The revolution of electric vehicles (EV) was off to a great start and represented a true shakeup for the automotive industry, traditionally built on legacy carmakers, combustion engines, and fuel stations. In recent times, however, the green revolution of transportation has come to a slowdown. This has to do with car sales, governments, and most importantly the infrastructure. At the core, the limited availability of charging stations and the not yet fully established network altogether do not give enough confidence to consumers to make the desired transition from traditional to electric cars.
Governments have become involved over time, trying to establish targets and provide incentives to fasten the conversion to battery-sustained vehicles. Targets have been set particularly high in the European Union, where the goal is to complete the phase out of combustion engine cars by 2035. This seems very optimistic, given the many technical obstacles to the adoption of EVs. On the other side of the Atlantic, the advance of electric vehicles seems even slower, where there is a more gradual approach in the United States and the timing of formal targets is not as clear cut. In Europe, one successful example is Norway. The Nordic country achieved substantial results in terms of electric car registrations, and could have more EVs than petrol and diesel cars already in 2026, thanks to significant financial incentives.
Globally, the market for electric vehicles is estimated at a size of around $ 400 billion. The two main players in the industry are Tesla, with about 20% of market share, and BYD, which now has just above 15% of the market. While Tesla is facing important challenges, China-based BYD is advancing rapidly and has a clear advantage vis-à-vis its US counterpart in terms of battery costs and EV technology. The competition is high, just as the costs are, and it is difficult for these companies to perform in a difficult sales environment, with many stakeholders at play. The more cautious expansion into electric vehicles from the legacy carmarkers, such as Volkswagen, Mercedes, and Ford depict a clear image of what is clearly a slower than expected shift to green vehicles.
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