Paul Carroll, Editor-in-Chief of ITL
While we wait for the autonomous vehicle revolution to kick in, we can’t take our eye off a development that is already disrupting the car market and will ripple through numerous insurance lines. I refer to electric vehicles (EVs), which currently only account for about 2% of car sales in the U.S. but which will see sales increase rapidly — a trend highlighted by General Motors’ announcement last week that it aims to sell only electric cars and trucks by 2035.
Market forecasts currently call for more than 11% of new cars to be electric in the U.S. by 2035, an enormous increase that would produce major changes in auto service and repair, in the wiring of homes and potentially in a host of other areas.
And the transition to EVs could well be faster and broader, based on announcements such as GM’s… continue reading >