New Study – Electric Vehicles’ Economic Viability In Developing Countries

In Clean Facts, Electric Mobility, Environment, Health, News, Sustainability
Electric vehicles

Electric vehicles are one of the most talked-about tools for putting the globe on a carbon-free path. The World Bank has recently published a new research paper on how developing nations might make the transition to electric transportation.

 Electric Vehicle

Transitioning to electric vehicles provides additional benefits in low-emitting developing nations, such as improved local air quality, last-mile connection in rural areas, and reduced reliance on imported fuel.

There was around 6.6 million EV sales in 2021, with the majority of these sales centered in China, Europe, and the United States.

Despite apparent benefits, the shift to Electric Vehicles is slow in poorer nations because EV’s sometimes cost 70% more, when compared to conventional vehicles, which creates a huge financial hurdle for the average consumer, in-spite of the fact that the savings in fuel and maintenance expenses gained over the life of an EV outweigh the comparatively high initial price.

When the health and environmental advantages are included, the argument for e-mobility is already compelling in around half of the nations analyzed.

Prices are likely to fall further between now and 2030 as the feasibility of electric vehicles improves and more charging infrastructure becomes accessible.

According to the report, charging infrastructure might be up to six times more successful than subsidies in boosting EV purchases. Leasing programs and battery recycling, as well as introducing more commercial finance to the market, aided in the establishment of an e-mobility transition.

“For developing countries, the e-mobility transition is no longer a question of ‘if’ but ‘how’ and ‘when.’”

This article is based on “World Bank Report”; fake checked and edited by Clean-Future Team

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