As consumers and businesses alike become more environmentally conscious, cars that utilize renewable energy as fuel are increasingly the focus of the automotive industry's future. To help meet increased demand and pave the way for the electric vehicle (EV) movement, governments are offering incentives and rebates to encourage companies to develop and manufacture EVs that will help reduce greenhouse gas emissions.
A few hubs throughout the world are responsible for the production and manufacturing of a large share of the electric vehicles on the market today. China, in particular, has risen to the top of EV production due to government policies put in place several years ago. The United States and a few other large countries followed suit with policies to encourage the production and sales of EVs. As electric vehicles become more common, government rebates and incentives are being rolled back in areas around the world.
What does this mean for the future of electric cars? Demand is rising, with no sign of slowing down. While policy reversals could be taken as a sign of a struggling industry, the case of EVs may be the opposite. Governments may see the industry as stable, no longer seeing the necessity of providing an extra push to get production off the ground. As electric vehicles become more affordable, tax credits and incentives may no longer be necessary for consumers to take the plunge and buy electric.
As some countries roll back their pro-EV policies, other countries are setting ambitious new emissions standards. Electric vehicles will be a major part of countries' ability to reach these goals. Follow along as we take a deep dive into the countries disrupting the electric vehicle industry in terms of production, sales, and public policy in the infographic below. We also lifted the hood on some common new energy car myths that may prevent consumers from hopping on board.
Cars that rely on electricity or other forms of new energy have become relatively common. With the backing of government mandates and improved infrastructure, the EV market looks poised to succeed. And while the industry will continue to evolve in pursuit of a zero-emissions goal, there are some things in the car industry (such as insurance) that are holding steady. No matter if you just purchased the latest electric vehicle or are saving up to purchase one down the line, protecting your investment via car insurance should be a top priority.