Are EVs equipped enough to overthrow the dominance of vehicles based on ICE?
The Increasing sales of EVS year-on-year is a growing concern for the stackholders who still believe that internal Combustion engine (ICE) technology is here to stay a little longer. The key players of the automobile industry like Toyota, General Motors, and Volvo have already declared a target to sell one million EVs by 2025, whereas other major companies, including Tesla, BMW, Porsche, and Nissan have also set ambitious targets to accelerate this all-electric initiative.
Looking at the magnitude of investments and the eagerness of automakers to bring in this radical change to the automotive industry, it seems very likely that ICE technology is on the way out.
However, given the sheer size of the ICE based vehicle market, by when does the industry expects EVs to overthrow the dominance of ICE-vehicles.
The Increasing sales of EVS year-on-year is a growing concern for the stackholders who still believe that internal Combustion engine (ICE) technology is here to stay a little longer. The key players of the automobile industry like Toyota, General Motors, and Volvo have already declared a target to sell one million EVs by 2025, whereas other major companies, including Tesla, BMW, Porsche, and Nissan have also set ambitious targets to accelerate this all-electric initiative.
Looking at the magnitude of investments and the eagerness of automakers to bring in this radical change to the automotive industry, it seems very likely that ICE technology is on the way out.
However, given the sheer size of the ICE based vehicle market, by when does the industry expects EVs to overthrow the dominance of ICE-vehicles.