Successful new technologies often follow a similar path: early adopters get excited, but some drawback prevents mainstream acceptance, small advances happen over years, and then the stars align and growth explodes. For 2021, the stars are aligning for electric vehicles and opportunities abound to benefit from this transition.
While just a year or two ago many automakers and consumers were leery about electric vehicles, today the industry has made clear that the future is all EV. Automakers have committed over $300 billion in investment into transitioning to EVs. General Motors will only sell EVs by 2035 and Jaguar even sooner: 2025. By 2035 you will only be able to buy EVs as new vehicles in Massachusetts and California and other automakers and states will undoubtedly follow suit.
Meanwhile, consumers have embraced EVs and not just consumers on the coasts. Increased range – typically 250 miles or more, prices starting as low as the mid $20,000s with incentives (we recently purchased one – new – for $19,988 before sales tax), and significantly lower operating and maintenance costs have made EVs attractive to a wide range of drivers. Ohio already has over 20,000 EVs on the road with sales increasing every year.
So inevitably your customers, employees, or tenants are going to ask about your EV plan. Are you providing charging for them? Can you differentiate your business by providing charging? Should you be transitioning to an EV fleet? Can EVs be an employee attraction and retention strategy?
To help you start to navigate your plan, over the next several months we will go into more detail on charging, EV options, and new approaches to mobility for your business.
To learn more today, reach out to GCP member Sway Mobility’s Michael Peters at email@example.com.