HomeIndustriesCalifornia's Considered Ban Of Gas-Powered Car Sales, Boosts EV Market Outlook

California’s Considered Ban Of Gas-Powered Car Sales, Boosts EV Market Outlook

The State of California has announced its intention to approve a plan to end the sale of gas-powered cars within the state over the next 13 years. Consisting of numerous interim milestones, the plan ultimately seeks to bring an end to the sale of fuel-powered cars in their entirety in 2035. California governor Gavin Newsom referred to the plan as “one of the most significant steps to the elimination of the tailpipe as we know it.”

Along with climate change issues that have been brought to the forefront of environmental concerns, the transition from gas to EVs has convinced a range of leading auto manufacturers to electrify their fleets. While the impending plan could prove threatening to traditional auto manufacturers, there are several EV companies that are posed to receive a unique opportunity for growth.

Blink Charging is poised to capitalize on this market opportunity, having already deployed more than 51,000 EV charging ports across the United States. With 423,000 existing customers, the company may experience a rapid increase in the usage of its California charging ports resulting from this transition.

Rival EV charging point supplier ChargePoint Holdings finds itself in a position of power with one of the largest charging port networks worldwide. Currently, the company has over 5,000 commercial and fleet customers, including 78% of Fortune 50 companies.

Discover Credit Card Spending Shrinks Amid Inflation

Discover Financial Services confirmed that spending on its credit cards has slowed down in recent months as inflation hits a 40-year high and signs...

Euro Zone Retail Sales Slip in October

Euro Zone retail sales were lower than expected in October, data released on Monday by the European Union's statistics office revealed. This indicates a...

European Central Banks Look to Bring Inflation Back to 2% Target

France and Germany's central bank officials have announced their aim to bring inflation back to its 2% target. In a joint interview, Bank of...