The Emerging Market of EV's

Introduction

Electric car manufacturing or autonomous vehicles are undoubtedly compelling for millions around the world and many other top-tier firms. They are now gravitating people to make future decisions that will influence our climate. People are making smart choices by buying these vehicles. The emerging market of EV’s is swiftly expanding.

The reason behind the use of EV’s

It is expanding because states like California and New Jersey in the U.S. are banning the use of internal-combustion vehicles from the year of 2035 even though the sales of autonomous vehicles accounted for only 5% in 2018. This has raised sincere concerns for many since California is the largest consumer of motor gasoline and jet fuel. On average, Californians use 40 million gallons(3.78 Litres is one gallon) of gasoline every day. Other countries like China and Norway are leading in the race to zero-emission vehicle transportation. They used strategies like tax-cuts, incentives, and heavy discounts to soar the number of buyers for EV’s. China is prevailing the market for EV’s since out of 142 Lithium-Ion Megafactories, there are 107 of them located in China. That means that China has 75 percent of the mega factories that will attract almost all the EV manufacturers, including Tesla to manufacture their cars and significantly contribute to China’s booming economy.

Companies Investment in the future of EV’s

Top companies like General Motors(GMC), Google, Microsoft, Amazon, Apple, and preeminent automakers such as Toyota, Mercedes, BMW, Hyundai, Ford, and many others are heavily investing in electric vehicles. Amazon bought Zoox, a silicon-valley based company for autonomous technology that will most likely be ridden as an autonomous taxi in the future. Amazon also leads in the cloud-computing business which makes it a good contender in this emerging market of electric and autonomous vehicles. Microsoft invested $2 Billion and other companies subsidized General Motors’ Cruise, an autonomous vehicle. Microsoft is one of the entrants which are highly known for their cloud-computing since cloud-computing is extremely important in order to build an autonomous powered technology. Apple is currently in talks with Hyundai for the electric vehicle collaboration. Meanwhile, Ford has invested a whopping amount of $11 Billion in new electric cars.

This market is led by Tesla, which has overtaken every competitor till now in terms of marketing and driving satisfaction.

Growing Stock Market

This hustle in the market has made people excited and therefore increased the stock prices of many electric vehicle companies such as Tesla which had an exponential growth from 330.21 USD(September 8, 2020) to 880.02 USD(January 8, 2021). According to Investopedia, many other electric vehicle stocks such as Kandi Technologies, and NIO inc. are increasing substantially.

The Downside of EV’s

While EV’s might seem like the most luxurious cars at affordable rates, they are certainly an opportunity cost of losing the sense of convenience as compared to gasoline-powered cars. Why? Since many EV’s demands a charge refill and it takes more time to charge them compared to gasoline vehicles. This is one of the major downsides of having an electric vehicle. There is a conspicuous reason regarding the fast charge of EV’s. Since most EV’s have lithium-ion batteries present, they are risked to have short circuits, and fires due to dendrites present in those batteries. These dendrites are small needle-like lithium deposits. However, this obstacle is also in the process of getting solved since QuantumScape has found a solution in which they found a way to make a lithium battery that isn’t prone to dendrites. This not only increases the car’s life expectancy but the safety of the people inside the car.

Lastly, we have an inspiring quote from Elon Musk: "Failure is an option here. If things are not failing, you are not innovating enough."

Failure is an option here. If things are not failing, you are not innovating enough.

Written by Chirag Agarwal.

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