According to the Sydney Morning Herald, as well as the Australia-based futurist Ray Wills, electric vehicles will reach price parity by 2023. That sounds plausible. Slightly less plausible is the estimation that the majority of cars in production in Australia will be electric vehicles.
Now this is Australia, but it also has far-reaching implications for America as well, given that “Professor Wills said last year, the global car industry announced a total $400 billion investment into EVs and in addition so far this year, another $100 billion forward investment up to 2025. “
Additionally, according to CNN, “Established carmakers around the world are ripping up their business models in the hope of adapting to a new world in which electricity replaces gasoline and diesel.” So although Tesla pioneered and made EVs accessible, they will most likely be overtaken as every major automobile players looks to jump on what seems to be an inevitable shift away from the more traditional automobile.
The focal point of that CNN article is Volkswagen, which can score some positive environmental PR with more sustainable cars–although it might take awhile to recover from their emissions scandal. By 2025 they Volkswagen is set to dominate the market. But overall, every automobile market will be saturated with EVs, which is great for the environment, after all.
Electric Vehicles by The Numbers
Larry Ashby of The Leader News says that “The number of electric cars worldwide has risen to 3.2 million, as of the beginning of 2018. Some 1.2 million are on the roads in China, followed by 750,000 in the U.S.” And Ashby explains that there’s a huge profit in this for utilities who are raking in a lot of money from building charging stations, particularly in Texas.
According to Inside Climate News, “Some states have started requiring power companies to add charging stations. Other utilities are moving on their own to fill the gap and requesting permission to have their ratepayers cover the infrastructure cost.” And with projections for EVs to be 18.7 by 2030, you can bet that building these charging stations will see concerted efforts from the majority of utility companies in the industry.
How will Growth in EV Market Affect Texas
Electric vehicles are exciting technologies that may carry a promising future for a world that’s more sustainable and less susceptible to harmful climate change; but they also pose their own challenges.
The grid needs to be strengthened. As ERCOT recently declared emergencies because of low reserve margins, how will the grid provide even more electricity through the many charging stations that will have to serve these electric vehicles? Also, will more electricity demand just mean more reliance on fossil fuels?