BUS 225 Project Four

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Southern New Hampshire University *

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Business

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Jun 11, 2024

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BUS 225 Project Four Template Press Release CHARGING INTO THE FUTURE WITH ELECTRIC VEHICLES The people in the world are shifting to a greener less polluted Earth. This has sparked an interest in ways to make vehicles more eco-friendly and emit less pollution into the air. Due to the people wishing to make things more eco-friendly, the company must research qualitative and quantitative data about combustion engines to develop a new skill set and knowledge so that they do not become obsolete. The company can continue to run successfully without changing the core of the company by involving another industry to utilize the manufacturing skills already present. Sales of electric vehicles in 2023 surpassed previous years just within the second quarter. Roughly 295,000 EVs were sold between April and June 2023 — a new record (Hickey, 2023). The global electric vehicle market size accounted for USD 205.58 billion in 2022 and will expand to around USD 1,716.83 billion by 2032. It is growing at a compound annual growth rate (CAGR) of 23.1% during the forecast period 2023 to 2032 (Precedence Research, 2023). The electric vehicle industry is rapidly growing as people in the world are pushing for a greener environment. The extensive increase in fuel prices has also caused more people to convert to electric vehicles. The decision to diversify to the electric car industry was made following the economic crash following the COVID-19 pandemic. The vehicle industry suffered tremendously from the pandemic and the market is currently working on recovering from damages caused by the pandemic. The world is currently looking to have a cleaner environment with less emissions and

pollution exported into the air. People across America have seen the Clean Air Act broadcasted across all news channels. With people striving to be more eco-friendly, the electric vehicle industry is a desirable industry to expand to. The company’s electric vehicle expansion will be launched across the U.S. in the automotive industry. Electric vehicles will be manufactured in the U.S. and sold at dealerships across the U.S. Sales will consist of in-person sales and online sales with delivery options available. Upon launching, the company will offer free tire rotations for the first two years and offer speed chargers at a discounted rate. This will draw the attention of consumers and create more sales. Not only does the company owner benefit from the expansion into the electric vehicle industry financially, but the world benefits from this expansion by also aiding in producing cleaner air for Americans. The company owner will benefit financially as this industry is desirable and has shown a rapid increase in purchases. These electric vehicles produce no harmful emissions into to the industry aiding in creating an eco-friendlier environment. By being more eco-friendly, we will see fewer harmful substances inhaled by humans, plants, and animals, as well as a decrease in global warming. With the world looking to turn to a greener more environmentally friendly solution to automobile pollutants, electric vehicles are the answer to the problem. The electric vehicle industry is less competitive than the automotive manufacturing industry, electric cars are made cheaper than gas/diesel engine manufacturing. Electric vehicles are environmentally a better choice than gas/diesel engines and are more affordable in the long run to consumers when not

having to purchase gas/diesel fuel. With there being low competition, this is a good industry to diversify to and generate revenue. Lindsay Largeman Sales Department Manager

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REFERENCES Electric vehicle market (by propulsion: Bev, PHEV, ECEV; by components: Battery Cells & Packs, on-board charge, motor, reducer, others; by vehicle type: Passenger cars commercial vehicles; by vehicle class: Mid-priced, luxury; by top speed: Less than 100 mph, 100 to 125 mph, more than 125 mph; by Vehicle Drive; by EV charging point type; by V2G; by propulsion type) - global industry analysis, size, share, growth, trends, regional outlook, and forecast 2023 – 2032 . Precedence Research. (n.d.). https://www.precedenceresearch.com/electric- vehicle-market Hickey, C. (2023, August 20). Electric cars are breaking sales records, but here’s why they’re not replacing gas cars anytime soon | CNN business . CNN. https://www.cnn.com/2023/08/20/cars/electric-cars-sales-gas-cars-dg/ index.html#:~:text=Americans%20bought%20more%20electric%20vehicles,June %202023%20—%20a%20new%20record.&text=Not%20only%20is%20that %20more,sold%20in%20all%20of%202019.

BUS 225 Project Four

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