Oil’s Competitor: EVs

What kind of car do you drive? A sedan? A truck? A SUV? Who manufactures it? Toyota? Chevrolet? Ford, Dodge, Chrysler? Maybe you have joined the small population who drives EVs (electric vehicles) made by Tesla, Chevrolet or Nissan. If you have not, you are in for a big change within the next decade as EVs take a bigger hold in the car market.

The widespread adoption of these new electric forms of transportation are spreading. People everywhere are seeing the effects of climate change, caused by increasing amounts of pollutants in the air, and they want to do their part. While cars are not the main polluter, it is the most cost effective (and probably the most affordable) way to start decreasing your carbon footprint.

When I think of EVs, the first image that pops into my mind is Tesla. I don’t know what you think of first when you hear the term “electric cars,” but if you’re thinking Tesla too, you probably wondering how I could call switching to electric cars affordable. The reason why electric cars are becoming more and more affordable is the investment of millions in electric technology by car manufacturers. Take Toyota’s Prius, Chevrolet’s Volt and Bolt, or Nissan’s Leaf for examples. Each year these cars are becoming more affordable; by 2020 (that’s just 4 years away!) these cars will be in the $30,000 range. That’s probably about the average sticker price on the gasoline cars you see on lots nowadays.

What can help drive down the cost more? A few things:

  • Government incentives
  • Manufactures must be able accept low profit margins
  • You must be willing to pay just a little bit more to drive electric (in the beginning anyway)
  • The cost of batteries must be lower

3 of these things are already happening. Now it’s just a matter of time before the cost of batteries, which make up 1/3 of the cost of an electric car, decreases to more affordable amounts.

So how about it? Will your next new car be an electric car?

Read more here about the way electric cars will disrupt the car market.

About the Author: SiSi

Celebrate the sun.

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