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Tesla released its fourth quarter and full-year 2021 updates on its progress in EV production, showing the final sales and production figures. Meanwhile, Nissan, Mitsubishi, Renault, and Ford all announced their common roadmap for 2030. The Alliance is now building 15 factories to produce motors, batteries, and parts for 10 EV models in their main markets. The new EV models have more than doubled their production and sales numbers from 2017. In fact, they now account for over half of the auto industry’s profits.
The future of the electric car is bright, as more carmakers commit billions of dollars for its development. The government’s targets are certainly motivating, but the massive challenges remain. According to experts, over a third of the carbon dioxide emissions from an electric vehicle are produced during the manufacturing process, from the lithium-ion batteries to the car’s assembly line. If the market for EVs continues to grow, it could be a big EdTech opportunity.
The price of an electric car will drop considerably, making it cheaper to purchase than a conventional car. The energy density of battery cells is increasing, so EVs will become more affordable to buy. Many EVs are already cheaper than petrol, but there is a long way to go until the cost of a battery is comparable to that of a car. By 2030, GM, Ford, Stellantis, and Toyota are preparing to build battery plants in the US and other regions. This is good news for consumers and for the environment.
The rapid expansion of EVs in Europe and Asia will drive their adoption, with prices falling to levels that would be comparable to those of internal combustion engines. Large vehicles are predicted to achieve parity with gas-powered cars in 2022 in China and India. The cost of batteries will fall enough that the cost of charging infrastructure is comparable to that of petrol-powered vehicles. By 2030, the demand for EVs will be comparable to that of cars and pickup trucks.
The first EVs will cost more than a conventional car. The price difference will make an EV competitive with a conventional car. In the United States, the price of a small EV will be the same as that of a large car. The average EV will cost approximately half the costs of a conventional car. The cost of an EV is cheaper than gasoline-powered cars, so it’s more affordable to buy an electric vehicle.
While the price of an EV will be comparable to a conventional car, a significant cost difference can discourage some people from buying one. In Europe, EVs are more expensive than their conventional counterparts, which can hinder their adoption. Consequently, they are less likely to sell. In the United States, the cost of EVs will be lower than for conventional cars, so the demand for EVs will be higher. However, a hybrid electric vehicle will be more expensive than a conventional EV.