TM - 2021 Is Shaping Up to Be a Pivotal Year for EVs
Automakers are redefining their images and products. German luxury automaker Audi that is owned by Volkswagen Group (OTC: VWAGY) recently introduced its 2022 e-tron GT and RS e-tron GT, two high-performance electric cars. The U.S. automotive industry will look a lot different within half of a decade. Online car shopping site Edmunds predicts 2021 will be a “pivotal year” for EVs with U.S. sales rising to 2.5% versus 1.9% last year and many new models entering the market in the next 11 months. According to Edmunds, consumers are in for 30 EVs from 21 brands, up from 17 models in 2020. Besides Volkswagen’s compact ID.4 promises to be a serious challenger to the top-selling Tesla (NASDAQ: TSLA) Model 3, here are a few legendary automakers are charging up their portfolios and betting big on EVs as they are determined to make Tesla a run for its money.
The British Jaguar
Tata Motors Limited (NYSE: TM)-owned Jaguar Land Rover has become the latest manufacturer to commit to an electric future. The British sports car maker known for its seductive designs announced on February 15 th it plans to become an “all-electric luxury brand” by 2025. Jaguar currently manufacturers one EV, the I-PACE. Last year’s global sales of the stylish and futuristic-looking SUV amounted to 7,807 units. Its first all-electric Land Rover model is scheduled for 2024 followed by five pure electric variants in the next five years.
Ford Mot o r
The Dearborn 117-year old automaker’s new, splashy Mustang Mach-E SUV has Tesla (NASDAQ: TSLA) owners trading in their vehicles for this all-electric Ford. The company’s next vehicle launch with a battery-electric drivetrain will likely be the F-150 pickup in early 2022. Ford’s rollout of battery-powered vehicles in the U.S. has been slow compared to the competition but its European lineup will run solely on batteries by 2030.
Ford pledged to spend $1 billion to electrify its factory in Cologne, Germany, which has been the home of its operations for nearly a century as part of doubling its investment in electric vehicles to $22 billion by the end of 2025.Two-thirds of Ford’s commercial vehicle sales expected to be all-electric or plug-in hybrids by 2030 and Ford’s newly announced partnership with Volkswagen (OTC: VWAGY) will help the company achieve its EV targets. The Cologne facility, the home of its operations in Germany for 90 years, recently
General Motors
The auto giant has not done away with internal combustion engines but it plans to do so by vowing that 40% of U.S. models will be EVs by the end of 2025, reaching majority by 2035. General Motors’ (NYSE: GM) large, masculine pickup trucks have been reliable moneymakers for the company and consumer demand for these gas-guzzlers skyrocketed in the spring and summer. The rebirth of GM’sHummer in an all-electric version has been scheduled for 2022. Interest in the all-electric Cadillac Lyriq has been sparked with its entertaining Super Bowl ads. GM’s small, Bolt hatchback got a redesign and a sibling, the Bolt EUV, an electric utility vehicle scheduled for 2022. Global sales of the Bolt EV have topped 100,000 since its market launch in 2017.All these models are merely a part of GM’s strategy to launch 30 new EVs across the globe by 2025.
Bentley Motors
The formidable, mighty W12 and V8 engines that power the ultra luxury automaker’s pricey sedans, grand tourers and SUVs will soon become automotive legend. Back in November, Bentley announced the debut of its first electric vehicle is scheduled for 2025. By 2030, every assembly that comes out of its Crewe, U.K., factory will be battery electric.
Pickups
2021 will be the year in which the world will get its first electric pickup. All-electric automaker Rivian that has been backed by Ford and supported by Amazon (NASDAQ: AMZN) has been testing its $67,500 R1T truck in Arizona’s desert; the truck can get 300+ miles of range on a full charge. Then there’s the Lordstown Motors Corp (NASDAQ: RIDE) Endurance, which will compete in the grueling a desert race this April in Baja, California.
Worksport addresses the anxiety around EVs
Hefty price tags and range anxiety are still significant barriers to wider EV adoption but one company is about to change all that. Worksport (OTC: WKSP) is a well established producer of innovative yet affordable tonneau covers for pickups. The company saw a need for more convenient charging methods and it provided them with its Terra Vis solar fusion technology that adds solar power to the electric equation. Namely, Worksport already made partnerships with Atlis Motor Vehicles and Hercules Electric Vehicles to configure its TerraVis system for their upcoming pickups. TerraVis is the first of its kind in the industry and it can be used beyond pickup trucks such as for powering a job site, campsite or in times of an emergency.
Outlook
Larger selection of EVs at affordable prices will help help in crease the adoption of emissions-free vehicles. Brace yourself for an electric automotive future as even the legendary automakers are transforming their businesses.
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