With New German Gigafactory, Tesla Looks To Build On Big Lead In Surging European EV Sales

With New German Gigafactory, Tesla Looks To Build On Big Lead In Surging European EV Sales

Tesla's Gigafactory located outside of Berlin will be the first manufacturing location in Europe. The transition to electric vehicles (EVs) is occurring apace; sales in Europe are accelerating thanks to early adopter enthusiasm and government subsidies - given the shift in government and EU-wide cleaner energy initiatives. According to Schmidt Automotive, battery electric vehicle (BEV) sales will reach a market share of 60% in Western Europe by 2030, or 8. 4 million vehicles – a paradigm shift on the continent where the internal combustion engine (ICE) was invented over 160 years ago. More than 50 countries in Europe have pledged to phase out fossil fuel vehicles by 2050. Among them, Norway holds the most ambitious target, to achieve a 100% electric vehicle share of new passenger vehicles and light-duty van sales by 2025. But as these countries undergo their rapid energy transitions, they must also be mindful of the political fallout and economic realities of rising energy prices. France in 2019 suffered from the violent 'gilet jaune' (yellow jackets) political protest, and just this last weekend, Kazakhstan suffered from an eruption of political protests that were catalyzed by the removal of a price cap on liquified petroleum gas (LPG). Germany's