https://fortune.com/2022/06/01/ford-general-motors-electric-vehicles-jobs-fortune-500/
https://www.washingtonpost.com/technology/2022/05/18/solid-state-batteries-electric-vehicles-race/
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Electric Vehicles (EV) are a technology that is changing the present and will impact the future. Recent legislative initiatives are pushing for EV technology and some are even setting sunset dates for gas and diesel-powered vehicles. Electric Vehicles are going to shape the way we travel and adjacent technologies will fill the gaps where inefficacies exist.
According to a McKinsey & Company report detailing how electric vehicles will change the way we move, sales of EV have increased 40% since 2016. Large automobile manufacturers including Ford, GM and Fiat are moving to EV, and it is theorized that by 2035, most automobiles manufactured will be electric. The European Union’s “Fit for 55” program is aiming to reduce greenhouse gas emissions by 55% in 2030 is adding pressure to the automobile industry to add more EV to their fleet. Other countries and territories are imposing similar initiatives for pollution prevention and control, and this is adding to the demand. Money and consumer demand are also adding to the increased demand for EV. Automobile manufacturers have invested $400 billion in the past decade into EV technology, and this doesn’t look to be slowing anytime soon. Consumers are embracing Teslas, the electric Mustang and the F-150 Lightning as automobiles of all makes and models adopt electric power. Increased regulatory pressure, consumer demand and investment add up to a sea change for EVs.
A key component in an electric vehicle is its battery. Aside from charging infrastructure investment and upgrades, this is a major step in full adoption for EV. EV batteries are notoriously expensive to replace. Current batteries are “wet”, and contain electrolytes and can explode or cause fires. Current Lithium-ion batteries are inefficient and potentially dangerous over long periods of operation. The hunt is on for a “solid state” battery that contains no electrolyte. Automobile manufacturers are currently investing in and buying companies working on the solid-state battery technology, and the winner will be highly rewarded once the technology is proved.
Infrastructure for charging EV that is readily available will need to be established. Currently, EV owners can charge at home and some establishments. Buildings that have EV charging stations are awarded LEED points, and employees may look more favorably on companies with available EV stations as well.
The future for EV looks bright. With an increase in investment in the technology by major automobile manufacturers, demand for the product and regulatory pressure, the EV market is set to flourish. An important final point is that the energy source we use to power the EV should be green to ensure our intent of reducing pollution can be realized. Our reliance on coal and oil to make electricity will be used to power our EV, so technologies including nuclear power, Thorium melted salt reactors and a portfolio of wind and solar energy should be considered.
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