Is this the tipping point?

Electronic car sales are booming!

Electric car sales globally grew at a whopping 43%! In Europe alone, the electric car sales exceeded half a million cars. Now even the current US administration is looking for ways to incentivize Americans to purchase electric cars. After much time, have we reached the tipping point for preference in electric vehicles over the internal combustion engine?

Five factors are affecting the market trend for electric vehicles.

 

First, there is Technology that is driving the desire to purchase an electric vehicle (EV). With the recent improvement of range and cost, it would seem that people are ready to purchase an EV. This falls into less expensive batteries, lower electric recharging price as the charging stations are solar-powered in most cases. Many of the EV’s can now travel hundreds of miles on a five-minute charge!

 

Second, EV’s don’t have emissions of any kind! If you live in a country with strict automobile emissions, the manufacturers are spending more capital redesign gas engines, and it’s becoming almost impossible to meet super strict emissions standards. In the UK alone, they have decided to phase out gas and diesel vehicles by the year 2030! This alone has increased the interest in EV’s by over 500%.

 

The third is the environment. There is growing evidence to show that EVs are cleaner for the environment regardless of the origin of the electricity they consume. 

 

Fourth, the EV’s price is a little higher than your average combustion engine cars, but the EV price is coming down to compete in that marketplace. Running an electric car is less expensive when compared to your combustion engine vehicles. For example, they don’t need tune-ups or the like. Simply put, this will also hurt the dealerships as they make a lot of money on the maintenance of what they sell. However, there may be other ways of offsetting the loss of that income.

 

Fifth, the rapid development of fast-charging stations has led other manufacturers to get off the fence when producing an electric vehicle. Combine this with less expensive electricity; the market should boom with electric vehicles and models. 

 

What does this all mean? With the emission standards choking out the gas engines and leading us from an old technology into new Technology, we should see a cleaner world. It should be a bright and healthier future for all the human race.

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