The electric and hybrid vehicle industry is undergoing significant growth as car, bus, truck and off-highway machinery manufacturers radically diversify their business models away from a single focus on internal combustion engines and shift to electrified powertrains in order to meet CO2 and air quality challenges. A number of Original Equipment Manufacturers (OEM) have announced ambitious plans for fully electrifying their product ranges with major announcements and product launches from BMW, Jaguar Land Rover, Mercedes, Porsche and Volvo Construction Equipment in the last few weeks alone.
Alongside newly launched initiatives, such as the Governments ‘Road to Zero’ strategy, increased legislation which has been expanded to include heavy-duty vehicles, tougher exhaust emissions testing standards following the ‘dieselgate’ scandal, and the general changing in attitudes amongst the public towards electrification to reduce carbon emissions, have all contributed to the current strong market dynamics.
The funding will enable AVID to increase production volumes of its current component product range and enable the firm to invest in further development of class leading electric motors, power electronics and battery systems.
