One of the biggest deterrents for many drivers in making the switch to an electric vehicle is concerns over range, so Volvo Cars has announced a vehicle for 2019 that will help to curb these concerns.
The new Volvo announcement purports that the new vehicle will offer a 250 mile range and will retail for somewhere between $35,000 and $40,000. This comes as welcome news to those who are eager to make the shift to a more eco-friendly vehicle yet have conners over range capabilities and price.
The announcement was made by CEO of Volvo Car USA, Lex Kerssemakers, and comes as an up and coming competitor for other car brands such as Tesla that have sights set on widespread electric vehicle adoption.
Key Themes Behind This Trend
- Extend Electric Vehicle Range
- The trend towards extending range of electric vehicles is creating opportunities to win market share as more car owners seek to make the switch to eco-friendly vehicles.
- Affordable Electric Vehicles
- The demand for affordable electric vehicles is creating opportunities for car manufacturers to tap into this emerging market segment.
- Increased Consumer Adoption of Electric Vehicles
- As more consumers adopt electric vehicles, opportunities exist for companies in the EV supply chain to innovate and disrupt traditional automotive industries.
Where This Applies
- Automotive Industry
- The automotive industry can innovate by investing in R&D for more affordable, longer range electric vehicle technology to gain market share.
- Battery Technology Industry
- The battery technology industry can disrupt traditional energy storage and vehicle industries by developing more efficient and cost-effective electric vehicle batteries.
- Charging Infrastructure Industry
- The charging infrastructure industry can deliver innovative solutions to increase the range of electric vehicles and address consumer concerns to drive adoption and growth in the electric vehicle market.
