Are car owners ready to go electric?
Volkswagen Group is among major automobile manufacturers testing the waters with the release of some powerful, yet efficient cars.
Just this week, Porsche unveiled the Taycan -- its first fully electric car with 93-kilowatt-hour lithium-ion battery pack which powers dual motors. The car holds a top track speed of 161 mph and pricing starts at $150,900.
Lamborghini also unveiled its most powerful creation -- the Sian. It's the Italian supercar maker's first hybrid vehicle and will feature a V12 engine producing 819 horsepower while delivering a top speed of 217 mph. But, there will only be 63 available -- all custom-made for the respective buyer. And, despite the $3.6 million price tag, Lamborghini confirmed to FOX Business that all 63 units of the Sian have already been sold.
The car will be revealed at the 2019 Frankfurt Auto Show which kicks off on Sept. 12.
The debut of such creations begs the question: Is there a market for these cars which combine luxury and efficiency?
Lauren Fix, a New York-based automotive expert and analyst, says the market for such cars exists because it is impossible to "force everyone to buy one type of car," adding that "everyone has different needs."
Overall, the sales of electric vehicles show little signs of slowing down, according to a report from BloombergNEF. Last year, more than 2 million electric vehicles were sold, according to the data. The report also cites an expected increase to 10 million by 2025, 28 million by 2030 and 56 million by 2040.