BNTX - EV Efforts Needs to Catch Up to the Pace of Vaccine Development
Science has done the impossible in an effort to combat COVID-19. But there is another technological challenge that is also vital to the planet’s health and it is to make better and more affordable batteries that will enable a wider EV adoption. Batteries need to become cheaper, they need to recharge faster, they need to adjust to a variety of temperatures and they need to last. There are many challenges but more than $300bn has been committed to EV efforts, according to Financial Times.
2020 was brilliant for EVs, despite the pandemic
The Guardian reported that sales of electric cars rose by 43% to more than 3 million, while overall car sales slumped by a fifth last year. Tesla (NASDAQ: TSLA), whose market capitalization of around $805 billion this week was higher than most of its rivals put together, led the race by selling almost half a million EVs. It was followed by Volkswagen (OTC: VWAGY) who sold more electric vehicles in western Europe last year than Tesla, despite VW’s struggles with the technology in recent years. In fact, sales of electric cars more than doubled in Europe, pushing the region past China as the world’s biggest market for them, according to Swedish-based firm, EV-volumes.com. December 2020’s sales were double compared to December 2019.
The equation is simple, EVs are better technology-wise than ICEs because there is no noise, no pollution, but there is better acceleration, and they are cheaper to run without running the environment. But, to truly replace traditional vehicles, more innovation is needed.
Innovations ahead
Worksport Ltd (OTC: WKSP) has recently added another trademark protection to its rich intellectual asset portfolio for TerraVis COR. This innovative mobile battery system that is soon-to-be-launched is an extension to its TerraVis innovative truck tonneau cover system that brought solar-power to the EV equation. Another disruptive EV player is Ideanomics (NASDAQ: IDEX) which has a unique business model tailored to support a wider EV adoption. Its MEG segment effectively utilizes the S2F2C model in facilitating the switch for fleet operators to EVs. The company earns its revenue through a transaction fee for its holistic service that covers procurement, financing, and charging requirements. This is just one of several services that makes this company into a one-stop-shop for those looking to switch to EVs.
2021 – expectations are high
There is little time left to replace internal combustion engines. The UK aims to achieve this goal by 2030. The actual science behind EVs is very different from revolutionary mRNA technology used by Moderna Inc. (NASDAQ: MRNA), BioNTech (NASDAQ: BNTX) and Pfizer (NYSE: PFE) to develop their vaccines. Yet they have both one thing in common and that is the human brain that developed them. By successfully developing the vaccine to combat COVID-19 in less than a year, we won an even greater battle. People showed how far they can go when they come together to respond to an urging need. There’s no reason why developments battery technology won’t benefit from this same kind of synergy that is created when brilliant minds join forces. The money and enthusiasm are there to make yet another global public-private effort a success.
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