Automakers have made aggressive efforts to introduce EVs to capitalize on the rapidly growing market:
The forecast represents rapid growth for the EV market, as EVs only accounted for around 2.4 million of the approximately 84 million vehicles sold worldwide in 2018. To take advantage of the accelerated consumer uptake of EVs anticipated over the next four years, automakers are rolling out new vehicles and services to capture a wider portion of the market.
By 2025, the Swedish automaker wants EVs to represent 50% of its global sales, with the rest composed of hybrids. To hit this goal, Volvo will offer one year of free charging to its Recharge customers, so as to make high upfront costs more palatable — 47% of US consumers believe the initial cost of an EV is a barrier to ownership, per a Volvo study cited by The Drive.
The US automaker will also team up with Amazon Home Services to install charging stations in customers' homes — the most frequent consumer EV charging location. Ford will also provide customers with two years of free access to its FordPass Charging Network, which includes over 12,000 charging stations and more than 35,000 individual plugs. By easing concerns about range, Ford aims to broaden the appeal of its EVs and promote wider EV uptake so it can begin to recoup the $11.
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