How Formula One innovation is shaping the world’s electric vehicle future  

The Covid-19 pandemic has had a devastating impact on industries and manufacturers of all natures, but one of the worst affected has been the automotive sector. It has been reported by IHS that global light vehicle production has declined by approximately 18% in 2020, a drop of more than 15 million units since 2019. Global lockdowns have led to a period of disrupted supply chains, factory closures and reduced R&D budgets. This paired with a strong global focus on reducing carbon emissions has left automotive manufacturers facing real challenges.

However, there is a beacon of hope in the form of electrification technology and the advancement of electric vehicles (EVs). Sales of EVs have been soaring in both the US and across Europe in recent months, despite headwinds facing the industry and consumers. In September, Tesla reported that it delivered a total of 139,300 electric cars in the third quarter of 2020 and the European market predicted that one in 10 new cars sold across Europe this year will be electric or hybrid powered (a combination of electric and internal combustion) - triple last year’s sales. The need to make EVs affordable has been a driving force in automakers innovations in this space. Manufacturers are investing in new technologies and vehicle architectures to lower the cost of the latest EV platforms. Road cars are being designed from the outset to be electric, rather than retrofitted, and lower cost models are becoming more affordable to the masses. There is also no denying that the demand for electric vehicles is on the rise, driven primarily by consumers concerned about their environmental footprint and the shift towards hybrid and electric in commercial fleets.