Tesla Made 2020 The Year When US Car Industry Decided To Go Electric

Because of Tesla's rise, the 2020 became the year when the U.S. automotive industry went global.

Tesla's market cap surged above $600 billion dollars the day before Elon Musk's EV manufacturing company was included into the benchmark S&P 500 index. All signs show that the 2021 will be the year when the automotive industry will accelerate its transition to making electric cars, writes Joseph White in Reuters.

Tesla's rise also coincides with a moment around the world, in which a number of influential countries and U.S. states embrace plans to start phasing out gas cars as early as 2030. This virus, through which the world is going and China's quick recovery also contributed to the automotive industry's acceleration of transition to electric vehicle production.

"This was the year GM Chief Executive Mary Barra and other top industry executives began to echo Tesla’s Musk, saying electric vehicle battery costs could soon achieve parity with internal combustion technology. Still, it remained to be seen whether consumers, particularly in the United States, are ready to say goodbye to petroleum-fueled pickup trucks and SUVs," writes White in Reuters.

“ICE game over with BEV ~ 2030,” Bernstein’s auto analysts wrote, using the industry’s acronyms for internal combustion engine and Battery Electric Vehicle.

Consultancy IHS Markit forecasts that global vehicle production will not match 2019 levels again until 2023. Automakers will have produced 20 million fewer vehicles by 2023 than they could have built had output stayed at 2019 levels.

“Only the most agile with a Darwinian spirit will survive,” said Carlos Tavares, the Peugeot SA chief who will lead the combined Peugeot and Fiat Chrysler when that merger is completed.

This is how Tesla's rise and success prompted everyone to go electric.

Will the car buyers plug in and buy electric vehicles?

#Tesla
#ElectricVehicles

This is Armen Hareyan from Torque News. Please follow us at https://twitter.com/torquenewsauto on Twitter and https://www.torquenews.com/ for daily automotive news.

Reference
Reuters https://www.reuters.com/article/us-autos-electric-yearend/teslas-rise-made-2020-the-year-the-u-s-auto-industry-went-electric-idUSKBN28V0HQ

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