Electric Car News Roundup – 41

electric car news

It’s A Bumpy Road To Boris Johnson’s Electric Car Dream 

The UK must learn from countries such as Norway to encourage people into electric vehicles.  If Boris Johnson wants inspiration for his electric dream, which involves banning sales of new cars with internal combustion engines (ICE) from 2035, he should visit Norway.  The Scandinavian nation leads the world when it comes to electric vehicles (EVs). Battery-powered cars regularly make up more than 50pc of all new car sales there, compared with just 1.6pc here. 

ban of petrol and diesel cars
credit: The Telegraph

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We do not disagree with the assertion, that, we in the UK can learn from Norway, one of the leading markets for electric car adoption.  However, we do not need to go that far.  The electric vehicle industry is not the only sector in the UK that has requires or has required government support in its early stages to flourish.  We, in the UK, have significant experience with government incentives, in particular, subsidies for the renewable energy sector.  The development and mass deployment of solar and wind farms to some extent was only possible with incentives from the UK government.  These were known as feed-in tariffs.  Despite the success of the renewable energy sector, many of us will recall the challenges faced in the early years of wind and solar development, due to a lack of a clear, robust and long-term incentive framework.  Indeed, if there is one thing the government should have leveraged from the RE experience is: the important of creating a robust, unambiguous and long-term incentive framework, to achieve its objectives. Sadly, in the case of the EV industry, the government has failed to demonstrate any learnings from the renewable energy sector.  But it is not too late.  The government still has an opportunity to introduce an unambiguous, attractive and long-term robust plug-in car grant (PiCG) policy framework for the EV sector. Time is of the essence as the current PiCG grant is due to expire in March 2020.

Non-Electric Cars Will Be Banned In Britain From 2035 As UK Battles To Reach Net Zero Carbon Emissions 

The Government is officially launching the COP26 summit which takes place in November.  All non-electric cars will be banned from sale in Britain in 15 years, the Government has announced as it launches a climate action summit taking place this year. The ban on sales of new cars powered by petrol or diesel will now take effect in 2035, five years earlier than previous expected.  

ban of non electric cars
credit: I-News

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We applaud the Government for advancing the date for the ban of internal combustion engine (ICE) vehicles.  In fact, in our view, the government should reassess this in 2025 to ascertain if the ban date can be moved further forward i.e. to 2030.  Bottom-line, the sooner we can replace ICE vehicles by zero-emission electric cars, the better for our society.  We are aware that many participants within the automotive industry have not welcomed the above news, but the ICE sector has had more than 100 years to exploit the transportation opportunity.  The next 100 years must be given to EV.  We therefore encourage automotive manufactures to invest immediately and more comprehensively in the EV sector. Otherwise, they face an uncertain future, or even worse, extinction!   

Tesla Owns More Than Half The US Market, Keeps Electric Car Sales Growing 

Tesla is keeping the US electric car market alive and growing as new data shows that the California based  automaker owns about 60% of the US market.  

tesla sales
Tesla Sales (credit: BNEF)

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There is no doubt that history books will credit Tesla and in particular it’s co-founder Elon Musk for the development of the EV sector.  Elon has injected more than just a ‘new technology’ into an old fashioned industry i.e. the automotive sector.  He has fuelled excitement beyond any imaginable script and above all evoked in individuals an aspiration for zero-emission electric car driving.  The recent phenomenal rise in Tesla valuation is testament to his efforts.  History books will need more than one chapter on Tesla and Elon! 

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Ashvin Suri

Ashvin has been involved with the renewables, energy efficiency and infrastructure sectors since 2006. He is passionate about the transition to a low-carbon economy and electric transportation. Ashvin commenced his career in 1994, working with US investment banks in New York. Post his MBA from the London Business School (1996-1998), he continued to work in investment banking at Flemings (London) and JPMorgan (London). His roles included corporate finance advisory, M&A and capital raising. He has been involved across diverse industry sectors, to include engineering, aerospace, oil & gas, airports and automotive across Asia and Europe. In 2010, he co-founded a solar development platform, for large scale ground and roof solar projects to include the UK, Italy, Germany and France. He has also advised on various renewable energy (wind and solar) utility scale projects working with global institutional investors and independent power producers (IPP’s) in the renewable energy sector. He has also advised in key international markets like India, to include advising the TVS Group, a multi-billion dollar industrial and automotive group in India. Ashvin has also advised Indian Energy, an IPP backed by Guggenheim (a US$ 165 billion fund). He has also advised AMIH, a US$ 2 billion, Singapore based group. Ashvin has also worked in the real estate and infrastructure sector, to including working with the Matrix Group (a US$ 4 billion property group in the UK) to launch one of the first few institutional real estate funds for the Indian real estate market. The fund was successfully launched with significant institutional support from the UK/ European markets. He has also advised on water infrastructure, to include advising a Swedish clean technology company in the water sector. He is also a member of the Forbury Investment Network advisory committee. He has also been involved with a number of early stage ventures.

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