The last few months have seen electric vehicles (EVs) buoyed up, especially in Europe where July 2020 was a record-breaking month for EV registrations. According to JATO, a provider of automotive data, volumes that month rose 131% year-on-year to 230,700 units—the first time that these vehicles were bought by more than 200,000 consumers in a single month.
The transition to EVs is driving rapid change in the way carmakers and the automotive industry supply chain manufactures their products. What has worked for building highly efficient internal combustion engine (ICE) vehicles is not going to be viable for producing EVs competitively over the next decade. The challenge is to create a mass-market manufacturing environment on a par with conventional cars and make EVs a viable and profitable scale business—none of which is the case right now.
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