Globalisation and financial advances have boosted international collaboration and reduced trade barriers, increasing the intensity and scope of transportation activity. However, the industry's reliance on fossil fuels has resulted in far-reaching environmental issues such as automobile emissions and climate change, which have a negative impact on ecological balance, living circumstances, and human health (Stephens, 2018). Although alternative fuel-efficient technologies have improved air quality, the threat of climate change remains. Given that transportation accounts for 24 percent of greenhouse gas emissions, with land transport accounting for 72 percent and rising, greater stakeholder participation and efforts are required to achieve a green transportation transition (International Council on Clean Transportation, 2018). As a result, electric vehicles (EVs) have been developed as a strategic option to accomplish the transport sector's aims of decarbonization, eco-balancing, commercialization, and technological innovation (Cao &Hou 2021).
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According to UN data(2021), the energy supply sector (electricity, heat, and other energy sources) is the greatest source of global greenhouse gas emissions, accounting for over 35% of total emissions. The influx of new energy vehicles, as well as rising environmental awareness, are propelling not just the growth of a single market, but also the utilisation of renewable energy sources other than thermal power. "A automobile is called green if it is greener than a typical oil-fired internal combustion engine," which includes any non-traditional vehicle that can enhance fuel economy, such as hybrids, plug-in vehicles, electric vehicles, fuel cells, biofuels, and so on.
If more specifically and professionally, electric vehicles are road vehicles that rely on electric powertrain and plug-in charging methods, including pure electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs) and fuel cell electric vehicles (FCEVs)(Cao&Hou, 2021). Some academic studies have found that CO2 emissions from electric vehicles are only 37.05% of those from fuel vehicles. By 2050, the annual electricity demand for electric vehicles will be 82.87 billion kWh, 77.69 billion kWh and 752.1 billion kWh under the aggressive, reference and negative scenarios respectively. Under the current electricity mix, carbon emissions would be 120 million tonnes, 110 million tonnes and 1 billion tonnes respectively.Under the current electricity mix, carbon emissions would be 120 million tonnes, 110 million tonnes and 1 billion tonnes respectively(Feng&Davis, 2013).
China's current market for electric vehicles has grown remarkably affluent, with China's market share approaching 50% as of today. While government policy pushes tram purchases, it has also gradually raised entry conditions for tram manufacturing and performance since 2018, despite which China's EV boom continues to develop (Hertzke, 2019). On May 18, Biden delivered a speech at a Ford (F.US) EV facility in which he stated that "the future of the auto industry is electric vehicles, and the United States will begin a new chapter for EVs" and promoted his $174 billion electric vehicle proposal.The Biden administration's proposal not only jump-starts the US EV business, which is now lagging behind China and Europe, but it also resonates with the worldwide new energy vehicle industry, which will gain from it (WisdomTree, 2021). Despite the fact that Ford is a long-established American brand with a significant global presence. It has, however, lagged behind in the development of electric vehicles and has a minuscule market share.
Although Ford showed an interest in electric vehicles at the beginning of the 20th century, and has moved forward with a number of development programmes over the next few years, it has so far been unable to gain a foothold in the world market for electric vehicles. In particular, only one pure electric car has been launched in the huge Chinese market.
reference
Cao, J., Chen, X., Qiu, R., & Hou, S. (2021). Electric vehicle industry sustainable development with a stakeholder engagement system. Technology in Society, 67, 101771.
Hertzke, P., Müller, N., Schaufuss, P., Schenk, S., & Wu, T. (2019). Expanding electric-vehicle adoption despite early growing pains. McKinsey & Company.
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