By David Cueva
Technology has been improving every year at unprecedented rates and it has affected our daily lives. One of the essential parts of life that it has impacted is transportation. Every year the world’s top innovators attempt to make transportation more efficient, cost-friendly, and safer for the environment. This has led to the rise of the electric car industry because of its many benefits. The electric car industry is growing every year at an exponential rate and one of the leading companies in this industry is Tesla. The value of electric vehicle companies’ stocks have skyrocketed and it has shown that people believe this will be the future of automobiles. Based on Thomson Reuter’s speculations, at the current pace the electric car is growing, it is a possibility that it can outgrow the automobile industry and make it obsolete at one point in the future.
The electric car industry has attracted its customers due to the many benefits it has. One of the benefits that these lucrative cars offer is that in the long run, it is cheaper to maintain than gasoline-based cars. According to USCUSA, an electric car owner can save anywhere from 440 to 1,070 dollars yearly. Electric car owners can use these funds for other necessities, which has caught the eye of many people. The maintenance of electric cars is cheaper than a traditional automobile because the parts for electric cars tend to be cheaper. Electric car owners tend to save money because refueling an electric car is a lot cheaper than refueling a car with gasoline. Many locations in big cities offer free refueling. Owners of electric cars also get tax credits, so many consumers who pay great amounts in taxes have started to become more inclined to purchase electric cars because of this very reason. This endorsement of the government for electric cars has brought up the question of why governments support the purchase of electric cars.
Governments have been supportive of the electric car industry for a very long time due to their environmental benefits compared to a gasoline-based automobile. It is well known that automobiles have been a great factor in the rise of global warming because of the harmful emissions that they release into the atmosphere. As more people have gained access to cars it has meant that more emissions have been released which has depleted the atmosphere. As a result of this, the United States government has attempted to promote the purchase of electric cars. They have done so because electric cars release less carbon dioxide according to the Department of Energy. In attempts to preserve the Earth, the government has passed bills to provide tax incentives for those who own electric cars in hopes that more people will purchase them. “President Trump signed into law a bipartisan bill that will allow federal employees to use their government purchase cards to charge government-owned electric vehicles, which can save taxpayer dollars and improve energy efficiency” (GOVEXEC). Electric cars can contribute to a cleaner environment, but many people aren’t aware of why it can help with this issue.
Electric cars can help clean up the Earth by reducing the number of harmful emissions and this is critical in the efforts to decelerate climate change. One of the main reasons that pollution has increased in the past decades is due to the upsurge of cars and their accessibility. Cars use petroleum and when it is burned it releases harmful gasses, which in turn depletes the atmosphere and this allows for more sunlight to come in. When more sunlight can go through the atmosphere, the temperature of the Earth goes up and it has led to the melting of the ice caps. (USCSCA). According to the Department of Energy, electric vehicles can improve public health and minimize ecological damage. Furthermore, the increased use of electric vehicles will help reduce the dependency on petroleum and will open the doors to other resources. This will help everyone in the future because it’ll help prevent shortages of petroleum due to overuse. Without a doubt, electric cars have many attractive features, but many people wonder whether electric cars can become more popular than gasoline-based cars.
Electric cars are growing at a very fast rate and every year electric car companies are selling more electric cars than they did the previous year. A few years ago many people didn’t believe that electric cars would ever catch up to the sales of regular automobiles, but electric cars have been able to cut some gaps in sales. Last year electric cars sold an all-time high of 2.1 million vehicles, and 7.1 million traditional cars were sold last year. This has been the closest the gap between the two vehicles has reached, so now many people have been convinced that electric cars might be the future. The stock prices of electric car companies have begun to soar and a recent example of this was Nikola, which quickly rose this year after the announcement of new products. The large investment in electric cars has allowed electric cars to grow and develop their services. Although the sales of electric cars have been rising, it still seems unlikely that by 2030 there will be more electric cars than regular automobiles with the projections from the Edison Electric Institute. According to IEA, there will be 44 million electric cars and a total of 259 million regular cars in the world. Regular cars are still more convenient for most people because they are still much cheaper and many people live in areas where there aren’t charging stations near them so it wouldn’t be practical. So, electric cars are still a long way from replacing gasoline-based cars, but if it keeps growing the way it has it is impossible to rule out electric cars from potentially overtaking regular cars. The electric car industry is a lucrative business that has benefited those who have bought them while helping out the Earth. According to a local Tesla owner, Mr. Rey, he has had a great experience with his electric car because of the many upsides it has. He has stated, “It is great to know that I am helping to reduce toxic emissions to the atmosphere, while saving money on gasoline as well.” He also mentioned that there are charging centers around Queens where it is free to charge Teslas and a nearby area is the Queens Center Mall. This is a great way to save money yearly by not having to spend money on gasoline weekly. Without a doubt, electric cars will shape the automotive industry and it is worth keeping an eye out to see if it will outperform the traditional gasoline automobile industry.