Kanish Chugh

I think when talking about

Joe Biden, and he's now come in as a US president.

He's looking to, I think if he hasn't already, but the US is going to rejoin the Paris Agreement.

He's wanting to really focus on the sector and try to roll out 500,000 electric vehicle charging stations and making all federal fleets fully electric.

The biggest thing about this is with global emissions and the Paris Agreement, the idea that they're trying to achieve that two degree goal

and sort of move towards a net zero by 2070 in terms of sort of global emissions, that's going to be, white, a big push.

And to some extent, we're actually seeing probably they may not be able to achieve it because...

If you consider that two degree pathway in terms of global temperatures, you would need to have roughly, and emissions from basically the transport sector are one of the biggest contributors to global emissions.

You would need to have about 900 million plug-in vehicles would need to be on the road by 2040.

And in 2019, there was only 10 million.

So it comes down to two things.

It's the R&D, the government initiatives, the corporates investing, private investors investing in furthering and producing technology and developing technology.

It comes down to the cost, the raw materials, and also the cost of the total vehicle and the consumer saying, am I going to actually buy this vehicle?

And that's where there's that inflection point.

So there's a belief that by about 2027 and the late 2028, you'll actually see the cost of lithium batteries start to fall quite significantly, where...

It'll be achievable to produce low-cost electric vehicles, but then you think about the total cost of ownership, and they actually think it's going to be a bit earlier in about 2023, 2024, where the total cost of electric vehicle ownership, including all the lifetime costs

electrical costs, electricity costs, the subsidies that the governments may provide, et cetera, will be much better than owning a petrol vehicle and having the fuel costs and the maintenance that goes with having a petrol vehicle.

No, so it's every six months.

So whenever that rebalance occurs, that's when the turnover occurs as well.

So it's every six months.