- 120 pure EV models will be on the market by 2020
- Demand set to rise as electric options increase
Source: Bloomberg New Energy Finance
The number of EV models available on the market is rising quickly. The first generation of battery electric vehicles were mostly smaller cars but numerous EV models will soon be available across all segments. This should increase EV demand as consumers have more options to choose from. Volkswagen AG and Daimler AG in particular are pushing hard in the SUV and crossover segment, where they will compete directly with Tesla Inc.’s Model X. Start-ups are also playing a role, with groups like Lucid and NIO aiming to have long-range vehicles on the market by 2019 and 2020. Average vehicle range is rising as battery cost and density improves, with many new vehicles now targeting +300 miles.
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