The electric car space has become interesting. On the heels of Audi's fancy launch of E-Tron comes news of Saudi Arabia's investment into San Francisco-based Lucid Motors. The startup doesn't consider Tesla, which has ambitions to be a mass maker of electric cars, as competition. Instead it is focusing energies on competing with the likes of Audi and BMW. Lucid's chief technology officer Peter Rawlinson told journalists that the capital raise will be used for three things: to develop the car, to construct a factory in Arizona, and to start selling cars globally, starting in the United States.
What does this mean for utilities? More incentive and capital to roll out charging infrastructure for the electric vehicle market. According to IEA estimates, the number of electric vehicles on the road will triple to 13 million from the current 3.7 million by 2020.