The electric vehicle market in the UK is expanding rapidly, with more than 190,000 new battery electric vehicles (BEVs) sold last year, despite the government’s decision to cut grants. With demand set to increase further - ahead of a planned ban on the sale of new internal combustion engine (ICE) vehicles in 2030 - consumers are eagerly awaiting more options to choose from.
Focusing on the commercial vehicle space, UK-based newcomers such as Tevva and Volta are planning to release new all-electric trucks and passenger vehicles to the market in 2022. Other well-funded up-and-coming companies are developing world-class technologies that are now approaching market readiness. Will their new offerings make it to market in time to capitalise on the rapid uptick in demand?
For new entrants, the route to market poses more risks than it does for legacy automakers, who - as well as benefitting from an established customer base and strong market understanding -...