The coming decades will see zero-emission electric cars replace the petrol- and diesel-powered vehicles that have been a staple on our roads for a century. The electric vehicle (“EV”) industry is still quite new, however, and only a few countries have seen a lot of citizens adopt electric vehicles. China is still the largest EV market in the world, and certain regions in the United States. such as California, have seen EVs achieve 20% market share. Europe, however, takes the cake when it comes to electric vehicle purchases.
Switzerland’s electric vehicle sector has boomed over the past year, with EVs reaching close to 40% of the vehicle market. Electric vehicle sales have been steadily increasing since 2020, which was a boon year for the EV industry despite the coronavirus pandemic and the resultant financial crisis. By the end of May 2020, 7,657 new electric cars had been registered in Switzerland, with the Tesla Model 3 and Renault Zoe being the most popular brands. Currently, hybrids consist of 20.6% of the EV market, battery electric vehicles (“BEVs”) make up 9.9%, and plug-in hybrids (“PHEVs”) make up 8.3%, with the most popular EV brands being the Tesla Model 3, Volkswagen ID. 3 and Renault Zoe.
Interestingly, unlike countries such as China that have used state-sponsored incentives to a great extent to make EVs more affordable and boost adoption, Switzerland doesn’t offer any special incentives for electric vehicle purchases. The government has financed some infrastructure projects, however, and certain Swiss cantons (similar to states or provinces) offer incentives and limited tax breaks. According to Martin Bollinger, the head of the technical department at the Touring Club Switzerland (“TCS”), the Swiss are more ecologically aware, and most have the financial means to buy EVs.
Additionally, the country has relatively short travel distances, meaning vehicles will be able to last longer with a single charge. Switzerland also doesn’t have an auto industry working to push its own agenda. All these factors have contributed to the Swiss being one of the early adopters of electric vehicle technology, Bollinger says. Like several countries, Switzerland hopes to be a carbon neutral economy by 2050, and cutting down on emissions from transportation will play a crucial role in achieving this goal.
As of March 2021, there were 5,700 public electric vehicle chargers in the country, multilingual media outlet swissinfo says. Switzerland will need a lot more charging stations as well as an upgraded power grid to support mass electric vehicle adoption.
Players in the EV sector in the United States, including Net Element (NASDAQ: NETE), plan on doing their part (availing vehicle models that buyers find ideal for them, for example) in order for the North American market and regions elsewhere to take to electric vehicles with the same zeal exhibited by the Swiss.
NOTE TO INVESTORS: The latest news and updates relating to Net Element (NASDAQ: NETE) are available in the company’s newsroom at http://ibn.fm/NETE
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