Summary:
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Current EV Adoption Rates
Only 4% of the global passenger car fleet and less than 1% of delivery trucks are electrified, indicating a long road ahead for EVs. -
Inevitable Technology Shift
Historically, once a new technology surpasses a 5% adoption rate, it typically dominates the market, a trend now observed with EVs in multiple countries. -
Cost Advantages
While EVs currently rely on government subsidies to be price-competitive, falling battery prices are expected to make them cheaper than combustion cars within two years. -
Charging Convenience
EV owners benefit from the convenience of charging at home, eliminating the need for regular trips to fuel stations, enhancing their appeal. -
Growing Market Momentum
As battery costs decrease and consumer preferences shift, the transition to EVs is anticipated to gain significant momentum, favoring their adoption over traditional vehicles.
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