Learn all the latest news important to the electric specialty vehicle industry, such as ATVs, UTVs, and PMVs, in this quarterly round-up.
Are gas-powered vehicles going away?
Several of the world’s largest countries are setting a timetable for when they will no longer sell gas-powered cars. China, France, U.K, Norway, and India have all set deadlines for selling the last gas-powered vehicle on their soil by 2040. Even the ones not outrightly banning vehicles are setting higher goals for selling electric vehicles. The U.S. sales of electric vehicles are growing 40% year over year. Toyota just announced it’s going to sell 10 electric vehicle models by 2020 and aims to sell 5.5 million electric vehicles a year by 2030. What will oil companies will do? Read the full story here and here.
Will the U.S. keep the electric vehicle tax incentive?
Last Wednesday, 50 companies “signed a letter urging Congress to keep a tax credit that boosts U.S. job creation and EV leadership.” While the GOP tax bill has yet to be announced, Reuters reports that “several sources revealed that the final version of the GOP tax bill will preserve a $7,500 electric vehicle (EV) tax credit that was once at risk of being removed.” Proponents of the tax credit argue that it is important to keep the incentive as the EV industry includes 215,000 jobs (and more to come) and stops air pollution and the U.S. can’t afford to fall behind in this growing industry. Read the full story here.
Are electric vehicles responsible for the jump in cobalt sales?
You bet. This crucial element to the lithium-ion batteries that power electric vehicles topped the commodities market. “The price of cobalt surged 120%, while the Bloomberg commodity index fell 4%.” According to Bloomberg, the market was $4 billion last year and doubled to $8 billion this year. And that demand is only going, some say six or seven times the current amount by 2026. Read the full story here.