Electric vehicles gain market share

While the electric vehicle (EV) industry has a long way to go to reach the same sales levels as the business for conventional automobiles, the new sales record would mean that the market share of electric vehicles increased from roughly 2.5 percent in 2019 to about 4.4 percent in 2020. This figure is projected to increase rapidly. It is expected that eight out of 10 automobiles sold worldwide will be powered by electricity by 2050.

Environmental framework

Government agencies, including the Environmental Protection Agency (EPA) in the United States, are increasingly beginning to introduce limits on nitrogen oxide and carbon dioxide emissions. Automakers are expected to be penalized if they fail to meet these limits. In spite of the new regulations, standards, and goals in effect, opponents are right to criticize that the sources of electricity employed to power electric cars, as well as how materials (including cobalt, nickel, and lithium) used in car batteries are generally not taken into consideration when it comes to calculating a vehicle’s carbon footprint. Automakers around the world will have to focus on clean fuel sources and sustainable supply chains. In 2015, Volkswagen experienced how disrespecting emerging environmental regulations may hurt brand image. The company started delivering its electric ID.3 model in 2020.

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