Everyone knows that electric cars are taking the automotive industry by storm; more than a few even are aware of the ambitious plans various motor companies are working on in order to get the best electric cars out first… or at least, at the same time as their competitors.
Take Volvo, for example. The company knows that electric cars need to start becoming part of the mainstream car market, and is developing a strategy to make that dream a reality.
In fact, Volvo plans on releasing an entire line of cars to directly compete with Tesla, claiming that they will match the impressive range of over 300 miles, and the $35,000 price range of Tesla’s upcoming Model 3.
What’s more is that it’s putting a huge amount of assurance into the company’s upcoming car models — especially its first fully electric vehicle.
In fact, Volvo is quite confident that by 2017, 10% of its global sales will be electric vehicles.
That’s a bold projection, and Volvo is even setting a goal of no injuries or deaths from any new vehicle sold from 2020 and on. The company has said it will accept any liability from accidents involving future self-driving vehicles.
Granted, if their design caused the mishap, it’s obviously their own fault, but not many companies are willing to accept that kind of blame.
Volvo also has an interesting advantage in this war over electric vehicles. The company will be making its hybrid and electric cars on existing platforms that are used to make its current model cars, so it’s simply a matter of making the same cars, just with hybrid or electric options.
Yet, Tesla will have to compete with more than just Volvo: Audi (Volkswagen) is in on this too.
Even after VW’s diesel engine scandal (or perhaps to alleviate the publics’ concern about their cars in general), the company is going to manufacture Audi’s electric vehicles. That move also comes in spite of recent budget cuts.
However, the EV Volkswagen is proposing most likely wouldn’t be available until after 2018 — well before Tesla and Volvo have made their mark in the EV market. Still, VW claims that its car would have a range well over 300 miles.
That just might be enough to turn the tables when the company makes its EV debut.
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Until next time,
A true insider in the technology and energy markets, Keith’s research has helped everyday investors capitalize from the rapid adoption of new technology trends and energy transitions. Keith connects with hundreds of thousands of readers as the Managing Editor of Energy & Capital, as well as the investment director of Angel Publishing’s Energy Investor and Technology and Opportunity.
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