Market Overview

Electric Vehicles In UK To Exceed 30M By 2040, National Grid Predicts

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Electric Vehicles In UK To Exceed 30M By 2040, National Grid Predicts

The United Kingdom is set to double the number of electric vehicles to 30 million over the next two decades due to green governmental policies, according to National Grid plc’s (NYSE: NGG) Electricity System Operator unit.

What Happened

The National Grid unit in a report published Monday said that the goal of the United Kingdom to achieve net-zero emissions by the middle of the century is becoming more reachable and electric vehicles are a key aspect of the move, Bloomberg reported earlier.

“There is widespread uptake in domestic electric vehicles, and growth and investment in hydrogen and carbon capture technologies too,” Mark Herring, head of strategy at the ESO unit said.

National Grid estimates, by 2050, up to 80% of households with an EV would be smart charging their cars in durations when electricity prices are cheaper and power demand is lower, Bloomberg noted.

Why It Matters

Leading EV maker Tesla Inc (NASDAQ: TSLA) is building its newest Gigafactory in Berlin to serve the demand on the European continent. The Elon Musk-led company plans to produce the Model Y at the German factory, followed by Model 3.

Rumors came to light last month that Tesla was considering adding a factory in the U.K., Electrek reported. Musk had previously said the U.K.'s exit from the European Union, dubbed "Brexit," made it too risky to put a Gigafactory in the country.

Price Action

National Grid shares closed 0.26% lower at $57.38 in New York on Friday.

 

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