In recent years electric vehicles have become choice of the first-time buyers. Thanks to subsidies and easier financing the cost of acquisition is reducing with time. The largest EV manufacturers are witnessing profitability and positive cashflows.
According to a Bloomberg report, 23 countries have reached a 5% tipping point from where any technological adaption accelerates.
This means that EVs are becoming a larger share of the new vehicles sold and after the tipping point it quickly passes important milestones.
This would result in lower prices with better margins. It would also lead to a point where EV prices close the gap with conventional vehicles just like renewable energy did with conventional.
The question remains When will that point be achieved globally? According to many companies, they will be going fully electric by 2030-35. This means post this governments can introduce policies that make owning or buying conventional vehicles difficult.
Despite this, the two major concerns that still lag in this category are the charging network and disposal of battery once usable life finishes.