General Motors has announced plans to phase out ICE vehicle sales by 2035, Ford is working towards making 40-50% of its global vehicle production electric by 2030, and Mercedes-Benz and Volvo are both planning to be all electric by 2030. In its 2021 Annual Report, EVGo, a leading fast charging network provider, points out that around 20 automakers will be launching about 40 EV models in 2022. Put these elements together and we see most major automobile manufacturers working to launch of EV products. Lastly, we have new players like Tesla ( TSLA) that are launching EVs with very high UX – low maintenance being a popular feature. Furthermore, EVs have been in a deflationary curve as their main component, lithium-ion batteries, has become increasingly price competitive, making the low carbon alternative to ICEs more appealing. The increasing cost of gasoline and diesel is also leading to demand destruction for Internal Combustion Engine (ICE) cars. Several countries have committed to electrifying their passenger vehicle fleets, which requires promoting the adoption of Electric Vehicles (EVs). The need to decarbonize transportation is prompting a revolution in the industry.
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