The EV Industry is Buzzing!
The last few months have been hard for many industries, but that hasn’t stopped excitement over the future of electric vehicles. Investment in EVs, from both a corporate and institutional level, is booming.
Here are some of the biggest pieces of recent EV news:
GM Partners with EVgo to install 2,700 EV Chargers: Over the next 5 years, GM and EVgo will build 2,700 fast chargers throughout the US, adding to EVgo’s already expansive charging network. Charging infrastructure is arguably the biggest barrier to wide scale adoption, so this investment could lead to big EV sales down the road as customers have less and less "range anxiety". Fortunately for our users, Borrow has a partnership with EVgo that lets them utilize the biggest fast charging network in the country!
Biden’s $2 Trillion Climate Plan: In his new Climate Plan, presidential candidate Joe Biden emphasized EVs as a huge component of meeting emissions goals. The plan focuses on both the production and distribution of EVs in the United States, and includes initiatives like offering rebates for switching to electric and replacing the government’s fleet of cars with EVs.
Tesla to be added to S&P 500: After posting a second quarter profit near the end of July, Tesla is now eligible to be added to the S&P 500. This is huge news for our industry as it proves EVs aren’t just a nice way for companies to meet emissions standards - they can also help the bottom line. Companies like Tesla, Nio and Nikola have been reaching skyrocketing valuations as investors realize the potential financial viability of EVs. Obviously at Borrow, we’re thrilled to see investors finally getting excited about one of the most promising new pieces of technology.
Beyond validating the idea that EVs are a great business, all of these stories have one thing in common: they increase EV awareness. EVs are horribly underrepresented in advertising and a shocking number of people know little to nothing about them. When EVs are suddenly more top-of-mind, users naturally become curious about them. Borrow is the perfect way for intrigued customers to get behind the wheel of a zero-emissions vehicle in a low-risk, affordable way. Like we’ve always said, the more people interested in EVs, the better!