land Rover. Along with this, a new R&D center equipped with appropriate facilities and a vehicle testing track.
BMW Group is reaffirming its commitment to electric mobility for which the company is increasing its range of electric vehicles, with a major focus on plug-in hybrid electric vehicles. The German automaker revealed its plan of launching a new fully electric vehicle model. The all-electric SUV—BMW iX3 is due to go on sale in 2020 while the all-electric sedan—BMW i4 and the all-electric crossover—BMW iNEXT are set to launch in the market in 2021.
Is EV Charging Infrastructure Charged Enough?
With the increasing deployment of electric vehicles, the fewer number of electric vehicle charging stations is emerging as a hurdle for the growth of the electric vehicle landscape. Car manufacturers are majorly working on the electric vehicle roadmap on a large scale. Automakers have to either build their own vehicle charging networks or rely on the third party charging networks.
Before consumers plunge on electric cars, analyzing the scenario of electric vehicle charging becomes highly essential.
Companies are installing new charging stations to bridge the gap between charging networks and the number of electric cars. For instance, Chevron recently announced a partnership with EVgo to bring charging stations to its gas stations. Moreover, the company also announced that over a dozen EVgo fast chargers in the range of 50 kW to 100 kW capacity were made operational or are under construction at Chevron’s five stations.
Faster-charging needs are also emerging aggressively as consumers seek solutions that save-up on time and enable quicker response. Israel-based start-up, Chakratec recently revealed its plans to initiate its first deployment in Europe with the technology that enables charging for electric cars in a mere span of 10 minutes. The company aims to speed up battery charging with the help of a unique technology that puts to action the revolutionary floating flywheels suspended in mid-air with the help of magnetic levitation.
Burgeoning initiatives implemented by the government are further strengthening the EV charging infrastructure. For instance, the Indian Government recently issued key guidelines for setting up charging stations for electric vehicles across the country in an attempt to outline ways to build such fuelling points in every 25 km radius. The Union Housing and Urban Affairs Ministry stated that the government has taken these crucial steps as its estimates that 25% of the total vehicles running on the road will be electric by 2030, which translates into significant electric vehicle charging infrastructure requirements across the nation.
Such initiatives and an increasing number of charging stations are likely to transform the way electric vehicle industry would transform.