How Difficult is The Road Ahead for Electric Vehicles as a Viable Replacement for Gas Cars?
Despite sales going up and politicians supporting Electric Vehicles, executives are cutting down investments on EV's development. We travel a difficult road. How viable is the Replacement for Gas Cars in 2024?
I still remember the joy of driving my first hybrid car. It was really the joy of joining millions of people who, just like you and me, began to dream that one day, soon, electric vehicles will replace gas cars. It seems so long ago now, as last century’s visionaries are slowly backing down their own plans, looking for answers while new challenges are pilling up.
As nations around the world grapple with the realities of climate change, a transition to more sustainable technologies has brought hope but there are new questions that industry experts find difficult to answers. How viable replacement for gas cars is ? The shift from traditional gasoline-powered vehicles to electric vehicles (EVs) is often touted as a key strategy to reduce carbon emissions and combat global warming. However, even as technological advancements and governmental incentives drive increased adoption of EVs, a number of challenges remain that cast doubt on the viability of electric vehicles as a complete replacement for gas cars.
The Rise and Fall of EV Sales
In recent years, the market for electric vehicles has witnessed unprecedented growth. Hertz Global Holdings, for one, made headlines when it announced plans to purchase 100,000 EVs from Tesla, signifying a leap of faith in the future of electric mobility. But more recently, the company has decided to sell around 20,000 electric vehicles from its U.S. fleet, signaling a potential obstacle in the road towards EV dominance.
Accessibility & Price
Cost has been a longstanding hurdle in the adoption of electric vehicles. Historically, EVs have been more expensive than their gas counterparts. However, recent data suggests that the price gap is narrowing, with the average cost of a new electric vehicle in 2023 being $50,789, bearing closer resemblance to the average cost of a gas vehicle at $48,759. This near price parity is a positive development, but whether it is sufficient to incentivize a mass shift towards electric mobility remains to be seen. With auto loans skyrocketing, buying an EV in 2024 is unlikely for those who’s median household income is bellow $186,000.
Charging Infrastructure and Range Anxiety
The expansion of charging infrastructure and the issue of ‘range anxiety’ – the fear that an EV will run out of power before reaching a charging station – are critical challenges that need to be addressed to enhance the viability of electric vehicles as substitutes for gasoline cars. While the Biden administration’s recent grant of $623 million to fund EV charging infrastructure development is a step in the right direction, the uphill battle against ‘range anxiety’ continues.
Environmental Impact and Policy Support
The environmental benefits of adopting electric vehicles cannot be understated. As zero-emission vehicles, EVs contribute significantly less to air pollution and greenhouse gas emissions compared to traditional cars. In response to this, a slew of policy incentives and tax breaks aimed at encouraging the purchase of EVs have been implemented in various states across the U.S. However, policy support alone may not be sufficient to accelerate adoption rates of electric mobility.
The Bottom Line
As is evident from the numerous factors discussed, it is clear that EVs face a challenging journey as they attempt to replace gas vehicles completely. While they have made significant strides in terms of price parity and technological advancements in recent years, the existence of range anxiety and charging infrastructure inadequacies continue to pose substantial hurdle
We all read the headlines when Ford decided to delay $12 billion of its $50 billion investment in development, or Tesla cancelling its plans for a new factory in Mexico. Hertz recent decision to cut back on its electric fleet and sell 20,000 EV’s is signaling a different route at present. Seems to me that EV’s executives doubt the viability of their own product. Despite this, there is strong policy support and I really hope politicians banking on the environmental benefits that EVs offer, will be able to deliver their promises though challenging road ahead.
A lot of us are driving less, using our bikes and walking more often, recognising that now is the time to rethink and reimagine our lifestyle, but we could only work with what we have. Maybe going back to the drawing board for strategic planning and targeted effort, EV’s executives and policy makers could find a silverline for the dream of a future where Electric Vehicles replace gas cars could still become a reality.
