September 29, 2022 (Investorideas.com Newswire)
Significance of a robust charging infrastructure
Despite the rapid rise in the number of electric vehicles on roads, they still constitute less than 2% of an estimated more than 1.4 billion cars in use globally. A robust charging infrastructure is a pre-requisite for the growth of electric vehicles. That's the reason why governments globally are pouring money for the development of charging infrastructure.
The U.S. lags behind China and several European countries when it comes to charging infrastructure. According to the Bloomberg Intelligence Global Battery-Electric Vehicles Outlook released in June, the U.S. needs a sixfold increase in average annual public charging installations over the next four years to meet the demand from the expected growth in EVs.
Volkswagen is expected to be the largest EV maker in the world overtaking Tesla in the coming years. The German automaker understands the significance of a well-developed charging infrastructure to achieve its EV ambitions. It is taking several steps, making investments, and entering partnerships to this end. Here are some of the key initiatives taken by Volkswagen in the charging space:
Most of the EV charging happens at home
However, public charging infrastructure may not be enough to meet the ever-rising charging needs. According to the U.S. Department of Energy, about 80% of EV charging today happens at home. There are over a million home chargers in the U.S. If they are made available for everyone's use, the EV industry can see a big transformation.
Likewise, in France nearly 90% of recharges are estimated to be made at home or in office. Based on this, Volkswagen France has launched Shargy, an app that can locate charging stations, including private stations made available by individuals. Owners of EV chargers can register their charging station on the app specifying availability and rates. Notably, before booking, the user driver needs to ensure that the charging point offered is compatible with his/her vehicle. The service may face a limitation if the home charger is not compatible with the EV that a driver is looking to recharge.
Interestingly, PowerHero, has developed a patented Cameo adapter which can be attached to any legacy home charger to make it networked. This could be an extremely cost-effective way for homeowners to make their legacy chargers revenue-generating, with very little cash outflow. An adapter like this can surely help Volkswagen France significantly expand its Shargy network.
Pulling the right levers
Volkswagen sold roughly 8.9 million vehicles in 2021. Around 5.1%, or 452,900, of these were battery electric vehicles. The company targets having around 20% of its vehicle sales to be electric by 2025. By 2030, it aims to increase battery electric vehicles sales to half of its total sales.
The company is investing heavily in electrification and is pulling all the right levers to become an EV leader. The Volkswagen Group is investing 35 billion euros in its electrification efforts. The company's focus on developing the right ecosystem for EV growth should go a long way in supporting its EV ambitions.
Disclosure: The writer holds no positions in any of the stocks mentioned.
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