Navigating an unprecedented period of change

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The automotive industry has experienced more innovation in the last 20 years that in much of the previous 50 – and that pace of that innovation is only likely to accelerate. Since Toyota announced the Prius as the first mass-produced hybrid back in 1997, auto makers across the board embraced innovation at every level.

Powertrain innovation drives change

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Industry giant Volkswagen, meanwhile, has set its sights on having 70 new electric vehicle models by 2028 – and building some 22 million electric cars in in the next decade. The company is also partnering to build out a network of electric car charging stations around Europe.

The drive for an all-in approach to electric vehicles was highlighted in recent research from JP Morgan. "The growth in electric vehicles (EVs) and hybrid electric vehicles (HEVs) is climbing and by 2025, EVs and HEVs will account for an estimated 30% of all vehicle sales,” states the report. "Comparatively, in 2016 just under 1 million vehicles or 1% of global auto sales came from plug-in electric vehicles (PEVs).”

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