With the effects of human-influenced global warming becoming more apparent, governments around the world are eager to cut their carbon emissions, especially from the transportation sector. In 2016, transport accounted for 24% of global carbon emissions, and as populations increase and more vehicles traverse the roads, carbon emissions from transport are expected to rise. Zero-emission electric vehicles (“EVs”) have been touted as the best way to clean up our roads, but unfortunately, they are still far too expensive for the average driver.
According to a new survey, buyers in the United States and Europe are more than willing to buy a battery electric vehicle (“BEV”), but the hefty price tag associated with going green prevents most of them from making the switch. If the cost of electric vehicles does not reduce soon, most countries will need to subsidize EVs to hit their greenhouse emission reduction targets. The survey by OC&C Strategy Consultants found that the number of consumers in the U.S. and Europe who are interested in buying an electric vehicle has grown by a wide margin.
The annual survey, which polled more than 7,500 consumers around the world from December to January this year, was exclusively released to Reuters. According to lead author Felicity Latcham, OC&C carried out the study without any external funding. More than half of the consumers polled in Italy, France and the U.S. had an electric vehicle in mind as their next vehicle, while close to half of the respondents in the nation as well as Germany would consider one for their next purchase. In the U.S. and the UK, willingness to purchase an EV increased 61% and 81% respectively.
However, the high cost of most electric vehicles has prevented this willingness from turning into actual sales. The other main issues preventing mass EV adoption are a limited driving range and insufficient public charging stations. However, thanks to developments in battery technology that have increased range coupled with increased investments in charging infrastructure, concerns over range and charging have reduced.
Almost 70% of consumers who said they would buy an EV as their next vehicle stated that they were not willing to pay anything more than a $500 premium compared to a conventional fossil fuel-powered car. But with relatively few governments offering EV subsidies, tax rebates and tax relief, the chances of a premium being offered are slim. Countries that offer EV subsidies such as Norway, Iceland, the UK, and even China, have seen higher rates of EV adoption, with Norway setting the record for most EVs purchased at a whopping 54.3% of all vehicles sold earlier this year.
It is good that companies like Clean Power Capital Corp. (CSE: MOVE) (FWB: 2K6A) (OTC: MOTNF) are investing in alternative energies such as hydrogen fuel cells for vehicles. This will increase the available options that motorists who would like to reduce their carbon footprint can choose from.
NOTE TO INVESTORS: The latest news and updates relating to Clean Power Capital Corp. (CSE: MOVE) (FWB: 2K6A) (OTC: MOTNF) are available in the company’s newsroom at https://ibn.fm/MOTNF
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