Electric vehicles were written off in the past by many companies who believed that moving away from an internal combustion engine was something that could never happen. Many accusations were thrown at electric vehicles about the existing and potential problems which they had but all of that has now changed. In fact just about every car manufacturer under the sun currently offers an electric-powered model and these vehicles are becoming more and more popular as each year passes. This industry will undergo great change in the coming years and here is what we can expect moving forward.
With more electric cars on the road we are going to need to provide more electric as a nation in order to keep them juiced up. In the UK we have seen results which suggest that an extra 8GW will need to be produced in order to keep up with demand. This will encourage more power stations and increased sales of solar panels which will become a more regular sight in people’s homes.
The internal combustion drivetrain alone is made up of around 2,000 parts give or take, which is of course a lot of parts which can go wrong, parts which aren’t necessary in an electric vehicle. In fact an electric vehicle has around 20 parts in comparison which means less probability of breakages, and likely lower repair prices. The most common fault last year on electric vehicles was the cap which covers the charging unit, which costs around $15 to repair. In non-electric vehicles the most common issue was replacing ignition and spark plugs, which costs on average $345.
According to JP Morgan, China produces around 60% of the world’s electric vehicles and the biggest buyers of these cars are the Chinese. Electric vehicles have incredible popularity in the Far East and China in particular are expected to continue to dominate this market in both sales and production.
As an investment tip you may want to start investing in lithium, nickel and aluminum mining companies, as these will be the key are materials which will be needed as popularity for electric vehicles increases. The battery of these vehicles is what will require these extra materials and you may also see a boom in copper usage as this will be needed for charging points and cables.
Up until now the main focus which manufacturers have had when creating an electric vehicle has been on the battery and its life, as well as the functionality and performance of the car. Now that we have taken such strides in terms of functionality we will start to see more companies turn their attention to the aesthetics of the vehicle and that will mean more elegant, stylish and attractive vehicles which we’ll see roaming the streets. Electric vehicle giant Tesla have already begun to produce high end cars and we can expect to see some of the big manufacturers following suit, just like Lamborghini have with their Terzo Millenio masterpiece.
The future looks very bright for electric vehicles, maybe its time that you made the change?