The days of gas-powered vehicles are over as electric cars are skyrocketing in popularity. Combined with recent inflation and increased gas prices, many people all over the world are choosing to buy an electric car rather than a regular gas powered car. Companies like Neo and Tesla are already trying to increase the capabilities of lithium batteries. Electric car companies are also innovating; the founder of Tesla, Elon Musk, is working on achieving full self-driving, a goal that may take years to accomplish.
Benefits
Electric vehicles are environmentally friendly, and they are much more sustainable than gas-powered cars. The same amount of coal that is used to power a traditional car can much more efficiently power multiple electric vehicles. Economically, it is more beneficial (in the long term) to buy an electric car than a gas powered car because of the money you save. Not only that, but getting oil changes and replacing parts can be tedious and costly. Additionally, depending on where you live, you may receive some tax benefits if you buy an electric vehicle. The EV tax credit is a federal incentive built to encourage drivers to purchase an electric vehicle; this tax credit is worth up to $7,500 dollars.
Carbon Neutrality
135 countries have pledged carbon neutrality and the majority of these countries should be carbon neutral by 2050. Carbon neutrality means that any carbon released into the environment is balanced by the equivalent being removed. In an ideal world, we would want to achieve carbon neutrality as soon as possible, but it is quite difficult because many countries rely on certain industries that heavily pollute the environment.
Growing Market Share
Since 2016, sales of electric vehicles have increased by more than 40% annually in the US. The biggest automobile markets will switch over to all-electric vehicles by 2035, offering a glimpse of a greener future as well as major economic opportunities for all. With all the benefits mentioned above, the demand for electric vehicles will continue to soar exponentially.
Innovative Technology Over the past ten years, the EV industry has received more than $400 billion in investments, with around $100 billion of those entering since the start of 2020. Companies like Tesla continue to innovate by producing cutting-edge features that defy consumer expectations. For example, the Model S, was recently dubbed the “fastest and safest car on the road."
In addition, Tesla is dedicated to developing technology that will fundamentally change the way humanity lives. A camera that monitors the interior of the cabin, software-controlled access to the glove box, trunk, and frunk, and the ability to unlock and start the car with a smartphone app are just some of Tesla's most innovative features. Yet, none of these features even compare to Tesla’s autopilot mode. This enables your car to steer, accelerate, and even brake automatically within its own lane. Not only that, Tesla vehicles can now self-diagnose problems and automatically order replacement parts when necessary. However, owners may need to schedule an appointment at a Tesla facility to have their vehicles fixed after their parts are ordered.
In Norway, 75% of the cars sold last year were EVs. In fact, the government of Norway plans to completely eliminate internal combustion vehicles by 2025. In 2021, 28% of all cars sold in Europe were EVs. The industry for electric vehicles is rapidly growing, but what does that mean for the people? How will the government plan on building the infrastructure needed? (ex. public charging stations, electric grid etc.) What would happen if the electric grid became overused and completely shut down? Will there be a surge in cybercrime as hackers try to target the power grid? Many questions remain unanswered, but one thing is for sure: electric vehicles are here to stay.
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