Electric vehicles pose a threat to kill gasoline engine vehicles. Welcome to the ‘golden period’ of electric vehicles

Electric vehicles show great signs of a sharp surge in their sales, new products manufactured, and investments that eventually place gasoline vehicles as the old thing. Having a look at Wall Street, many investors are concerned about the vision of already manufactured car producers like GM. Other automakers like Lucid Motors and Rivian seem to have groundbreaking manufacture of anticipated electric vehicles.

Recently, Volvo, GM, and Jaguar announced to start replacing all gasoline-powered cars by 2035. The lineup of Tesla shows pure electric strategies. Besides, President Joe Biden and his government are a promising key feature to promote production and buying of electric vehicles.

In a research note, Wedbush Securities analyst Dan Ives wrote that the EV industry has entered into a golden age where there would be high demand following modification in battery technology, cheaper EV models, and tax incentives. The reality is that EV sales remain silver across the vehicle industry, where last year’s market share represents 2 percent only. However, the figure for last year’s shares is anticipated to hit an increase this year.

Michelle Krebs, Cox executive specialist, stated that vehicle-manufacturing companies are committed to switching fully to electric vehicle generation. However, if they fail to balance EV sales, there might be a squishy occurrence where the companies can change down the way. Krebs added that commitments portrayed by carmakers are intentions, and anything can get in the way of their objectives.

As much as the EV industry shows undefeated efforts of taking over the traditional car industry, the latter does seem shaken in any way. Strategies like manufacturing EV batteries with new technology, reducing EV prices, and installing public EV chargers may not displace the gasoline-powered vehicles any time soon. However, there is a rapid growth of interest in EVs whereby 52 percent of car owners plan to buy an electric vehicle by the end of the decade. The figure indicates an increase of 18 percent from 2018.

Some factors to keep an eye on as a determination of EV revolution

Can maintenance and fuel savings make a noticeable change?

As EVs’ prices seem to be high, advocates state that they manage to save money from owners’ expenditure on gas and maintenance. The advantage of EVs is that they have fewer parts, use less gas, and do not need oil changes.

Will there be plenty of EV chargers?

The availability of enough chargers across the world would serve as an influential factor to drive people into purchasing EVs. However, any limitations coming in the way of this factor could also serve as a turn-off point.

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