The Rise of the Electric Vehicle

Introduction

If you've been following the automotive industry, you've likely seen dramatic changes in recent years. With more and more people driving electric cars, once-idle electric vehicle charging stations are now bustling with long queues of drivers waiting to charge. Not to mention, big oil is now eyeing its way into the market as seen by BP.

The Rise of Electric Vehicles

In just over a decade, electric cars have gone from non-existent to part of our everyday lives. The auto industry that we know and love is rapidly changing as old models become obsolete and new ones take their place. Highlighting the tectonic shift that is occurring in the industry. Some analysts even predict that by 2025, electric cars could account for as much as 35% of new car sales, up from less than 1% today. Elon Musk, of Tesla: "If you fast forward a 15-year time frame, that's what gets me really excited because electric cars will become the predominant form of automotive transport." The effects of the rise of electric cars is already being felt across the industry. Traditional automakers like Ford are investing $4.5 billion in the production of electric cars.

Why Electric?

There are a number of reasons why electric cars are gaining popularity so quickly. First and foremost, they're much more environmentally friendly. Electric cars produce zero tailpipe emission and overall less pollution with cleaner renewable charging sources, which is great for the planet. They're also much more efficient than gas-powered cars, making them cheaper to operate in the long run.

Electric vehicles are also safer than gas-powered cars; they're much less likely to explode in case of collision.

Even though there are many benefits, the steep price tag is still a huge barrier for most car buyers. The average electric car costs about $5,000 more than its gasoline counterpart. With the rise in popularity of electric cars, this price gap is shrinking to make them more accessible.

The Future of the Auto Industry

Right now, electric cars are less expensive to operate than traditional gasoline-powered vehicles, but they're still prohibitively expensive for the majority of buyers. But as technology improves and production scales up this price gap will continue to shrink until it's nearly nonexistent.

The how and when electric cars will replace gas-powered cars is uncertain, but it's clear that the future of the auto industry is changing fast. While Tesla is leading the way forward, many traditional automakers are ramping up their efforts to compete in this new market. The legacy of internal combustion engines could one day be nothing more than a footnote in the history of transportation.

Conclusion

The rise of electric cars has caused a monumental shift in the automotive industry, and that's only going to continue as technology gets better. Although electric cars were out of the financial reach for most drivers just a few years ago, affordable models now exist and industry experts predict that they'll be price-competitive with traditional cars by 2025.

Earth Rides is focused on creating an affordable path towards EV ownership, specifically with rideshare drivers in mind.

With their many benefits, it's not hard to see how technology will continue to make them increasingly accessible until eventually, gasoline-powered vehicles are relics with electric, hydro, and other new innovations being the norm. The end of the internal combustion engine might sound far-fetched now, but that's exactly where we're headed.

Article by Peter Smith