Although 2020 saw the world face a global pandemic as well as the worst economic crisis in close to a century, the nascent electric vehicle (“EV”) industry enjoyed increasing sales throughout the year. EV companies launched more than 34 new plug-in vehicles, and pioneering EV maker Tesla became the most valuable car company in the world. With 2020 now behind us, what does 2021 hold for the EV industry?
Electric pickup trucks. With a 20% market share, the pickup truck is the most popular vehicle in the United States. Americans love their pickup trucks, and several EV makers have concluded that offering electric versions of this American staple is a sure way to greatly increase EV adoption. Over the course of 2021, we will most likely see deliveries of Rivian’s R1T, General Motor’s Hummer EV and Lordstown’s Endurance pickup truck.
Ford has announced that it wouldn’t deliver its F-150 electric pickup truck until mid-2022, and Tesla will start production of the Cybertruck in late 2021. We will likely see low volumes of electric pickup trucks in 2021, but as customer mindsets change and production ramps up, we can expect higher volumes in 2022 and forward.
More electric cars. Although the electric vehicle industry has made excellent strides over the past decade, EVs make up only 2.6% of global car sales. However, 2021 will most likely see increased EV sales and a higher volume of electric vehicles on the road. Buyers can expect to see premium EV models such as the Audi Q4 e-Tron, Mercedes-Benz EQA and BMW iNEXT as well as lower volumes of the Lucid Air.
Less-expensive vehicles will include the Nissan Ariya, VW ID. 4, Mustang Mach-E and Tesla Model Y. With Tesla starting production of Model Y at three gigafactories in Berlin, Shanghai, and Texas, 2021 may see an even greater volume of the EV.
Improvements in battery costs and performance. EV makers are constantly working to improve battery performance and range while reducing costs. and 2021 may be the year they achieve the $100 per kWh cost milestone. Once they cross this threshold, EVs become as cost competitive as their fossil fuel counterparts. Additionally, we may even see EV makers adopt the fabled “million-mile battery” that has a theoretical range of a million miles.
Changes in consumer mindset. Electric vehicles are still a relatively new technology and plenty of folks have a hard time switching from the fossil fuel vehicles they’ve grown accustomed to. However, as governments as well as EV makers invest in EV charging stations and EV prices gradually reduce, we will see a change in consumer mindset.
EVs may be expensive up front, but they end up paying for themselves over their lifetime because of cheaper maintenance and refueling costs. And as the data shows, once you go electric, you just don’t go back.
One more development to watch is the upcoming merger between Net Element (NASDAQ: NETE) and EV maker Mullen Technologies Inc. This merger is of interest because Net Element was ranked as one of the fastest-growing companies in the technology field within North America, so it brings clout to the EV sector.
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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