EV updates for this week
The electric vehicle revolution continues to advance across the world, with governments taking action to encourage the adoption of electric vehicles and traditional automakers betting big on the future of electric vehicles in their bid to dethrone the electric vehicle pioneer. , Tesla Inc (NASDAQ: TSLA).
Mazda launches its first electric vehicle in the United States
The lagging Japanese automaker has launched the MX-30 EV in the United States. Mazda Motor Corporation (OTC: MZDAY) is probably going to struggle given that it only has 100 miles of range, but it costs $ 33,470, which becomes just under $ 25,000 when the incentives are deducted. The first MX-30 shipment is expected to arrive at US dealerships in California in the fall.
Russia joins the EV race
The government has approved an EV strategy that will cost $ 8 billion by the end of the decade. The strategy includes offering incentives to buyers, including easy loans and rental terms to encourage the adoption of electric vehicles, as well as toll-free journeys on Russian roads from 2022. The goal is that production of electric vehicles will reach 10% of all cars built by the end of the decade. The first step of the strategy implies that by 2024 there will be at least 25,000 electric vehicles and more than 9,000 charging stations on the roads of the country which is currently one of the largest producers of oil and gas. in the world.
One of the biggest barriers to the adoption of electric vehicles in the United States is the charging infrastructure. The current network is already amplifying range anxiety, not to mention being anything but ready for the expected wave of new electric vehicles, including new models like the world’s first electric pickup that is expected. hit the road in the near future. According to the Energy Ministry, compared to around 136,400 gas stations nationwide, electric vehicle owners only have 43,800 charging stations.
In California, finding a charger isn’t so much of a problem, it’s the best place to be when it comes to EVs, but the time it takes to fully charge an EV is another matter. Filling the car’s tank with gasoline takes around 10 minutes max, while an EV charge takes around 45 minutes, so the queues are bound to be long.
The $ 1 trillion infrastructure bill in Congress commits $ 7.5 billion for charging infrastructure to solve this problem, but the reality is far from a developed network of chargers. Tesla Inc (NASDAQ: TSLA) has the world’s largest charging network with 25,000 charging stations worldwide. Although you now need an adapter to use it, Tesla recently revealed that it plans to open its EV chargers to all EVs because it doesn’t want to have a closed ecosystem like Apple Inc (NASDAQ: AAPL).
Fortunately, there are also innovative companies such as Worksport Ltd (NASDAQ: WKSP) which brought solar power to the electric vehicle table with its TerraVis solar infusion tonneau covers. This solar fusion is being set up for two upcoming all-electric mic tracks, namely the luxurious Hercules Alpha and the state-of-the-art Atlis XT. The Canadian company has another product in development that arguably has the power to make transportation truly greener, and these revolutionary players can play an important role in accelerating the electric vehicle revolution.
Electric vehicles are the future
Despite the obvious hiccups, there is no denying that the future is electric because it is simply greener. The proof that this is a fact is that traditional automakers around the world are spending billions to transform their factories and retool their equipment to become most, if not all electric, over the next ten to 15 years. Although the United States is behind Europe and China, President Biden is determined that half of all auto sales in the United States will be electric vehicles by the end of the decade, a Very ambitious target given that the market which includes plug-in hybrids is currently around 3%. . It’s a long way, but the finish line is 100% electric.
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