Oct 19, 2020 (IAM Newswire via COMTEX) -- Electric vehicles have arrived. They have a critical role in addressing climate change by reducing local air pollution. As for the corresponding infrastructure, the European Union has nearly 200,000 chargers and the US is far behind with less than half of that. According to Transport & Environment, the EU alone needs 3 million. If elected for President of the United States, Joe Biden plans to install half a million chargers as part of a larger investment in EVs that will result in one million well-paying employment opportunities with the goal to re-establish the US as a leader in the auto industry globally.
Although there's a long way to go to an EV future, both US and EU automakers are racing full speed ahead.
General Motors /zigman2/quotes/205226835/composite GM -0.88% just announced its Detroit-Hamtramck Assembly Center will be transformed to Factory Zero. GM's zero-crashes, zero-emissions and zero-congestion future is one step closer as the factory will begin producing the GMC HUMMER EV pickup in late 2021. The Detroit giant plans to invest $2.2 billion to convert the plant to an all EV production center. GM remains committed to source 100 percent of its U.S. facilities with renewable energy by 2030, with all global facilities reaching the same destination by 2040.
Worksport Ltd,, /zigman2/quotes/200413469/composite WKSP +7.78% just announced it has signed an agreement with Hercules Electric Mobility Inc., Detroit, Michigan. Worksport's TerraVis
Volkswagen /zigman2/quotes/204431732/composite VWAGY -2.34% plans to begin selling the ID.4, an "intelligent design" sport EV in the United States next year. When the ID.3 was initially launched with the 1st Edition, the platform looked promising, but the price was too close to the Tesla /zigman2/quotes/203558040/composite TSLA +2.05% Model 3. But, the Germain giant has announced a sub-$39,000 Life version of the ID.3, which is a much more tempting proposition. As electric cars become more mainstream, the industry is rapidly approaching the point where owning an EV will be just as cheap or even cheaper than owning an ICE vehicle.
Last year, global EV sales increased 40% YoY as they reached a volume of 2.1 million. Until now, 2020 has been far kinder to EVs than it has been to traditional cars. A decade ago, there were only 17,000 electric cars on the roads across the globe. By 2019, that figure expanded to 7.2 million. Rest assured, the age of EVs is dawning well ahead of schedule.
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