Electric Cars Misunderstood
Electric Cars Becoming More Common
Despite the 2016 election, electric cars are becoming a common sight on North American roads. Each month, EV manufacturers break sales records, suggesting the industry is more than a ‘fad.’
Boosting such excitement is success abroad. China is the global champion when it comes to plug-in vehicles, and Scandinavian countries have been predictably big on green tech.
However, the American market is currently dominated by Tesla. In August, its Model 3 comprised nearly half of all domestic plug-in sales.
Chinese Electric Cars Dominate
While the American EV industry is only just beginning to realize its potential, demand for electric cars in China has persisted for years.
With government subsidies and a smoggy skyline, over 43% of all EVs were Chinese-made in 2016.
Furthermore, a waitlist plagues aspiring EV owners in China’s megacities. Some city-dwellers report waits of up to 4 years.
EV Prices to Fall
Globally, potential buyers have two worries. First: if money isn’t an issue: battery range. However, this problem is easily solved (discussed below).
Second, plug-ins are too damn expensive.
Time will solve this problem. Currently, manufacturers and progressive governments direct funding to two things: improving charging infrastructure and increasing vehicle range.
As lithium-ion batteries improve and charging stations become more common, reducing price will be the next target.
Electric Cars are Misunderstood
Above all, misconceptions and misinformation plague EV adoption. A survey conducted by BC Hydro found that 90% of people believe standard outlets can’t charge batteries.
Even more surprising, most people don’t know what the acronym EV stands for.
In addition, many doubt the range of a standard lithium-ion battery. Worry not: energy density is increasing 5-8% per year and charging stations are easier to find than ever.
After all, a little bit of education goes a long way.
Ultra Lithium Inc. A team of clean energy experts with a finger on the pulse of mining news, ULI is a lithium exploration company with holdings in Argentina, Canada and the US (TSX-V:ULI, OTCQB: ULTXF and Frankfurt: QFB).