Electric vehicles (EVs) are rapidly gaining popularity around the world, with year-on-year sales steadily increasing.
Analysts believe that EV costs are falling rapidly, and that by 2035, electric vehicles will likely be cheaper than internal combustion engine vehicles even without subsidies. Europe has already decided to prohibit the sale of combustion engine vehicles beginning in 2035.
According to the most recent EY Mobility Consumer Index (MCI), 52 percent of consumers worldwide are interested in purchasing EVs.
This is also the first time that 50 percent has been exceeded, representing a 22%-point increase in just two years. More intriguingly, global combustion vehicle sales peaked in 2017 and are now in a permanent decline.
By 2025, passenger ICE (Internal Combustion Engine) sales will be 19% lower than in 2017. Managing decline while investing for the future presents a significant challenge for some legacy automakers.
By 2025, passenger ICE (Internal Combustion Engine) sales will be 19% lower than in 2017. Managing decline while investing for the future presents a significant challenge for some legacy automakers.
The most appealing aspect of EVs is the reduced number of maintenance parts that can fail in a conventional gasoline-powered vehicle. The per-filling mileage is also far superior to that of petrol/diesel vehicles.
Electric vehicle technology has advanced to the point where cars can travel more than 700 kilometers on a single charge. Some automakers have even broken the 1,000km barrier, but these vehicles are quite expensive compared to standard EVs and thus only available to those with significant purchasing power.
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