Governments have increasingly thrown their weight behind this shift, using carrot-and-stick initiatives including consumer subsidies, tax incentives, zero-emission mandates and penalties, all of which will accelerate the pace of adoption.
A few will make fortunes, but most will go empty-handed. The future car market is electric, literally and figuratively speaking. We truly believe the electrification of cars is an irreversible secular trend and that, further into the future, the majority of cars will be autonomous. And we did not come to this conclusion lightly, given the failure of hydrogen fuel cells over a decade ago.
For sure, it has been 13 years since Major carmakers are responding by accelerating their EV rollout plans sold its first fully electric car and consumer adoption has been slow — hybrid or plugin electric vehicles (PHEVs) and fully battery electric vehicles (BEV) made up just about 5% of global auto sales in 2020. This can be attributed, primarily, to uncompetitive prices — compared with traditional internal combustion engine (ICE) cars — and a lack of charging infrastructure. But the landscape is changing very rapidly.
