Trade Finance
Published  9 MIN READ

Changing Power and Powering Change

The automotive sector is in the midst of great change as motive power switches progressively from the internal combustion engine to electric. DBS, which is involved in financing this revolution in Asia, talks to TMI about its role in innovating across the supply chain, revealing lessons for all sectors.

The rapid acceleration in demand for electric vehicles (EVs) has numerous drivers, not least the desire to eliminate greenhouse gasses from our environment and the rise of new technologies that make EV adoption a realistic proposition.

Despite, or perhaps because of the massive global popularity of specialist racing series such as Formula E and Extreme E, the wider automotive sector has not been particularly well prepared, in production terms, to meet the enormous public enthusiasm for EVs.

If EV production is facing issues now, massive changes are needed urgently because estimates suggest that, by 2030, EV sales as a proportion of total global passenger car sales will rise to 48%. It was just 5% in 2018 [1].