Electric Car Growth: Fast, but far from replacing traditional cars



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Electric Car Growth: Fast, but far from replacing traditional cars



Chinese manufacturers, BYD and 'Bejing Electric Vehicle', the US company Tesla and Nissan of Japan, are the main players. These have produced almost 560,000 fully electric cars. While carbon emission reductions have become stricter, many countries are offering incentives to build infrastructure to encourage drivers to convert vehicles to electricity.

Norway offers tax exemptions for electric car buyers and 46% of the vehicles in the country are electric. Shenzen is one of the few cities equipped with a fully electric bus fleet. It is not just cars and buses that are being electrified, but other modes of transportation such as motorcycles and boats.



However, it will still take a long time to reduce the carbon footprint, while 38% of electricity worldwide comes from coal burning.

As more electric cars and charging stations are being built, electricity demand is also expected to increase. According to Bloomberg's analysis, electric cars will increase global electricity consumption by 6.8% by 2040.

The halt to the billion-dollar car industry is not expected soon, but many countries are developing standard models for electrical infrastructure.

Electric Car Growth: Fast, but far from replacing traditional cars

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