Some people don’t like change, but you need to embrace change if the alternative is disaster.Elon Musk
The change from gas-powered muscle cars to electric ones is inevitable. The time for this electric idea has come. More and more companies will turn to electric vehicles.
Where does the industry stand on Electric Vehicle?
Stellantis’ Dodge brand will move into electric space and stop making gasoline versions of the Dodge Challenger, Charger muscle cars, and the Chrysler 300 large car. General Motors has also confirmed to build an all-electric Chevrolet Corvette. The European auto giants such as Audi, Mercedes, Porsche, etc., already have in their fleet high-performance electric models on sale. Polestar which is a spinoff from Volvo just announced a new electric- car Polestar 6 roadster for 2026. The tesla experiment had kind off forced every major automaker in the world to have one or more electric vehicles ready or at least in the pipeline.
Why are they going electric vehicle way?
Are the new regulations compelling the shift to Electric Vehicles from existing gas-powered ones? Or is there an amazing business opportunity for such a shift? Well, I think it’s kind of both. Many experts deliberate the idea of the Hybrid Model – a bit of both world, electric and gas. However, that can only be an interim, stopgap arrangement. One of the titans will win the battle and looks like electric vehicles are going to emerge victorious.
How the regulation is changing?
Governments across the globe have introduced new regulations, thereby, incentives to shift to sustainable mobility, which is electric vehicle way. The European Union introduced its “Fit for 55” program, which looks to adjust environment, energy, land use, transport, and tax collection strategies to decrease net greenhouse gas emissions by more than 55% by 2030, and the present Biden Administration has presented a 50 percent electric vehicle (EV) focus for 2030. Then there are subsidies, many governments are offering EV subsidies.
Presently, the main challenge with Electric vehicles is high battery cost. The input minerals like lithium, cobalt, and nickel are in high demand and are pretty expensive. The minerals are extracted from certain locations across the world, hence the transportation cost adds up to the cost manufacturing of batteries. This opens an immense opportunity in the area of (i) mining (ii) supply chain (iii) manufacturing (iv) investment. A 20 times growth in battery production capacity is expected in Europe alone by 2030. A similar push is there in the USA, China, and the rest of the world. This is a gold mine opportunity for engineers, designers, creators, and innovators.
As the demand rises, Research and Development will touch new heights giving us the best experience. The massive drive in charging infrastructure is the need of the hour which will bring more business opportunities.
Electric vehicles are coming, and we are in good shape regarding decarbonizing the vehicle space. The transformation is occurring at exceptional speed throwing us both challenges and massive opportunities. The occupants and new players are investing more energy into moving from conventional vehicles to electric vehicles.
The space this opportunity provides in battery making, NewGen future vehicle design, R&D, etc., will definitely push the companies in making this a new multi-billion industry. The key will be to couple supportability with monetary reasonability through inventive innovation and appropriately directed versatility change.Let there be a revolution in the space of sustainable energy and vehicle space move forward on the shoulders of electric vehicles both private and public. We are at the crossroads and the future indeed looks electric
“The time is right for electric cars – in fact the time is critical.”– Carlos Ghosn