Electric vehicles are the next big thing in the global automotive industry, with interest and demand coming from around the world. The increasing need for fuel-efficient, low-pollution cars from APAC countries and the demand for affordable electric vehicles from consumers in North America and Europe are two major factors that are currently influencing the global market. Details on the last developments in the electric vehicles industry are some of this week's top stories on BizVibe. BizVibe is the world's smartest B2B marketplace and allows users to discover high-quality leads, contact prospects, and source quotes in real time.
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Demand from Middle-Class Consumers is Boosting the Electric Vehicles Market Globally by BizVibe (Graphic: Business Wire)
Tesla to Begin Production of the Model 3 by Friday
Elon Musk, Tesla's Chief Executive Officer, has announced via Twitter that production of the company's highly-anticipated mass-market electric vehicle, the Tesla Model 3, is slated to begin by Friday, July 7th. Tesla aims to produce 20,000 Model 3 cars by the end of December of this year. Tesla has already taken deposits on more than 300,000 Model 3s.
The Model 3 will be Tesla's most affordable car ever, shifting the company's focus from luxury and niche automobiles to mass-market electric models. In the US, the Model 3 will be available at the price of USD 35,000 before offers and incentives. In anticipation of this new model, investors have increased shares of Tesla by almost 70% this year.
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Electric Vehicles Becoming the New Focus in India
India's automotive market is increasingly focusing on the production and development of electric vehicles in order to combat pollution and oil waste. The sales of electric vehicles in India amounted to 22,000 units in 2015-16, an increase of 37.5% from the previous fiscal year. The government's goal is for annual sales of electric vehicles to reach approximately 7 million units by 2020.
New Delhi is currently the biggest domestic market for electric cars in India, representing about 62% of the electric vehicles sold within the country in 2016. As demand for and production of electric vehicles increases in India, infrastructure will have to be improved to accommodate these vehicles and ensure that drivers can re-charge their cars as needed.
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