HUMANITY has begun a new chapter in its development, enabled by extraordinary technological advances commensurate with those of the first, second and third industrial revolutions. It may be difficult for many of us to comprehend fully the magnitude and speed of this change, as we only experience the effects of technological developments on our daily lives incrementally. It is only with time and perspective that humanity will fully realise the significance of the events and advances through which we are currently living.
As we move away from the hydrocarbon-based energy toward that of cleaner, renewable energy, so too industry and the automotive sector have advanced a transition from fossil-fuel internal combustion engines (ICE) to battery-powered electric vehicles (EVs). This is particularly apparent in the case of Tesla, which has seen its market capitalisation hit $1 trillion in recent days, making the electric vehicle producer the size of the other top nine leading car makers combined. Of the world’s top 20 vehicle manufacturers, which represented roughly 90% of new car registrations in 2020, 18 have stated plans to widen their portfolio of models and to rapidly scale up the production of light-duty EVs. The model availability and price range of electric heavy-duty vehicles is also broadening, with four major truck manufacturers indicating an all-electric future.
In fact, the electrification of personal mobility is picking up speed in a way that even its most ardent...
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