Electric Cars Becoming More Common
Despite the 2016 election, electric cars are becoming a common sight on North American roads. Each month, EV manufacturers break sales records, suggesting the industry is more than a ‘fad.’
Boosting such excitement is success abroad. China is the global champion when it comes to plug-in vehicles, and Scandinavian countries have been predictably big on green tech.
However, the American market is currently dominated by Tesla. In August, its Model 3 comprised nearly half of all domestic plug-in sales.
Chinese Electric Cars Dominate
While the American EV industry is only just beginning to realize its potential, demand for electric cars in China has persisted for years.
Furthermore, a waitlist plagues aspiring EV owners in China’s megacities. Some city-dwellers report waits of up to 4 years.
EV Prices to Fall
Globally, potential buyers have two worries. First: if money isn’t an issue: battery range. However, this problem is easily solved (discussed below).
Second, plug-ins are too damn expensive.
Time will solve this problem. Currently, manufacturers and progressive governments direct funding to two things: improving charging infrastructure and increasing vehicle range.
As lithium-ion batteries improve and charging stations become more common, reducing price will be the next target.
Electric Cars are Misunderstood
Above all, misconceptions and misinformation plague EV adoption. A survey conducted by BC Hydro found that 90% of people believe standard outlets can’t charge batteries.
Even more surprising, most people don’t know what the acronym EV stands for.
After all, a little bit of education goes a long way.
Ultra Lithium Inc. A team of clean energy experts with a finger on the pulse of mining news, ULI is a lithium exploration company with holdings in Argentina, Canada and the US (TSX-V:ULI, OTCQB: ULTXF and Frankfurt: QFB).