Interest in electric vehicles (“EVs”) has been on the rise for the past couple of years. With several territories across the world looking to replace fossil-fuel-powered vehicles with a cleaner alternative, electric vehicles have emerged as the clear winner. Since they are powered by rechargeable lithium-ion batteries rather than internal combustion engines, EVs produce zero emissions. But while the technology is extremely popular, electric vehicle sales haven’t been that great in the United States.
Europe, on the other hand, has made amazing strides in adopting zero-emission vehicles, so much so that in December, electric vehicles outsold petrol and diesel-powered cars. According to auto analyst Mathias Schmidt, drivers across Europe bought more battery-electric cars than internal combustion engine (“ICE”) cars last month. Vehicle sales data from December show that 176,000 electric cars were sold that month compared to 160,000 diesel-powered cars.
Diesel has seen a steady decline in the region since the Volkswagen emissions scandal first hit the news and forced the German automaker to shelve plans for the ID3. Additionally, the Financial Times reports Europe’s burgeoning electric vehicle industry has been propped up by generous government subsidies coupled with “draconian rules” that force automakers to develop low- and zero-emission vehicles. Such measures would have been condemned if the world wasn’t hurtling towards a potential extinction-level crisis that has been partly caused by decades of burning fossil fuels.
The German government, for instance, is poised to reconsider diesel tax credits that make it 14 cents cheaper per liter than premium gasoline, the Financial Times says. The same tax credits were used to promote the sale of diesel-powered cars over gasoline alternatives back in the 1970s. Now that the country and Europe at large are turning to electric cars, it’s their time to be propped up. And for several governments, this involves providing generous EV subsidies and levying harsh rules on automakers that develop new conventional ICE cars.
SwissInfo reports that from September to November 2021, 18.3% of new vehicle registrations were electric. Including hybrids brings the figure up to 28%, the Touring Club Switzerland (“TCS”) says. Unsurprisingly, the Tesla Model 3 was the most popular electric car model in Switzerland followed by the Volkswagen ID.3. TCS posits that achieving 50% battery electric vehicle sales by 2030 is more than possible thanks to advances in technology, increasing social acceptance and an ever-expanding choice of electric cars.
The data showing that electric vehicles are outselling diesel-powered versions in Europe is great news to the entire EV industry, including sector companies such as Mullen Automotive Inc. (NASDAQ: MULN), because it provides proof that motorists and willing and eager to ditch their ICE vehicles for cleaner ones.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
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