Electric Vehicle Sales to Top 3.5 Million by 2020
January 22 2013 - 9:30AM
Marketwired
Aided by an increasing number of affordable vehicles on the market,
and improvements to charging infrastructure, electric vehicles are
predicted to reach nearly 4 million by 2020 according to Pike
Research.
Hybrid electric vehicles, such as the Toyota Prius (NYSE: TM),
which use a traditional petrol or diesel engine alongside an
electric motor, have been on general sale throughout the world for
over a decade. As cheaper mass-produced plug-in electric vehicles
such as the Nissan Leaf (OTCQB: NSANY), plus plug-in electric
hybrids like the Chevrolet Volt (NYSE: GM) (that use a petrol or
diesel engine to charge the electric battery) have started to come
to the global market since 2010, interest in North America, the
Asia Pacific region and western Europe is quickly growing.
The latest figures from the Electric Drive Transportation
Association (EDTA), published last month, projected that sales of
plug-in electric and plug-in hybrid vehicle sales in the US more
than doubled in 2012, hitting 44,888 compared with 17,735 in 2011
(this includes business fleet as well as individual consumer
sales).
As consumer demand begins to build for hybrid vehicles,
companies have begun to offer efficiency solutions. Echo Automotive
Inc. (OTCQB: ECAU) is an upstart company offering an aftermarket
hybrid conversion process for gas and diesel fleet vehicles. The
EchoDrive™ technology can reduce fuel usage in existing fleet
vehicles by up to 50%. The EchoDrive™ platform enables existing
vehicles to leverage grid power at a fraction of the cost of fossil
fuels. By bolting on to existing power trains, EchoDrive™ virtually
eliminates the operational and financial risk of other solutions
and new vehicles. During driving, EchoDrive™ applies that stored
energy via the electric motor to assists the power train when the
internal combustion engine is most inefficient, significantly
reducing the workload of the engine and the use of fossil fuels.
For more information visit www.echoautomotive.com.
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