The world is currently undergoing a paradigm shift, which is a transition from gasoline and diesel powered vehicles into electric powered vehicles (EV). The underlying goal of EV development is not just to fight climate change and other environmental hazards due to air pollution but it is a business reality, a gold mine on its own.

With technological breakthroughs in battery production and several national government incentives on the production of EV’s, the industry has witnessed an astronomical growth over the last decade. In 2008, only a few would have predicted the meteoric rise of the electric vehicle industry. The global stock was just about 12,500 in 2010, but more than 2 million was sold in 2018 and over 5 million on the road. Making the top two bestselling electric cars is Nissan Leaf and Tesla model S, with sales of over 400,000 units worldwide by June 2019. The Nissan Leaf and Tesla model S, has EPA – rated ranges reaching up to 243km (151miles) and 600km (370miiles) respectively.

  • Among the leading electric cars manufactured are; BMW Mini E, Porsche Mission E, BMW IX3 Electric, Audi e – Tron, Qualtro SUV, Chevrolet Bolt EV, Fesker E – Motion, Tesla Model Y, Volvo XC Electric, Kia Niro EV.
  • Many other major auto manufacturers are unveiling plans to develop electric vehicles due to its increasing global acceptance and business potential. The includes;
  • Volkswagen plans to build 27 electric vehicles by 2022, on its development platform called “Modular Electric Toolkit”. The toolkit would also be used by Ford to design and build its own electric vehicle starting 2023.
  • BMW also plans to build about 12 all electric vehicles by 2025, deploying a fifth generation architecture to save weight, reduce cost and increase capacity.
  • Mercedes has similar plans to invest $23 billion on battery cells through 2030 and build about 10 electric vehicles by 2022.
  • Early this year, General Motors announced plans to make Cadillac its lead electric vehicle brand by 2021.

Globally there has been plans by many countries to ban sales of Gasoline and Diesel Powered Vehicles in the future, notably; Britain by 2040 or 2050, Norway by 2025, Chine by 2030, India by 2030, Germany by 2030, France by 2040. As a response, more cities globally has already began transitioning public transportation towards electric vehicles.

Electric is  future of the auto – industry. Auto – manufacturers globally are developing outstanding breakthroughs in long range powerful battery production, driverless autonomous vehicles, smart steering wheels, space age chassis, touch screen and voice activated features. Technology is making is possible that what is new today would be old tomorrow. A shiny new car you saw at Geneva motor show today would be old tomorrow at the Detroit motor show. Within the next five years, there would be a large influx of electric vehicles in the global market. Which is more efficient, eco – friendly, and economical than its Gasoline and Diesel Powered counterparts.

This article was written by Obianigwe Michael Chukwuebuka; connect with him on instagram here

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