Electric vehicles are the new trend in the transportation industry, with UK commanding a tenth of the new cars being electric according to a report by the Society of Motor Manufacturers and verifications by SP Angel. The rise in the uptake of electric vehicles comes amid the drop in total sales. This trend is visible across the globe, especially with Tesla cars leading the projection.
Nonetheless, some ICE car owners are adamant about transitioning to electric vehicles. These customers outline range anxiety, insufficient charging facilities, and the extra cost of recharging the electric vehicles to stop them from purchasing these cars.
These consumer concerns are explainable with the cost of charging an electric car at home being lower but taking close to twelve hours, whereas charging at public facilities is faster but at a high price. People are thinking about the econometrics of travel for electric vehicles compared to purchasing fuel for ICE cars. For example, the fuel for an electric vehicle covering 100 miles would cost between £2.70 and £23.00, whereas an ICE car would use 1.5 liters of petrol or diesel going for a low of £12.
With the challenge of charging, station drivers enticed with street charging is an incentive that works only during the daytime, but at night, customers will have to think a strategy out of this dilemma.
The range anxiety is currently being dealt with strategies like car subscriptions to satiate consumers’ desires before they purchase the cars. Additionally, technical departments focus on increasing the efficiency of the electric vehicle batteries to work for long ranges.
Batteries are generally restructured to test their efficiency and reliability before the engineers can mass produce them. Currently, engineers are working away from the batteries’ valuable elements that would cause strife between the battery developers and countries with deposits of the battery elements.
Nevertheless, some countries with these deposits are showing a positive attitude by entering partnerships with these carmakers. For example, Savannah Resources of Portugal is looking forward to partner with the electric vehicle manufacturers that demand their lithium deposits.
Finally, companies Horizonte Minerals, which have the nickel projects, will also benefit and expand once industry shapers like Elon Musk take an interest in their product. It all comes down to the fact that consumers are beginning to see the advantages of clean and quality air once they fully transition to these cars.