Legacy automakers launch electric offensive
Electric vehicles are fast gaining popularity, with research provider BloombergNEF forecasting that 54 million global sales are expected in 2040, up from 2.1 million in 2019. As at December last year, EV manufacturer Tesla was worth about as much as that of the nine largest car companies combined, despite selling a fraction of the volume of cars. A lucrative business imperative coupled with regulatory pressure to cut emissions have spurred many legacy carmakers to look into an electric future. The Business Times takes a look at some of the world's largest automakers and their battery-powered agenda.
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