The global EV market is expanding at a rapid pace and China is determined to lead as it invested more than $60 billion to support the industry and transition to an electric future by 2035. But the U.S. is also getting more serious about going electric. President Joe Biden has announced a goal to reach net-zero emissions by 2050 followed by massive investments to build a green infrastructure. Despite being smaller in size, the European market is also going full speed ahead towards an all-electric future.
Many automakers and part manufacturers on both continents have revealed ambitious goals for the undergoing decade, with some announcing purely electric lineups in as little as four years. Consumers might not even have to wait that long with many new models coming over the next 12 to 24 months. Here’s a little summary of the EV developments in the US and the EU.
Tesla Motors
The EV king entered the Chinese market in 2019 and has seen rapid growth. Going back to the beginning of the story, Tesla Inc (NASDAQ: TSLA) launched its adventure with a roadster, which was followed by the Model S hatchback and the Model X SUV. It broadened its brand appeal with the Model 3 sedan and the recent Model Y crossover. Its pickup truck called the Cybertruck and second-generation roadster are coming too. Getting ready for a new chapter in its revolutionary book, Elon Musk named himself the “Technoking of Tesla’ and Zach Kirkhorn the “master of coin,” although both of them will keep performing their CEO and CFO functions.
Worksport
Canada is not likely to be left out of this new era as Worksport Ltd (OTC: WKSP)
announced
this morning that it raised an additional $3 million USD in addition of its recent raise of $4 million bringing the total over $7 million USD. Worksport is an innovative manufacturer of tonneau covers for both pickups and EV Pickups. The company has already partnered with Atlis Motor Vehicles and Hercules Electric Vehicles to configure its TerraVis solar technology for their upcoming pickups. With the raised funds, its tonneau cover system and the TerraVis COR
mobile energy storage system, Worksport aims to become a Tier 1 OEM manufacturer of solar-panel tonneaus for electric vehicle makers. This additional capital will support its strategic North American and Chinese manufacturing investments as well as the development of its revolutionary Terra Vis system.
Ford Motor Company
Ford Motor Company (NYSE: F) stated its passenger vehicles will be 100 percent emissions-free in Europe by 2030 and although this commitment doesn’t apply to the U.S., it started selling an electric SUV, the Mustang Mach-E, as well as an electric version of its commercial Transit van. Its most eagerly anticipated model is the electric version of F-150 pickup with the production scheduled to start in mid-2022.
General Motors
The Detroit giant includes brands like the Buick, Cadillac, Chevrolet, and GMC brands. General Motors (NYSE: GM) has a long history with EVs that began in the late 1990s although it feels it is just entering the game. At the moment, it only has the Chevrolet Bolt EV on the market, but it plans to have an all-electric model lineup by 2035, with pure EVs planned to make 40% of its models by 2025.
Chevrolet recently announced an upcoming SUV version of the Bolt EV called the Bolt EUV, which will go on sale in mid-2021. GM also unveiled the GMC Hummer EV, an impressive off-road truck that is scheduled to arrive early next year. An SUV version of the Hummer EV will also be revealed this year, as well as an electric Silverado-based pickup, and a pair of Cadillac EVs, the Lyriq SUV and the Celestiq sedan but the timeline for the last two is vague.
Nissan North America
Responsible for one of the first mass market EVs available in the U.S., Nissan has been a pillar of the growing electric fleet. Nissan has sold half a million Leaf EVs across the globe over the past decade and its next North America electric model that should go on sale by the end of the year is a small SUV named the Ariya.
Stellantis North America
Early in 2021, Fiat Chrysler Automobiles (NYSE: FCAU) merged with Groupe PSA, the company that houses the French Peugeot and Citroën brands, to become Stellantis. In the U.S., the brand’s portfolio includes the Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, Maserati, and Ram trucks.
Other than Fiat’s electric version of the 500 city car that it had for a while, Chrysler’s plug-in hybrid version of its Pacifica minivan, and the Ram pickup with a mild hybrid powertrain., Stellantis’ American marques are light on the electric front. But, 10 new electrified models are planned to enter the market by the end of the year, while specifics were not provided. In February, Jeep announced it would soon have a plug-in hybrid version of the Wrangler and that it plans that all models will come with electrified tech by 2025.
Volkswagen Group of America
Volkswagen Group (OTC: VWAGY) has Audi, Bentley, Bugatti, Lamborghini, Porsche, and Volkswagen under its umbrella. By the looks of its recent Power Day event where the group revealed its roadmap to boost its battery expertise and secure its supply chain, this transformation will be unprecedented and fast. The corporation plans to launch 70 pure electric vehicles and 60 hybrids by the end of the decade, some of which are already in production. In the US alone, it aims for EVs to make 50 percent of its sales by 2030. Its most recent addition is the ID.4 which arrived to the US this month. It is a small electric SUV that is aimed at mass market consumers. It’s only a matter of time before all brands from the German giant’s portfolio enter the EV race and VW is in it for the win.
Many thought that it’s too late for the U.S. to catch up to China and Europe but as the old saying goes, “when there’s a will, there is a way”. This also means that smaller players have a shot such as Rivian who is expected to deliver the world’s first pickup truck.
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