Snapshot: Electric Vehicles

History of Electric Vehicles

Affordable, efficient, quiet, sleek, modern - these are just some of the things you hear when electric vehicles (EVs) are discussed nowadays. However, you may not know that electric vehicles have existed for centuries. In fact, the first electric vehicle was introduced in 1832, almost 200 years ago. 

Despite its early introduction, the reign of electric vehicles was short lived. Initially, gasoline powered cars were cheaper to manufacture and therefore cheaper to purchase. As the infrastructure of developing countries grew, gasoline powered cars allowed people to travel interstate and internationally, whereas electric vehicles were difficult to charge while traveling long distances. All this saw to the decline in electric vehicles by the mid 1930’s.

Over time though, oil prices soared and gasoline was in short supply, so electric vehicles were revived. The nickel metal hydride battery technology released in the Toyota Prius, the world's first mass produced hybrid electric vehicle, was a real game changer. 

Modern Problems with EV's

The sooner we get to EVs mass production stage in perfect competition, the sooner we can stop relying on foreign oil, and avoid the rising gas prices. Tesla, GM, Ford, are few of the companies taking charge in expanding the ever-going sector. Currently, EV prices are $10,000 higher than the industry average of $46,329, which includes gasoline powered cars. To encourage the purchase of EVs, several states provide tax credits that can lower the cost of the vehicle. 

Most electric vehicles come with a “level 1” charger, which is slow (can take up to 40 hours for a full charge) and inconvenient. However, many buyers can also purchase a “level 2”charger that charges the car in less than 8 hours, and can cost upwards of $2,000.

Charging Dilemma

Currently, there are many types of charging stations in the US. However, the different types of charging stations mean that different cars cannot plug into every station. This may make it so that expansions to the charging grid, don't necessarily help out all electric vehicle users, as not all cars can charge at all types of charging stations. Europe on the other hand, has taken a different approach. They have enacted legislation to ensure car manufacturers allow for different types of adapters to be plugged into their cars, allowing for consumers to charge at any station throughout Europe. This may be something we see adapted in the US as electric vehicles become more common, though there is nothing currently to suggest that will happen any time soon.

Battery Technology

Lithium-ion batteries, however, are not without their own risks. For starters, they degrade over time, some sooner than others which can reduce the total mileage the car can go in a full charge. There's also some evidence to suggest that back-to-back fast charging can damage the battery by overheating it. Furthermore, lithium-ion batteries pose a fire hazard when they are damaged, or improperly manufactured. Getting into a car crash in EVs can cause the car to blow up, which can result in extreme injuries or even death, since the battery pack lies directly underneath where the passengers sit in most EVs. 

Adding to the list of potential drawbacks, lithium is a very scarce resource relative to its soaring demand. Countries and states all over the world are boosting green energy and electric vehicle production, some have even sworn off gasoline powered cars by the end of the decade. Given where we are headed, the world is going to need to produce lithium at 500% of current capacity by the year 2030 to support demand. Lithium production is a very time and cost intensive process; a greenfield lithium brine project can take up to 10 years to build and tens of billions of dollars. 

EV's & The Electric Grid

With more than a dozen states committing to go full electric vehicles by 2035, the electric grid will soon be over-burdened. The current state of electric grids across the country can't handle the additional load, therefore the transition from gas-electric cars will require electric grids to expand. The transition to carbon-free electricity will ensure an entire nation of electric cars can comfortably charge to full power, while benefiting the planet and human-life. 

Smart charging is also being introduced across states where electric vehicle sales are booming, to ensure that cars plugged into charging stations only draw power when demand is lower; while still charging the car a sufficient amount on low power to sufficiently satisfy the average commuters need. 

Where Do EV's Go From Here?

President Joe Biden has set a goal of 50% of new vehicle sales to be electric vehicles by 2030. Regulators and investors the world over are coming together to transition towards a cleaner, green future. Even when the entire world's entire auto-motive industry is electric, it is expected to only add about 25% electricity demand, whilst the production forecast of electricity supply is expected to grow 60% by 2026.

Additional support for EVs grew with the war in Ukraine, since gas prices soared due to supply constraints caused by the war. The year 2022 is expected to be one of the worst winters in Europe due to an energy crisis, these problems could be attenuated if an earlier transition to electric vehicles and it's accompanying move to alternative energy sources for the electric grid occurred already. However, the industry still has a long way to go in terms of infrastructure development. 

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