Consumers believe that it's not until 2030 that most new cars will be EVs, says a study.
In the report, Accelerating the EVolution, Castrol spoke to nearly 10,000 consumers, fleet managers and industry specialists in China, France, Germany, India, Japan, Norway, the UK and the US.
Mainstream adoption is defined as the point at which 50% or more consumers would consider purchasing an electric vehicle. Market share is likely to be won by manufacturers who can meet the following critical challenges:
- $36,000 price point
- 31 minute charge time
- 469km range
- Charging infrastructure - the global charge point challenge
- Vehicle choice - the multi-model challenge
The first three of these represent the tipping points to mainstream adoption of EVs. Mandhir Singh, CEO of Castrol, said, "EVs that meet at least one of the tipping points for price, charge time or range are already on the market."
Meanwhile oil majors are turning electric in response to governments and investors with Total buying an electric and natural gas utility in Spain and is joining Shell and BP in expanding its electric vehicle charging business.
Hyundai, South Korea's larges automaker, plans to manufacture EVs in Singapore starting in 2022, as reported by Fuels & Lubes Daily.
GM has launched a technology rollout plan for electrification, intelligent driving and connectivity in China, including its new global EV platform, the Ultium battery system and next-generation EVs.