2020 was the tipping point for electric car sale, say Analysts

As far as electric car sales are concerned, 2020 was the best year, a breakthrough. Analysts in the electric car sphere believe we have crossed the tipping point for electric car sales. Across the world, countries have seen an increase in the electric vehicle on their roads from personal cars, buses, and other commercial vehicles. On a global scale, China has sold the biggest number of electric cars. By 2020, the Asian country had sold a total of approximately 2.3 million electric cars.

This value quadrupled from the number of sales done in 2015. In 2019 only, China sold approximately 1.2 million electric vehicles(EVs). The country continues to lead the world towards shifting from conventional vehicles in a bid to achieve a net-zero carbon emission. An increase in electric vehicle sales was also seen in European countries, with Norway leading the pack. By November 2020, HALF OF THE newly registered vehicles in Norway were electric. According to JP Morgan Global Research, 6% of all cars on European roads are EVs.

Countries are giving incentives on EVs to persuade consumers to buy electric vehicles. For instance, in France, buyers enjoy a £7,000 discount on electric vehicles. In Norway, EV drivers pay a lower road tax than other types of car drivers. In the United States, car manufacturers are producing more electric vehicles, both personal and commercial vehicles. General Motors have unveiled an electric Hummer, among other EV models. Tesla has also revealed it is planning to introduce a new commercial model, Cybertruck pick-up, a fully electric vehicle.

In 2020, the US had only 4% of electric cars on its roads. This value is predicted to rise as the country embraces a greener source of energy. Car manufacturers are embracing new electric car models. These new designs have better performing batteries and can cover a longer range. Volkswagen has developed a new model, ID.3, a purpose-built electric car, one of its kinds in the entire European region. Volvo’s first fully electric car, XC40 Recharge, is in the works since October 2020. The company projects a half-electric sales for its total car sales by 2025 and over a third of sales for its commercial vehicles by 2030. Volvo has several electric trucks and construction vehicles on the roads.

The success of electric vehicle sales across the world has been attributed to the fall in battery prices and their improved performance. Battery prices dropped from $1,160 to $156 by 2019. For example, Volkswagen’s ID.3 set a record by covering a 531km range in a recent test-drives. However, despite this milestone, EV infrastructure needs to be up-scaled to use electric energy in transport effectively. More charging points need to be set up, which will cost about $500 billion.