Internal combustion engine vehicles have already peaked. Meanwhile, electric vehicles are getting more affordable, and they are going farther. Electric vehicle adoption is accelerating thanks to improvements in battery density and cost, expansion of charging infrastructure, and government policies that make driving polluting cars more difficult.
EVs Are Picking Up Speed
BloombergNEF's Economic Transition Scenario predicts passenger EV sales to increase sharply from 3 million in 2020 to 66 million in 2040. Global projection is for EVs to make more than two-thirds of passenger vehicle sales in 2040. Europe and China are leading the EV revolution with governments sending a clear message that the ICE era is over.
China is the global leader in manufacturing lithium-ion batteries but the European Union is determined to catch up, setting an ambitious goal to meet its own battery demand with in-house production by 2025. Legendary automakers such as Volkswagen VWAGY have gone all in the EV race. The Biden administration is also trying to get US back on track. Although lagging, it is home to the EV leader, Tesla Inc TSLA which will be producing its own revolutionary battery in-house at some point, as announced by its CEO Elon Musk during the company's latest Battery Day. Ultimately, it is the battery development and the technology that will decide upon the winner of the race.
Volkswagen's CEO Herbert Diess has committed to using LFP in the company's entry-level EVs to bring down prices. Earlier this year, Ford Motor F also confirmed the company will be using LFP in its commercial EVs., including its eagerly anticipated electric version of America's beloved pickup F-150. Elon Musk also revealed in late July Tesla is making a "long-term shift" toward LFP in both its energy storage products and some entry-level EVs.
Moving away from nickel or cobalt will also help to reduce human rights issues over mining, such as child labor at sites, that have hit Tesla and other major companies including Google GOOG, Microsoft MSFT, and Apple AAPL in the past two years. Even though LFP is a dated technology invented in the 1990s, it is playing a big part in significantly lowering battery costs, which is of vital importance for mass EV adoption.
New Technology On The Horizon
Worksport Ltd WKSPWKSPW is a revolutionary company that brought solar power to the EV table with its TerraVis solar fusion that is being configured for two upcoming electric pickup trucks that will directly compete with no other than Tesla's upcoming Cybertruck. The company just revealed it is expanding its ecosystem with new EV-related product development termed "NPEV" that will help forge additional Company ecosystems, developed with Worksport's next-level ingenuity, intended to redefine industry standards.
Worksport's leadership and skilled engineering team believe NPEV could play a significant role in decarbonizing transportation with truly green energy.
Just like TerraVis, NPEV is being engineered as a revolutionizing EV technology aimed to have a profound impact on various green energy industries. Worksport believes NPEV will provide an extremely vital, very necessary, and much-needed change in the current green energy markets to also aid in the care of Earth's environment at large. Worksport is leveraging its current position to think differently and bring practicality to energy-focused products, introducing technology that does not yet exist in the markets.
7 years after working on TerraVis, this new addition is also laying the foundation for new stages of growth and development so Worksport can position itself even deeper into the EV, ESS, and sustainable energy industries. Worksport is in a reinvigorated state after its oversubscribed Reg-A offering and subsequent underwritten public offering, currently sitting with almost $29 million in cash, virtually free of debt.
All in all, many exciting developments are ahead on the EV front.
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