Ikea Foundation backs emerging market EV push with US$100m grant

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LONDON, April 3 — A global initiative to accelerate electric vehicle uptake has received a US$100 million funding boost from the Ikea Foundation to help developing countries...

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The world’s emerging economies are set to account for the bulk of growth in demand for cars, trucks, buses and two- or three-wheeled vehicles by 2050, and the hope is that investing in the countries now can help ensure the growth is all electric. The expansion of the funding follows success in other countries including India, where the electrification of last-mile delivery for parcels in urban areas was “taking off at a massive scale”, van de Brug said.In addition to reducing greenhouse gas emissions and improving clean air, EVs can also benefit the wider economy by accelerating battery development, driving down costs and improving storage capacity, van de Brug said.

 

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