According to a new BloombergNEF research, the worldwide tipping point for battery electric vehicle (BEV) ascendency has been achieved. Although the acceptability of EVs differs each country, a trend has formed.
“Once 5% of new-car sales go fully electric, everything changes — according to a Bloomberg analysis of the 19 countries that have made the EV pivot.”
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The electric vehicles, like the smartphone, will become commonplace in the near future. Some have even compared driving an ICE to smoking: it will be not just odd, but also antisocial and harmful to your health.
“The United States is the latest country to reach what has become a significant electric vehicle tipping point: 5% of new car sales powered only by electricity.” This level marks the beginning of widespread EV usage,” Bloomberg writes.
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“Thus, the South Korean adoption curve beginning in 2021 looks a lot like the one adopted by China in 2018, which is akin to Norway following its first 5 percent quarter in 2013.” Canada, Australia, and Spain are among the next big vehicle markets to reach a tipping point this year, according to Bloomberg.
The United States and China mostly avoided plug-in hybrids in favor of all-electric cars. Every country that has reached an EV tipping point has a federal incentive scheme and environmental regulations in place.
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Car manufacturers are racing to get their electric vehicles to market, with Tesla, Volkswagen, and BYD all declaring ever-increasing production targets. In the next 12 months, these three automakers alone intend to build almost 4 million BEVs. Even laggards like BMW are aiming for 50% of their production to be BEVs by 2030.
Reference- BloombergNEF Article, Clean Technica, Top Speed, EV Obsession, Electrek