Automakers view electrification as critical to the future of the automotive space and are accelerating efforts to electrify their fleets.
Electric vehicles (EVs) currently make up a small fraction of total automotive sales globally. However, they are expected to gain share over the next several years as governments across the globe — mainly in China and Europe — aggressively deploy incentives to spur EV adoption.
Simultaneously, the cost to produce a lithium-ion battery — the most commonly-used battery for EVs — is falling, driven by advancements in manufacturing and scaled production of such vehicles.
Lower battery costs ultimately help drive down the cost of electric vehicles, which has been a major roadblock for consumer adoption.
The broader investor ecosystem is also capitalising on the favourable outlook for electric vehicle adoption. Investors have already poured over $5.5 billion into EV manufacturing startups in 2018, reaching a new annual peak. Here’s more.
