Numerous automobile companies from around the world, including Volkswagen, Nissan, Tesla Motors, Ford, and BMW, have made significant investments in recent years. They have literally invested hundreds of millions of dollars, the majority of which came from government loans from countries like the US, UK, and others.
In spite of the fact that the general public does not appear to be overly enthusiastic about electric vehicles at the moment, governments and automakers all over the world seem committed to making them a reality.
What is preventing the widespread use of electric vehicles?
Electric charging stations, which serve as the equivalent of gas stations in the market for electric vehicles, are one issue that keeps coming up. Even if you have the best electric car in the world, the most powerful engines, and the greenest mode of transportation, if you can’t get from point A to point because there are no gas stations, why bother?
Governments and automakers around the world have finally come to the realization that there cannot be an electric vehicle market without electric charging stations. As a result, we have also observed a sharp rise in the financial rewards offered to people and businesses for setting up and maintaining electric charging stations. In addition, many governments and well-known organizations are actually physically installing charging stations at many of their public venues.
Has the global economy had an impact on the market for electric vehicles?
The funds we currently see being invested in the market for electric vehicles are a part of a large pool of funding that was made available previously. This may have been prior to the global economic crisis that resulted from the 2008 US mortgage crisis becoming widely known to experts. The fact that people worldwide, who frequently struggle to pay their monthly bills, are reluctant to spend more money on electric vehicles, which are generally more expensive than their gasoline/petroleum counterparts, is not surprising.
Sales of electric vehicles will increase once the global economy does start to recover, which could happen at any point in the coming ten years. A difference will be made by the three-pronged strategy of increased investment, improved technology, and a proliferation of new charging stations around the world, especially once the global economy starts to rebound.
Is there a chance that the market for electric cars will stagnate?
At this point, it appears that big businesses and governments all over the world have invested too much in the electric car market for it to fail again. False starts in the market for electric vehicles have cost millions of dollars in the past, and it seems extremely unlikely that this will happen again. Do we really need to worry about anything, given how quickly technology is developing and how much more travel we can fit in, not to mention the potential cost savings and diminished environmental impact?
