Energy

The switch to electric vehicles accelerates

Summary

The recommitment of the new US administration to the Paris Agreement has brought American’s transition to EVs. Even though some people do not believe that electric vehicles will help combat climate change, many anticipate that electric vehicles’ sustainable growth will […]

The recommitment of the new US administration to the Paris Agreement has brought American’s transition to EVs. Even though some people do not believe that electric vehicles will help combat climate change, many anticipate that electric vehicles’ sustainable growth will play a vital role in decreasing greenhouse gas emissions on a large scale. As many automakers are driving the EV space forward at a great speed, suppliers and consumers also expect great changes in terms of services and products provided involving the electric vehicle transition. Consumers expect that the charging stations will increase, and the EVs will be less mechanized and more computerized.

So far, many carmakers have announced their commitment to electric vehicles.  For instance, before the US 2020 presidential elections, General Motors declared its devotion to manufacturing EVs. The company said that by 2025 it anticipates having 30 models of electric vehicles, which will close out diesel and ICE products by 2035. GM also noted that by 2040, it would attain its carbon-neutral footprint. The company said that it would spend over $27 billion on its Autonomous Vehicles (AVs) and EVs projects in the next five years. General Motors has partnered with Nikola and Honda in EV joint ventures.

Another carmaker that has announced its commitment to electric vehicles is Ford. The company plans to invest more than $29 billion in AVs and EVs by 2025. $22 billion of this money is expected to be invested in electric vehicles alone. Ford renewed its EVs commitment following a successful launch of the Ford Mustang Mach-E crossover SUV. By mid-2022, Ford anticipates that the model F-150 EV and Lincoln nameplate EV models will be on the road. The company remains dedicated to different power-trains platforms, and it has not noted any preference for electrification over diesel or ICE powertrain models like the General Motors.

Tesla is another automaker that has announced its plans to deliver an EV model depending on its Model 3 platform. The company will sell its new EV at a price of $25000. Several Elon Musk has also been sold at that price. Tesla hopes that this price will attract more new buyers.

As many automakers across the world are moving at a great speed toward the development of EVs, the majority of the consumers are still anxious. All stakeholders, including city developers, carmakers, governments, and consumers, must consider the infrastructure needed so as to keep these vehicles on the road. This means that more charging stations must be installed on almost all streets for fast charging. By doing so, EVs owners will start embracing electric vehicles without fear of plug-ins.

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