Media headlines over the last six months questioning the future of the electric vehicle (EV) industry, while provocative and no doubt driving the clicks they were designed to elicit, are not painting the full picture of the evolution happening across the globe in the transition to electrified transportation.
The transition to EVs is just reaching its adolescence. Sales continue to rise globally and second-quarter U.S. sales climbed 11.3% from last year. Growing EV ownership has put charging availability and reliability front and center. Curious next-generation consumers are asking more questions about how an EV might fit into their lives and watching the early adopters’ experiences play out in their communities and the media.
Mark Phelan at the Detroit Free Press responded to the “sky is falling” rhetoric in a recent column writing, “Are EVs doomed? Have automakers wasted precious time and resources rushing them into cul-de-sacs? Not a chance.”
However, just like when people first started to adopt cell phones on a large scale, consumers are experiencing real frustrations and the EV sector is overcoming real consumer challenges.
Many of us remember going out of range with our new cell phones or having a call dropped due to bad service — “Can you hear me now?” Regardless, cellular carriers pushed forward, responding to early user frustrations by building out networks. We only need to consider the history of how we got from 1 to 5G (G = generation) to understand the scope of a new technology’s maturation.
This is exactly where we are in the evolution of the EV industry. World-leading markets are building out charging networks, reaching economies of scale to bring costs down, investing in battery manufacturing and recycling, and improving an already superior technology generation after generation.
Automakers are introducing less expensive models now that higher-end EVs have helped pay for the R&D of the early ones leading to more consumer choice with a variety of makes, models and price points available (think cars, trucks, minivans, SUVs, jeeps, etc.). Not only that, virtually every car brand in the U.S. market is planning to sell EVs in 2024. The average range of an EV is now almost 300 miles and public charging stations are becoming increasingly common, with one fast-charger to every 15 gas stations in the U.S. and more on the way.
However, the story of steady, generational improvement doesn’t grab headlines. As the EV industry moves past the “early adopter” phase and the industry improves, consumers are still influenced by myths, politics and industry challenges that continue to permeate practical conversations around EV ownership.
Here at Veloz, we know we’re headed toward 100% transportation electrification as a nation. We can be sure of the transition with over 4.6 million new EV sales in the U.S. since 2010 and drivers who are already experiencing the savings of getting off the gas price rollercoaster, the joy of lower maintenance costs, and a more exciting driving experience overall. Like any new technology, these folks are paving the way for new EV drivers, supporting the industry as it meets growing pains head-on.
And investors agree. Axel Hoefer, managing director of Global Banking & Markets at Goldman Sachs, said on The Future of Four Wheels, “Since the car was invented more than a hundred years ago, this is clearly the most transformational shift.”
To overcome growth challenges and bust stubborn myths to speed up the goal of Electric For All, Veloz is leveraging its leadership, member communications channels, connections and convening power. Together we can credibly support EV adoption during this critical market transition phase and inspire the next generation of EV drivers!
EV myths are addressed here each month in my Ride to Zero Blog. Sign up here to get the latest news, invitations to events and announcements on the road to electrified transportation.