Electric Vehicle Investment Growth
A growing body of experts, forecasts and predictive models are all pointing to the next decade being dominated by renewable energy and electric vehicles. The urgency to combat climate change coupled with the relatively cheap prices of renewable energy components in recent years has led to a surge in investment in companies like Jinko Solar and Tesla.
New forecasting data shows how investments in electric vehicles are set to surpass general renewable energy investments over the next five years. In new data collected by Bloomberg, 2020 had roughly $304 billion invested globally into renewable energy and $139 billion invested in electric transportation. The forecasted trend, however, shows electric transportation investments overcoming renewable energy by 2025, with a predicted $306 billion invested into renewable energy and $357 billion invested into electric transportation.
According to Bloomberg, the growth rate of electric transportation investments is most likely conservative. The eye test of electric car stocks like Tesla shows just how much interest there is in consumer electric vehicles, while cities around the world are also beginning to replace common public transportation systems with cleaner, electric-powered alternatives. Ultimately, many expect the electric transportation revolution to occur much faster than the renewable energy transition to solar panels and wind farms across the world. The existing financial infrastructure of car companies and elasticity of commercial transportation is expected to help drive a much faster shift.