5 Reasons Why Car Manufacturers Love Electric Cars More Than Petrol And How You&#;ll Be Able To Buy More Horsepower For Your Wild Weekend

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Cheap competition drives the move away from traditional cars

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The automotive industry, a traditional business untouched for a century, is now at a critical juncture.

Until Elon Musk&#;s game-changing entry, electric vehicles (EVs) were often dismissed as unexciting prospects.

Some of my clients say, &#;You know, I don&#;t see many electric cars on the roads yet.&#;

They consider it premature technology. So, they&#;re afraid to buy these cars. I tell them that their decision is probably based more on emotions than facts. But here&#;s the thing: there are some serious changes happening in the car industry.

Let me explain why automakers are really pushing for EVs, and it&#;s not just because of environmental issues.

Breaking Down Barriers With EVs

Traditional automakers enjoyed a near monopoly due to the high entry barriers of internal combustion engine (ICE) vehicles, which require complex and costly design and production processes.

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The Chinese market, constrained by these barriers, was previously sidelined. The advent of electric vehicles has changed everything. Simple in design, focusing mainly on battery and motor production &#; areas where Chinese manufacturers excel &#; EVs have lowered the entry threshold significantly.

This shift has not only opened the gates for new players like tech giants Apple and Google but has also allowed Chinese companies, such as BYD and Nio, to emerge as key competitors.

The Geopolitical Tug-of-War

In the automotive industry, China&#;s ambition to rival the US plays a big role.

By creating demand for its products and materials, China is positioning itself as an essential player in the global market. The reliance of countries on Chinese goods, reminiscent of Europe&#;s dependence on Russian oil and gas, is a strategic move by China to gain economic leverage. If the European makers want to beat China effectively, they&#;ll have to make better cars with lower prices.

Supply Chain Problems

During Covid, the supply chain showed weaknesses.

Those days were golden for us in the dealership at the beginning, because there was more demand than we could handle. For a while, at least

There was a shortage of semiconductors, which are exclusively made in Taiwan, leading to a 10% reduction in global car supply.

Automakers rely on cheap suppliers from China and Asia to provide car parts. Most of the car production is outsourced, with only the design and final assembly done in-house. When Covid hit, they faced serious problems delivering these cars.

The shift towards EVs offers a solution by simplifying production and reducing dependency on outsourced parts, except for complex components like semiconductors.

The Evolution of Consumer Demand

The market is seeing a shift in consumer preferences.

EVs are increasingly compared to high-tech gadgets like iPhones, focusing on efficiency, power, and reliability. Our clients don&#;t want just cars, they want fun and personalization.

With EVs, traditional parameters such as engine power and efficiency are becoming standardized, leading to an overwhelming array of choices for consumers.

This democratization of technology means that the differentiating factor for EVs will likely be in their digital features and user experience, rather than traditional automotive metrics.

Let&#;s say you have a car with 150 HP, and you want to make it sportier at the weekend by adding another 150 HP. With EVS, you can do that. There are different packages you can buy from the manufacturer. The same way you have apps in your app store

The Drive for Innovation and Control

Automakers are realizing the need to innovate and maintain greater control over their supply chains and product offerings. The rise of Chinese automakers has prompted European manufacturers to rethink their strategies, focusing more on EV production, which is cheaper and more streamlined.

Besides that, there&#;s a push to control more of the supply chain and reduce outsourcing, prompted by Covid and supply chain problems

Conclusion

The shift to EVs is not just a trend but an essential strategic move for European carmakers.

With new competitors, changing consumer demands, and geopolitical tensions, embracing EVs is no longer a choice, but a necessity.

While challenges like high production costs remain, the industry&#;s future undoubtedly lies in the realm of electric mobility.

Nikita

The numbers are in and electric cars are here to stay. In fact, the number of EV (Electric Vehicles) on the road is increasing every year. According to Edison Electric Institute, global EV sales totaled about 1.1 million for the first half of , an increase of 46% compared to the total sold in the first half of . Most of the numbers were largely due to the introduction of the more affordable offering of the Tesla Model 3. So if you're looking for reasons to buy an electric vehicle, read on.

The Increase of Electric Charging Stations

A lot of consumers have hesitated in buying fully electric vehicles due to a lack of knowledge or a lack of abundant charging stations.  While it's true, public charging stations are not as common as gas stations, charging equipment manufacturers, automakers, utilities, hotel chains, businesses, municipalities, and government agencies are rapidly establishing a national network of charging stations. The number of publicly accessible charging stations reached nearly 22,000 in , offering about 55,000 outlets, according to the Alternative Fueling Station Locator. You'll never be without charging station info with handy apps such as PlugShare to find nearby charging stations. Search for electric charging stations near you. But if you're still on the fence about whether or not to buy an electric vehicle, here are 5 reasons why you should.

Five Reasons Why Buying an Electric Vehicle is a Good Idea

1. The biggest, most obvious benefit of buying an electric car is the fuel cost savings. That's a pretty good incentive since the average American spends about $2,000 on gas every year. With a fully electric car such as the Nissan Leaf or Chevy Bolt, your fuel expenses are drastically reduced with the replacement of gas costs with a minimal electric cost.  The average fuel savings for an EV owner is approximately $1,500 per year! Additionally, an EV removes the need to stop at a gas station and lets you charge your vehicle in the comfort of your own home overnight.

2. It's the best way to reduce your carbon footprint and cut back on greenhouse gas emissions. Electric cars have several environmental benefits over conventional gas-powered vehicles such as the elimination of harmful tailpipe pollutants such as particulates (soot), volatile organic compounds, hydrocarbons, carbon monoxide, ozone, lead, and various oxides of nitrogen.  The average EV in the US today produces the emissions equivalent of a gasoline car that gets 100 miles per gallon or above, and the emissions are only decreasing with the increase of renewable generation on the electric grid. Driving an electric vehicle reduces your personal carbon footprint and is an important part of meeting global goals on climate change and the 1.5 Degree C lifestyle, which is in line with the Paris Agreement targets.
    
3. Lower maintenance costs. Besides the savings you'll get in gas expenditures, you'll also benefit from the savings in maintenance costs. Electric cars don't have an engine that requires oil to lubricate, thus, no more waiting rooms at the lube station on Saturday for a  $50-$75 oil and filter change. Additionally, when you look at the top 10 most car repair items, none of these apply to an electric vehicle! Over time, these reduced costs can result in large savings.
    
4. Electric vehicles are increasingly affordable. As consumer demand has increased, automakers have begun to offer more models and options. As a result, the costs of electric vehicles have decreased. The Hyundai Kona, for example, starts around $30,000, which isn't cheap, until you factor in the available tax credits. Some tax credits include up to $7,500 in federal income tax credit, and many states offer tax credits as well. Some proposed vehicles like the Fiskar Ocean have come in at a price extremely competitive with equivalent gas-powered vehicles.
    
5. Electric vehicles offer a pretty zen driving experience. EVs generally have a lower center of gravity which offers better handling, comfort, and responsiveness. The electric engine provides smooth acceleration and deceleration, and a quiet ride, all of these components make electric vehicles pleasant to drive. And with even more EV models being offered, you're certain to find one that fits your needs and style.

Electrify and Save&#; 

About Tri-State  

Tri-State is a not-for-profit cooperative of 44 members, including 41 electric distribution cooperatives and public power districts in four states, that together deliver reliable, affordable and responsible power to more than a million electricity consumers across nearly 200,000 square miles of the West. For more information about Tri-State and our Responsible Energy Plan, visit www.tristate.coop. 

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