Today is World EV Day – a day that celebrates the record growth of the electric car sector and the future that awaits

Over the next 48 hours, the world will celebrate the current status of the electric vehicle market, how the sector has grown and the future that awaits.

Currently, EVs are still targeting the higher end of the market – such as Tesla’s, which goes to show where the industry is currently positioned. It particularly highlights the industry’s focus on cost reductions on the most expensive component – the battery.

Thankfully prices are moving south and right now, EVs are more affordable than ever.

World EV day is observed on September 9 every year.

The day marks the celebration of e-mobility. Special awareness campaigns are organised globally to educate people about the benefits of electric vehicles.

World EV Day was an initiative created by sustainability media company Green.TV

While China is the largest EV market in the world, India is emerging as the next favourite destination for automotive companies. The government has promised to offer all possible help to take the electric vehicle industry forward. Notably, India’s automotive industry is the fifth largest in the world. It is set to become the third largest by 2030.

The day of celebration comes as Toyota announces big plans to invest in the EV future

Toyota Motor Corp has revealed it anticipating to spend more than $13.5 billion by 2030 on electric car technology.

The car manufacturer stated it will spend the cash on developing batteries and battery-supply plants in a major bid to become a leader in the EV tech over the next 10 years.

Toyota is the world’s largest automaker by volume and has pioneered hybrid gasoline-electric cars with the popular Prius model. Toyota is now moving rapidly to deliver its first all-electric line-up in 2022.