Electric Vehicles or EVs have been around for a while now but haven’t really taken off as much as we’d hoped. And yet there’s no doubt that in the near future, we will see more electric cars on roads than ever before — as Elon Musk himself has predicted.
Let’s take a look at what the next ten years could bring us when it comes to electric vehicles and what I think about it.
How Did Electric Vehicles Become Popular?
Since 2018, there have been many plug-in hybrid electric vehicles (PHEV) sold worldwide, according to research firm IHS Automotive. However, that number still pales in comparison to gas car sales which reached over hundreds of million units last year alone. But even so, these numbers still represent growth compared to just a decade ago, when only about 200,000 electric vehicles were manufactured per year globally.
So why haven’t electric vehicles taken over the world yet? There are three main reasons: range anxiety, charging infrastructure, and battery cost. Let’s talk about them one by one.
Range anxiety refers to people being concerned with not having enough charge left after driving certain distances. This can be addressed by increasing the capacity of electric batteries or adding extra storage like hydrogen tanks.
Both of these solutions add weight and bulkiness to electric vehicles, making them less appealing to potential buyers who would rather have something sleek and sexy looking instead. That’s why many EVs are still stuck with less capacity since they want slim-looking cars.
A third option that may work better, in this case, is the use of solar power to increase the distance you can drive without needing to recharge. However, this solution isn’t widely used at present due to its high cost.
Another limitation is the lack of public recharging stations available. While some cities do offer limited fast charging options, most drivers need to find their own chargers wherever possible. In developing countries, this is even worse.
To be fair, charging station availability should improve greatly within the coming decades’ thanks to increased investments from governments and private entities alike.
Finally, another big reason why consumers aren’t buying electric vehicles is because of their relatively high EV battery costs. Battery prices should drop significantly within the next few years, leading to wider adoption rates of EVs themselves.
Electric Vehicles Are Important To Combat Pollution
Despite its slow adoption, one of the biggest benefits of owning an electric vehicle is also one of the least talked about. EV adoption is important for less air pollution. In fact, emissions produced by EVs are 80 percent lower than those released by internal combustion engines.
One major reason behind this difference is that fuel efficiency is higher in electric vehicles since all energy needs go towards moving the wheels. Also, unlike traditional cars, electricity doesn’t produce any greenhouse gasses during production, nor does burning fossil fuels lead to global warming.
Lastly, electric vehicles don’t require refilling at service stations, meaning fewer trips to fueling stations lead to cleaner air overall. These factors make electric vehicles ideal for reducing carbon dioxide emissions and ultimately combating climate change.
Now let’s take a closer look at the current state of clean transportation in America. The U.S. currently spends billions each year helping developing countries reduce their reliance on dirty fuels like coal and oil. For example, the U.S. Clean Energy Finance Corporation was founded in 2012 to help accelerate the development of renewable energies such as wind farms and solar panels in developing countries.
Meanwhile, the State Department uses foreign aid funds to invest in green technologies designed specifically to boost economic growth in poor areas of the globe. Altogether, these programs amount to roughly billions of dollars annually, supporting projects aimed at improving local economies and reducing dependence on expensive imported fuels.
This is great news if you’re interested in contributing your part to the fight against climate change. Overall, owning an EV is much better than using a traditional car.
The Future of Electric Vehicles
While Tesla dominates the luxury EV market today, there are other manufacturers working hard to create affordable electric vehicles for everyday use.
Like Teslas, many new models coming out soon feature built-in 4G capabilities allowing users to stream music, movies and games wirelessly using apps like Apple CarPlay and Android Auto.
On top of all this, Google is reportedly planning to launch its own electric vehicle brand sometime later. With improvements in technology every day, the days of paying a lot of money for a fancy traditional car are slowly fading away. We’ve already seen glimpses of this trend happening in developed countries and hopefully soon in developing countries as well.
Nowadays, among all the EV companies, Tesla remains the leader in the industry. With more competition coming up from other brands to take Tesla’s crown, it will be good for us (the consumers).
Will Tesla Remain The Leader In Electric Vehicles?
But will Tesla remain the leader in electric vehicles? Since CEO Elon Musk started his company in 2003, he has managed to beat competition from established automakers with his innovative designs and solid business strategies.
As long as Tesla keeps innovating and bringing exciting new products to market, it seems likely that the company will continue to dominate the industry. But will it happen forever, though? Maybe yes, maybe no. Other players aim to create similar types of vehicles that target the same audience as Tesla.
They hope to capitalize on the success of Tesla’s Model S in order to gain traction among customers. Some experts predict that Tesla will eventually fall short of demand and begin selling smaller versions of its existing lineups. Who knows, only time will tell.
As far as its finances go, Tesla’s stock price rose sharply last year. They were able to become one of the most valuable companies in the world despite facing stiff competition from rivals like General Motors, Ford, and others. (Read also: why Apple is one of the most valuable companies in the world)
To continue its dominance, Tesla must keep producing affordable electric vehicles and figure out how to further expand their network of Supercharger locations. Don’t forget that the current 2022 stock bear market and fear of recession would become a huge challenge for Tesla if the executives can’t manage the company’s funds properly.
Some investors are worried that Tesla won’t be profitable enough to sustain itself financially unless it sells more expensive models like the upcoming Cybertruck and X pickup truck. Tesla’s popularity largely depends upon its ability to sell high-end premium sedans. Without strong demand for cheaper models, Tesla stands little chance of staying competitive in the longer term.