ING: A new report released today shows that the new cars sold in Europe will be electric by 2035 - something that will have a serious impact on the European car industry.
Senior economists at ING published a report titled “H discovery of electric vehicles threatens the European car industry" or "Breakthrough of electric vehicles threatens European car industry"And predict that barriers that stop consumers now from investing in electricity will disappear in the short term.
The drop of the prices of batteries, combined with the best range between each charge and the fastest loading times in all, will help buyers trust as buying a battery-powered car will be just as appealing as a car equipped with an internal combustion engine.
This might sound good to electric car fans, but the report says that European car manufacturers have a market share of only 3% in production batteries lithium ions.
So European factories that will try to meet the demand for electric cars will depend on countries like China and Japan for buying batteries and other materials.
Electric cars have fewer components and their construction is more automated, which means that fewer jobs will be available.
Overall, ING's report presents a very bleak picture, though it shows that there is hope that Europe moves from the traditional business model to that which places emphasis on sales versus services.
