Electric vehiclesEnergy

The invasion of electric vehicles has already begun

Until recently, automakers other than Tesla took the following approach on electric vehicles: “We’ll start building them in mass when consumers start buying them in mass.” Sergio Marchionne, the late Fiat-Chrysler CEO, went so far as to advise drivers not to purchase his company’s revolutionary electric Fiat, claiming that the unit economics were so bad that he lost a lot of money on each and every sale ($14,000 per Marchionne’s math).

People are purchasing electric cars now, partly since the climate is heating up and partly since the auto sector is finally mass-producing appealing battery-powered automobiles. In the end, the why and how are less essential than the what.

According to recent BloombergNEF research released in conjunction with the COP26 United Nations Climate Change Conference, nearly 5.6 million electric passenger cars will be purchased globally this year. That’s nearly double the number acquired the previous year, and it accounts for nearly 8% of total car sales. “We’re seeing some further organic demand for EVs,” said Aleksandra O’Donovan, one of BNEF analysts who wrote the research, in an email. “One, the larger choice of electric cars now available to buyers, and even more significantly, vehicles addressing those sought-after niches like SUVs,” O’Donovan said, citing many causes.

Moreover, for major European automakers, such as Volvo and Daimler, EV sales account for 20% or even more of the total vehicle sales. And today, there are over 500 different EV and fuel cell vehicle types available for purchase – just 6 years ago, there were only a few hundred.

Charging has frequently been highlighted as a reason why adoption has been slow. However, the narrative surrounding the lack of public charging infrastructure as a barrier to EV adoption is changing, as consumers increasingly take matters into their own hands. According to the BNEF estimate, 2.1 million vehicle chargers will be installed in garages and parking lots this year, a 63 percent growth over the number of the private outlets at the commencement of the year.

Electric motors are being used in vehicles, buses, and tractors in the meantime. Commercial purchasers are expected to acquire 150,000 electric cars this year, roughly doubling the number purchased last year, according to BloombergNEF. The ability to stretch how far these vehicles can go between charges, along with predictable motorcycles and minimal maintenance costs, is increasingly favoring electric mail trucks as well as battery-propelled flower delivery vans.

According to BNEF’s O’Donovan, there is still work to be done to bring road transportation on a path to becoming a net-zero fleet by the year 2050. “By 2035, combustion vehicle sales will practically cease,” she said. “By that time, automakers representing only 19 percent of the world passenger vehicle market have indicated their intent to stop selling ICE vehicles.”

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