Over one century ago, Pedro Salom started a project that is currently turning into a multi-billion industry. His first module, called Electrobat, became the first prototype Tobe developed in this line of products. However, like all the other models, it had its deficiencies, including covering 25 miles in a single charge at about 20 miles per hour.
Currently, the industry needs electric vehicle models that have a mileage range exceeding 500 miles. This demand is what is propelling the profitability of this industry and the massive production of electric vehicles to secure the market share. Some of the highlight performances in this industry include Tesla, which witnessed 740% gains last year. China was also represented in this sector with Nio, which recorded 1110% gains.
Another company that has come as a surprise package in this industry is Facedrive. The company managed to secure various deals and partnerships that will help it achieve its strategy of becoming eco-friendly. Various government agencies, famous people, and tech giants have bought into the company’s ideas which they intend to utilize to profit and expand their business through acquisition programs.
Most of the electric vehicle companies have been getting some action with the visible performance that they have displayed. For example, General Motors decided to widen its coverage by creating an ecosystem called Bright Drop. On the other hand, Apple is diving into this business with potential contracts with automotive companies like Hyundai and Kia. An additional advantage in this business is the Biden administration taking charge of the USA and announcing plans to implement green energy policies and establish a portfolio for electric vehicles’ high performance. The president also declared plans of pumping billions into the electric vehicle projects. The US intends to substitute 645000 government fleet vehicles with the electrified versions to ensure that the country aligns towards clean-energy cars.
The Biden administration will also be investing in the supportive infrastructure for the electric vehicle. This move will involve the development of more than 550000 electric vehicle charging stations countrywide. The momentum shaping the industry will be sustained with such strategies ensuring that electric vehicles become the order of the day. However, Facedrive had predicted such alignments in this industry and strategically capitalized on the benefits that accrue from such developments. The company has a simple model where each time a customer rides a gas-powered vehicle or an electric vehicle, the algorithm deducts a portion of the fare and places it into planting trees to overcome the carbon footprint. This system is efficient in the elimination of carbon emissions and will eventually grow to other markets.