Market Disrupting Announcements Drive the Automotive Future |
NEWS |
News headlines are a daily influence in modern life, but few of them are changing the world as we know it, such as the recent Internal Combustion Engine (ICE) ban from the European Union (EU). With Europe aiming to be the first carbon-neutral continent by 2050, the EU Parliament recently voted to make the sales of new ICE vehicles illegal by 2035. This timetable is set to support a 55% reduction in carbon emissions from automobiles compared with emissions in 2021, up from a 37.5% Carbon Dioxide (CO2) reduction initially required last year. In response, automakers have insisted that a rapid transition to Electric Vehicles (EVs) can only be made possible with massive investments in charging infrastructure, as even customers who can afford an electric price premium have cited “range anxiety” (a driver’s concern that a vehicle has insufficient fuel or energy capacity to reach a destination) due to the lack of public charging stations as a challenge with converting to electric. Thus, to boost EV sales and mitigate range concerns, the EU has propo…
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