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The Silicon Review Asia

Amid Low Demand, Investors Are Pumping In Money in Evs

Amid Low Demand, Investors Are Pumping In Money in Evs

The investment for electric vehicles (EVs) by automakers hasn’t been affected by low demand. Earlier at the New York auto show, different executives stated that they are pumping in billions of dollars for EVs.

Officials from different companies stated that they are coming up with a new range of electric vehicles, in spite of rising regulatory requirements globally.

In 2018, the sale of EVs or plug electric hybrid models comprises of only 2 percent in the US. Among the 2 percent, Tesla Inc accounted over a third of those sales. According to reports, in terms of EV sales (percentage of overall sales), the US ranks seventh globally.

 In New York, industry executives citied the hurdles they face during the sales of EVs. The challenges include low fuel costs and residual values, high upfront cost, lack of consumer education, and concerns raised by the consumers for charging infrastructure.

Amid the challenges, the automakers are making more creative and sporty EVs. These models are different than the original plug-in model; most of them were small cars.

In the auto show, an EV concept car was showcased by Hyundai Motor Co’s luxury Genesis unit. The car is called Mint and holds the capacity to travel 200 miles at a single full charge. Apart from that, the company’s Kia affiliate showcased HabaNiro, a concept EV crossover which has butterfly wings.

Within two years Volkswagen AG and its Audi unit plan to roll out new EVs.

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