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66 million electric vehicles
According to Bloomberg NEF’s Economic Transition Scenarios, global passenger car sales are expected to increase from 3 million in 2020 to 66 million in 2040. Electric vehicles are expected to account for more than three quarters of car sales in 2040. Currently, Europe and China are leading the way in the transition from fossil fuel vehicles to electric vehicles. With the United States setting goals to surpass the transition rates of Europe and China, the US electric vehicle market will be a major subject of study in the coming decades.
Electric buses, two-wheelers, and tricycles are leading the adoption of electric vehicles, with electric two-wheelers and tricycles accounting for 44% of the market. Electric buses make up 39% of the market, but that number is expected to rise to 77% in 2040. In comparison, electric cars are expected to account for 68% of vehicle sales in 2040.
Consumers also have more options and better performance for electric vehicles. The number of models has grown from a handful to over 500 on the market, with an average range of around 359 kilometers. That is more than double the range of 2012. The future looks bright.
A couple of billionaire miners
Billionaires Bill Gates and Jeff Bezos backed KoBold Metals, which has partnered with Bluejay Mining to search Greenland for materials used in electric vehicles. KoBold Metals uses artificial intelligence to locate raw materials. KoBold will pay $ 15 million for the Disko Nuussuag project. Funding includes initial drilling, evaluation and a focus on nickel, copper, cobalt and platinum. According to Bluejay Mining, western Greenland has a geological layout similar to that of Russia’s Norilsk, a popular site for nickel and palladium mining. One week an astronaut and the next a miner.
“Green printing” campaign
The UK plan for electric vehicles could have an impact on the United States plan for electric vehicles for the next several decades. In July 2021, Great Britain introduced the world’s first “Greenprint” to remove CO2 from all modes of transport by 2050 years. The transport plan also pledges to reduce all emissions by 55% by 2030.
According to a study by the consulting firm Ernst and Young, sales of electric vehicles will exceed those of fossil fuel cars by 2033. This means that the charging infrastructure must also be available. The UK has pledged $ 1.3 billion to add six ultra-fast chargers to every motorway service area by 2023 and reach 6,000 fast chargers by 2035. The Biden government set ambitious goals in early 2021 to combat climate change and promote decarbonization.To achieve these goals, investing in charging infrastructure for electric vehicles will be crucial.
Evolving charging technology
With EV technology growing rapidly, Californian company EVgo is working on charging station solutions to serve a diverse market for EVs. The company researched how many charging points are helping consumers across the country and how charging times can be reduced.
Overheating and deterioration have impacted charge time on certain models, and many companies have had to slow charge speed to conserve battery life. As more and more electric vehicles become available, EVgo is adapting its hardware, software and logistics to account for the differences between the vehicles. Charging times are very important to consumers, but don’t worry, EVgo also tests the acceptable length of the charging cable to suit everyone.
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