At a glance
0 min read
- Electric-powered vehicles will become the most preferred mode of personal transport.
- Technology associated with electric vehicles has the potential to create a massive ecosystem of synergistic opportunities and businesses.
Australia has the opportunity to be in the ‘driver’s seat’ and be a leading player in the Electric Vehicle revolution, writes Sanjeev Gupta.
The world is on the cusp of a transport revolution.
Over the coming decade, electric powered vehicles will overtake the internal combustion engine as the preferred mode of personal transport.
Battery prices have fallen 75% in the last seven years and forecast to fall another 50% in the next five. Bloomberg Finance forecasts that electric vehicles will be at price parity to a conventional car by 2024, with 60 million electric vehicles being sold in 2040.
But that’s just part of the story.
In the driver’s seat
The revolution is underway around the world. Many parts of Europe are beginning to plan for aggressive electric vehicle targets with the UK recently considering 100% electric vehicle sales by 2040.
GFG Alliance businesses in Europe have a strong existing position in the automotive sector being the largest private automotive engineering company in the UK. We supply components to all major European manufacturers with over 17 million components per year being supplied to Jaguar Land Rover alone.
The opportunities presented by electric vehicles are clear, which is why we are championing the significant role Australia could play in the electric vehicle space.
As with all new industries there are challenges to meet and barriers to break down. However, it is these very challenges that provide us with the opportunity to build an exciting new business for the future.
A new era of manufacturing
The obvious benefits from repurposing our historic vehicle manufacturing facilities and its existing supply chain, is only a fraction of what this revolution could lead to.
Technology associated with electric vehicles including, energy storage, driving automation, data gathering and processing and the like, has the potential to create a massive ecosystem of synergistic opportunities and businesses.
A vibrant manufacturing sector remains the cornerstone of a modern and successful economy. Manufacturing brings jobs, wealth, hope and long-term sustainability to individuals, families and communities across the entire breadth of our society. Ensuring the manufacturing sector is not only sustained, but can flourish, needs to be at the forefront of the political debate.
GFG Alliance is excited about the opportunity to bring vehicle manufacturing back to Australia and is currently finalising its assessment of the opportunity including which state is best placed to locate the manufacturing facility.
Our partnership with Gordon Murray Designs provides us with a significant competitive advantage over traditional manufacturing techniques.
Using cutting edge technology, devised as part of the Gordon’s Formula 1 McLaren experience, our car will be lightweight, enable multiple models to be built from the same platform and therefore provide the ability to produce an affordable car for all Australians.
