Final Paper: Business Opportunity Proposal

Combustion Cars to electric cars Conversion Final project Focus Introduction Years ago, I watched sci-fi movies and saw people drive futuristic cars that runs on nuclear power, electric cars or rocket cars. For example, De Lorean from the Back to the future movie starts an electric Car and Dr who build it decide to switch it to a trash recycling powered. There’s a part on the movie when Marty Mc Fly ask why the car is built using a De Lorean car and the reply was, “if you are going to travel in time why not do it with style”. Building an electric car from zero is a very complex and often takes many years largely because of the design of the electric power system and the car itself. This explains why a new industry that neither produce electric engines or combustion engines but uses a new technology to transform the already existing combustion cars to Electric vehicles is needed Opportunity Identification and Market Analysis My entrepreneurial opportunity involves the conversion of combustion engines to electric engines alongside other related services such as EV maintained and parts (Hsieh et al., 2020). Our business largely capitalizes on the growing demand for sustainable transportation options and the growing interest for electric vehicles (EVs) in the American market. Since the business positions converted vehicles as alternatives to combustion engine, it seeks to contribute to the greener transportation options. Market Trends American market and the world at large are shifting towards EVs, influenced by factors such as government incentives, environmental concerns, and technological advancements. This means that EVs is fast accelerating with several automakers already adopting different EV models. According to Global EV Outlook (2023) the electric car market is significantly growing with over 10 million EV cars sold in 2022 alone, with three markets dominating the world economy namely China, Europe, and United states (EV Global Outlook, 2023). The article further points out that there is promising market for EVs, especially the small bases. This means that the growing demand for vehicles conversion services allow majority car owners to remove old engines and integrate new electric propulsion systems (Rietmann et al., 2020). As such, this trends offers a lucrative opportunity for our business, as it offers about 286 million combustion engine car owners the opportunity to shift to EV type without having to purchase a new car. Customer Needs, cost, and Customization One key consumer needs in the 21...