European car buyers will soon have a wealth of different electric models to choose from, with the number EVs offered by automakers set to triple within the next three years thanks to a €145bn investment from the sector, analysis released today suggests.
EU carmakers will collectively have 214 different electric vehicle models on tmarket in 2021, up from just 60 on the market at the end of last year, research from green NGO Transport & Environment (T&E) shows.
It means that, over the next three years, carmakers are set to bring 92 fully-electric and 118 plug-in hybrid models to market, as the industry races to capitalise on the rapidly growing consumer demand and regulatory push for low emission vehicles.
Volkswagen leads the way with a pipeline of 40 new plug-in models set for the market in the next three years, the analysis shows, followed by Peugeot-Citroen-Opel with 22 and Daimler with 21. Jaguar Land Rover meanwhile, which has just secured a £500m loan from the UK government to accelerate its EV production, has 12 electric models set for the market by 2021.
Carmakers are facing more stringent EU regulations which demand an average CO2 target of 95kg/km per car sold by 2021. The mass EV rollout could mean 22 per cent of all vehicles produced could have an electric plug by 2025, which would be more than enough to meet the EU’s car CO2 standard for that year, according to T&E.