Electrified vehicles, or EVs, have a significant impact on the auto industry. They require fewer parts, fewer workers and less emissions than gas-powered cars. They also offer performance and efficiency. They are more affordable, and can be a significant selling point for some car buyers. Several automakers have drawn billions of dollars in investment and are completing assembly plants to produce EVs. In fact, more than 100 new models are expected to be introduced over the next several years. This rapid growth will make it difficult for automakers to keep up with the changes. Some automakers are partnering with other companies to develop new models.
The auto industry is shifting towards EVs, and the shift will have a significant impact on the automotive supplier base. Some components, like fuel systems and exhaust systems, will be replaced by EVs. Others, like body panels, will lose value. This will cause major job losses for auto workers. A number of automakers are already investing in EVs, and have pledged to produce only EVs by 2035. Some automakers have also set aggressive sales goals for EVs by 2030.
A number of automakers have also announced that they will no longer produce ICEs. For example, Ford has vowed to sell only electric vehicles in Europe by 2030. Several automakers, like General Motors and Honda, have partnered with other manufacturers to develop new EVs. Honda plans to invest $4.4 billion in a new battery plant in Japan, and General Motors plans to invest $3 billion in a plant in Tennessee.
The shift to EVs has also attracted new entrants to the automotive industry. Apple, for example, has been rumored to be working on an electric car. It has hundreds of people working on a project code-named Project Titan. Apple’s plan is to produce a passenger vehicle by 2024. The company has also been rumored to be working on a breakthrough battery technology.
Electrified vehicles have a much lower carbon footprint, and do not require emissions or spark plugs. They can be designed with two-wheel, four-wheel or all-wheel propulsion. They are also able to use direct current motors instead of brushes, which reduces maintenance. They are also made from lighter materials, like magnesium, which is a strong, lightweight metal. They are also recyclable.
The rapid growth of the EV market will have a profound impact on auto workers. As the auto industry shifts towards EVs, tens of thousands of jobs will disappear. In addition, community colleges will have to create new curricula to train middle-skilled workers to work in battery plants and other areas. There is also a risk that a number of heavily leveraged suppliers will face financial trouble.
One of the best examples of EV manufacturing is Tesla. Tesla recently bought the former GM and Toyota manufacturing plant in Freemont, CA. In addition to painting the ceilings white, the company added skylights to bring natural light into the plant. The company has a market cap of $948 billion, and is expected to deliver 936,000 vehicles globally by 2021.