As of September 29, 2024, road transportation is responsible for approximately 15% of global greenhouse gas emissions, prompting urgent calls for a transition from gasoline and diesel vehicles to electric alternatives. Without significant changes in consumer behavior, achieving net zero climate goals appears increasingly challenging.
In response to this pressing issue, governments worldwide have implemented generous subsidies aimed at encouraging the adoption of electric vehicles (EVs). Over the years, as prices have decreased and technology has advanced, EVs have shifted from being a niche market to a mainstream option. This transformation has led automakers to retool their factories and expand their offerings of zero-emission vehicles to meet rising consumer demand.
Moreover, the cost of electric vehicles is now approaching that of traditional fossil-fuel-powered cars, suggesting that the era of combustion engines may come to an end sooner than previously anticipated. This transition is critical not only for reducing emissions but also for combating climate change on a global scale.
Source: bloomberg.com