Aug 20, 2020 (IAM Newswire via COMTEX) -- Electric cars are the only theoretically viable option we have to save our planet. But for them to truly become a global replacement, manufacturers need to improve the battery technology, make them more accessible cost-wise and significantly expand the charging infrastructure. But, EV players are set to change all that. Tesla /zigman2/quotes/203558040/composite TSLA +2.05% is making great progress with its biggest yet Gigafactory in Austin about to join its fleet. Moreover, Worksport /zigman2/quotes/200413469/composite WKSP +7.78% just launched its much anticipated TerraVis
Tesla is on its way towards achieving economies of scale. Jobs at its Austin factory have already been posted. Teslarati reported that first pile drivers on site are showing remarkable progress. Based on the pace with which it is constructing its Texas Cybertruck factory, it appears that Tesla is determined to top its already successful track record. Gigafactory Shanghai already set records in China due to its construction's near-surgical precision and pace. Gigafactory Berlin is already going at a faster pace due to the use of prefabricated materials. Therefore, Tesla seems to be on track to pull off something remarkable with its Gigafactory Texas.
Nikola Corp /zigman2/quotes/208704275/composite NKLA -7.64% just took a first step towards an actual revenue as the company announced a partnership with Republic Services Inc. /zigman2/quotes/205979971/composite RSG -0.41% . Together, they will develop 2,500 electric waste and recycling collection trucks. For Nikola, this is a big deal as in its most recent earnings report, the company only had revenues of $36,000 resulting from installing solar panels. For Republic Services, this collaboration is a step towards a huge transformation. With this innovative technology, it will provide both an environmentally sustainable and economical solution to its customers. This agreement complements the company's long-term sustainability goal it set last year, to reduce greenhouse gas emissions by 35%.
But the bigger picture is that this collaboration is the industry's first large-scale commitment to fleet electrification.
Europe overtook China in July for the first time in a decade on the EV front. The Electric Car Report shows that Europe absorbed half a million EV and plug-in hybrid cars during the first six months of the year. EV volumes climbed 34.3 percent year-on-year. Moreover, it is on track to sell a million plug-in cars this year for the first time in its history.
With only six months under its belt, 2020 already outpaced the full-year 2018 volume. What is even more impressive is that this is the year when the whole market contracted 40.1 percent due to the consequences of the pandemic. Before the end of the year, the German giant Volkswagen /zigman2/quotes/204431732/composite VWAGY -2.34% plans to build 100,000 cars, the ID.3 and the ID.4 SUV combined. But, even without the ID.3, plug-ins now take up 7.9 percent of the German passenger car production pie.
This is a direct result of governments making EVs central to their economies. The increase has been heavily driven by a combination of subsidies and auto makers avoiding severe fines for failing to meet tighter emissions targets. For example, in France, subsidies are so grand that Renault /zigman2/quotes/202090946/composite RNLSY -1.10% is able to to ease the burden of its buyers for EUR12,000 including its EUR5000 scrappage scheme for older cars. This places the price of an EV to a much more accessible category.
Although Detroit's big three automakers are behind, they are going full speed ahead towards electrification. But they do lack innovation. Meanwhile, Worksport's main market is the U.S. where pickups are the top selling vehicle whose #1 accessory are tonneau covers. With TerraVis
Some fear that the fossil fuel industry will bounce back as it always has. But low oil prices could only slow down the progress of EVs. EVs have gone too far in order to be stopped now. Although the current crisis has slowed them down, they are in for the long-haul. Have no doubt, the future is electric.
This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure . IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: firstname.lastname@example.org Contributors – IAM Newswire accepts pitches. If you're interested in becoming an IAM journalist contact: email@example.com
Is there a problem with this press release? Contact the source provider Comtex at firstname.lastname@example.org. You can also contact MarketWatch Customer Service via our Customer Center.