Through all the turbulence of the past year, a source of enormous hope for the health of the planet has emerged: the automotive industry is shifting toward electric vehicles (EVs) even faster than we envisioned only a year ago.
Steering the fight against climate change on course will require most markets to speed up the EV transition even further. For the EU to achieve its Green Deal targets, for example, it would need to reduce light-vehicle emissions by 90% by 2043—seven years sooner than currently forecasted—to compensate for its car parc emissions.
Strong signals from governments have further encouraged General Motors, Volvo, Jaguar, and many other leading OEMs to push more forcefully into electrification, with a growing number pledging to phase out ICE powertrains altogether. Growing investment into supply chains, charging infrastructure, and upgraded electrical grids will also help make these goals achievable.
Read the article at BCG.