Over the last ten years, the rise of Electric Vehicle (EV) technology has massively increased. Electric cars can now do a staggering range. This makes them a complete direct competitor to their gas-powered rivals. One of the companies that has really taken advantage of the EV trend is Tesla. Tesla recently became to most valuable car company in the world surpassing Toyota. They are currently valued at $278 billion.
However, despite Tesla’s success over the years, it’s only recently major car manufacturers have started to get involved. In fact, the majority of car manufacturers need to invest more money into EV technology. Large companies such as Toyota don’t even have a fully electric car yet. It is a major concern considering that so many countries are planning to be carbon neutral in the next 10-15 years. Gas cars are receiving harsher restrictions and punishments. Cities like Los Angeles are becoming more heavily congested, therefore an EV seems like the way forward.
Why do Car Companies Continue to Invest in Gas-Powered Cars?
Simply due to demand. Unfortunately, many people still doubt electric-cars due to range, cost, etc. Although many gas-powered cars are very clean, they still hold a threat to the environment. However, EVs are not as clean as you think. In fact, the metals for batteries (e.g Lithium) are rare and like oil, they too are limited and non-renewable. Furthermore, making EVs are also quite a challenge that uses a lot of greenhouse gases.
But, EV manufacturers have reacted to this. Tesla are planning to use newer, greener battery technology and companies like Porsche strive to build their cars in a carbon-neutral environment. There is though a lack of EVs available on the market right now. Of course, there are plans for more EV’s to be manufactured and put on sale in the next five-years. However, there are also plans to invest a lot more into Gas-powered cars. There is a lot of oil left, and the way these manufacturers see it they best use every last drop.
Hybrid cars have become favorable by most manufacturers since they combine EV technology with Gas powered engines. Engine sizes have had to decrease hugely over the years due to emissions. Large engines such as the V12 face extinction due to emissions charges. For now, the future can accommodate gas-powered cars. However, at some point,
they may just die out like the dinosaurs.
What’s Currently Happening Within the EV Industry Now?
Right now a lot. Tesla has conquered the world with the new Model 3, which had over 92,000 deliveries last year. Furthermore, many new EV startups have recently started such as Rivian or Nikola. EVs also have started to dominate markets such as China, Norway, and the USA. Yet it’s only now major car manufacturers have started to take all of this seriously.
It was only in 2019 when Mercedes launched their first EV. Volkswagen themselves haven’t even launched an EV yet (they do have plans to). This just shows how slow some parts of the industry are moving, yet companies like Tesla are skyrocketing up the stock market. The major concern though is infrastructure. Over the last 10 years, Tesla has created an insane EV charging network. These are known as the “superchargers.” They aim to charge your car in 30 minutes or so, way faster than the normal charging points. There are many charging points scattered all around major cities, yet charging still takes so long. Its something that completely deters people from buying an EV.
If car manufacturers got together and invested in a joint-charging program, then maybe the global-emission targets will be met faster. But with heavy influence from major oil companies, this isn’t likely to happen any time soon.
Many hypercars have also started to use EV technology. These cars include the Lotus Evija and the NIO EP9. Both of these cars show you don’t need gas to go fast. Furthermore, many electric-trucks, vans, and lorries have been proposed and are likely to be built. These include the Tesla Cybertruck, Rivian T1, and the new Hummer.
Why Oil Companies Play a Large Role in This
Oil companies absolutely hate EVs. It simply steals their business. Many oil companies are heavily affiliated with car companies. Therefore, they have a say on what goes on behind the scenes. There is sadly corruption where an oil company may pay a car manufacturer not to release an EV car. However, oil companies know their time is limited.
Cars play a huge role in the oil industry. It provided it with billions, trillions of dollars every year. With so many gas-powered cars on the roads, it provides a lot of business. However, electric vehicles take all of this away. You don’t need oil if you have an EV, therefore what’s the point of gas stations in the future?
Many countries also rely on oil as a major source of income. EVs are a huge threat to these countries therefore, they are not welcome at all. Many oil company owners and directors can’t stand the thought of EVs. What will happen to these countries in the future then? They will have to adapt to the current climate. Course for the next 100 years or so there will be a demand for oil. But, it will heavily decrease in the next decade.
Why Some Car Companies Don’t Want to Invest in EV Technology?
There are many reasons why a car company may be reluctant to invest. EV technology is extremely expensive and sets back a company massively. Many car companies have only just entered the shallow end in regards to EV technology. For decades they have constantly invested gas-powered combustion engines therefore, EV technology is completely new and requires a lot more research and development.
Furthermore, some companies like Toyota believe EV technology may not be the way forward. Hydrogen fuel-cell technology has been massively favored over the years as its seen as an alternative to lithium-battery cars. Hydrogen does work nowadays, and cars such as the Toyota Mirai prove this. Unfortunately, not much investment in hydrogen infrastructure has been done.
Some car companies want to carry on using gas-powered cars rather than invest in EV technology. They want to use every last drop of oil and won’t switch to EVs until they’re forced too. These are mainly enthusiast cars. They do, however, intend to use hybrid technology similar to what is used in Formula 1.
Credits for featured image via: us.motoractu.com