There is no question that Electric Vehicles (EV) are making huge inroads in the auto industry.
Not only have many companies started producing EV, such as Volvo, Ford, Cadillac, Tesla, Hyundai, Kia, and many more (about 67 different vehicles are EV, per Wikipedia), but some companies are stating that they will switch to 100% EV in the very near future.
Look at this position by Volvo, among others.
As the owner of two EV, with admitted bias because of the experience with EV, we may be consistent with many consumers that are moving to this type of auto.
Why? Convenience (charge the car at home), cost savings to operate, tax credits, environmental benefits, reduction in noise, and much more.
EV are NOT limited to personal vehicles. EV are now being used in the trucking industry; other EV are also being developed for boats, recreational vehicles, tractors, etc.
An interesting development is not with only the EV. What appears to be developing is the EV in many autos and other vehicles that either have or are also developing driver-less vehicle (DV) capacity.
In fact the combined 3 legs of EV, DV and shared vehicles (SV) seems to be moving very fast as desirable positions by many consumers.
Of course, some buyers will merely move to EV. However, the merger of the technology of EV and DV is becoming more acceptable and generating more demand. Witness the growth of such companies as Tesla.
On the cost side, if one does not purchase a vehicle, but uses ride sharing, consider that many EV/DV will appear in the near future, used in part as ride sharing or other transportation options for personal trips, in airports, at universities, and in other businesses and activities, such as shopping areas, hospitals, etc.
The EV is not a passing phase in the vehicle industry. It is here to stay, supported by the many reasons, noted above, for purchasing an EV.
(For more on these topics of EV, DV, and SV, see the larger articles by the authors herein in prior Tips.)
By
Dr. Mark Lee Levine,
Professor, University of Denver