KIMTF - Will 2020 Be the Year of the Electric Vehicle?
Electric vehicles (EVs) have been the next big thing in transportation for nearly a decade, but they're still a bit player in the auto market. According to a report by McKinsey & Company, despite 63% year-over-year growth, EVs were just 2.2% of the global auto market in 2018.
In 2020, the momentum in electric vehicles may reach a new level, and once they get rolling, they will be hard to stop. Not only is Tesla (NASDAQ: TSLA) expected to have another big year with Model Y deliveries expected to start, but General Motors (NYSE: GM), Kia, Hyundai, Audi (OTC: AUDVF), Porsche (OTC: POAHY), and many more will also introduce or expand their range of EVs.
And these offerings aren't tiptoeing into the market, as we've seen in the past. There will be compelling, long-range, affordable vehicles available for customers next year. The EV market may finally be something to take seriously.