The latest PBS report
What should we anticipate now?
A lithium ion battery will be used.
Take a guess at how many of them were completely electrified.
Only 49,000 racers are attempting to complete the course.
Electric cars, according to Thomas Alva Edison, the inventor of electric light bulbs, are a superior means of transportation.
Electric cars have the potential to cut emissions and mitigate the effects of climate change.
By 2050, electric vehicles are predicted to cut CO2 emissions by 75%, from 200 to around 50 grams per mile.
It doesn't end there, though.
It costs a third of the price for an electric car owner to go the same distance as a fuel vehicle.
Only 5% of electric car owners and potential purchasers have actually ran out of charge, despite the fact that over 60% of owners and potential buyers worry about it.
These automobiles are the future, with technology now allowing electric vehicles to match the performance of a Lamborghini or a Ferrari.
Transportation began as a means of getting us where we needed to go, meeting new people, transporting things, and, as usual, contributing to rapid economic expansion.
From the wheels on horse-
drawn carts in 3,500 BC to Tesla's model Y, an electric vehicle debuted in 2021 that sold over a million units in a matter of months, the industry has come a long way.
But what factors contributed to the EV market's growth?
Are they truly more cost-
effective than gasoline- powered models?
Is it effective in lowering carbon emissions?
And, most importantly, will the industry continue to grow in the future, making it an excellent investment opportunity?
Let's take a closer look at this.
Electric vehicles aren't exactly a cutting- edge notion.
The origins of this narrative may be traced all the way back to the 1800s.
In 1832, a Scottish inventor named Robert Anderson invented the first electric automobile.
While it was little compared to what we know of electric automobiles now, it was a significant improvement over horse-
drawn carriages at the time.This gained traction rapidly, and Tohomas Davenport added a DC motor to the concept a few years later, resulting in the first true electric automobile.
However, there was one feature that this model lacked: a rechargeable battery.
The first electric car with rechargeable batteries debuted in London in 1884.
The United States quickly embraced this, and it was a huge success.
These automobiles were a hit, and from 1900 and 1912, they dominated the market, with electricity powering one-
third of all cars on the road in the United States.
However, this was swiftly countered by the introduction of the low-
cost Ford Model D and a decline in gasoline costs, which reintroduced petrol automobiles to the market.
Major players, on the other hand, such as Porsche, Nissan, and Toyota, were interested in utilizing electricity to replace their gasoline- powered vehicles.
NASA chose to employ electric vehicles on one of their missions in the mid-
twentieth century. The historic expedition that sent a man to the moon in an electric buggy.
Even now, batteries are still employed in space missions.
However, it was at the end of the century when the significant breakthrough occurred.
The rechargeable lithium ion battery, created by John Goodenough, makes it portable, easy to recharge, and more safer to use.
While GM developed the first modern electric car, the EV1, in the 1980s, it was destroyed in 1996, allowing Toyota to release the Prius in 1997.
The first mass-
produced hybrid car in the world.
Other participants in the industry, like as Nissan, were able to launch vehicles as a result of this.
Finally, there's the Tesla.
Electric automobiles like Hyundai, GM, and even Indian businesses like TATA are now available in the Indian market.
While Indian highways are still developing infrastructure to support the adoption of electric cars, their success in long-
distance travel has given them great expectations in the Indian market.
Electric vehicles are the future, with growing fuel prices and a finite supply of non-
renewable energy, as well as a significant impact on global warming.
Is this, however, the case?
Let's have a look at it.
Electric cars have gone a long way since the late nineteenth and early twentieth century versions.
In terms of performance, current models have caught up to petrol variations, although there are still a few difficulties to be resolved.
Electric vehicles are undoubtedly the way of the future, but the most often asked questions about the sector include: does it have the same range as a gasoline variant?
Is it possible to recharge the car anywhere, especially if I run out of juice in the middle of the road?
What about the cost of living?
Will electric vehicles be as affordable as gasoline-
powered automobiles?Is the higher initial expenditure really worth it in terms of decreased long-
term maintenance costs?
And, most significantly, do electric vehicles really help the environment?
Let's take each of these questions one at a time.
First and foremost, let's talk about range.
Unfortunately, the answer is no.
Currently, an electric car can go roughly 600 kilometers on a single charge, which is the range of the Tesla Model S long-
range edition.
However,
this card is now unavailable in India.
BYD Asics will offer around 500 kilometers in India by 2021.
It finished at 430 kilometers on a single charge, matching the Hyundai Kona.
In comparison, automobiles like the I10 and I20 can go roughly 800 kilometers on a full tank.
This leads us to the following point.
Even though my range is restricted, having several charging stations spread across the country should allow me to go vast distances with an electric vehicle, right?
No, once again.
Due to the fact that most electric cars in India have simple three-
plug charging choices, these charges can be sluggish, taking anywhere from six to eight hours to complete.
Tata presently has the country's largest charging station network.
Mumbai, Delhi, Bangalore, Hyderabad, Pune, Chennai, Ahmedabad, Chandigarh, Lucknow, Kolkata, and Visakhapatnam are among the cities with charging stations.
They are, after all, the only manufacturer in the Indian market with more than one electric option.
However, if you are a regular commuter in the city, a range of 300 kilometers within the city may be sufficient, especially if you keep your electric car charged at night.
Electric automobiles are more expensive in India than electric bikes and scooters, which are more affordable.
Even the cheapest electric car may cost between five and ten lakh rupees, which is much more than the average gas sedan, hatchback, or SUV.
Daily maintenance and fuel costs, on the other hand, cannot be overlooked over time.
In 2021, a single kilometer in a car will cost between four and five rupees, depending on the gasoline price and mileage.
Electric automobiles, on the other hand, can reduce this cost to one to two rupees per kilometer.
When you consider all of this, as well as annual maintenance expenses, it might take anywhere from six to seven years for electric vehicles to become more cost effective than gasoline vehicles.
However, when distance is reduced over time, the disparity might rise considerably by year 10.
To be honest, it reminds me of compounding.
Finally, does purchasing an EV imply that I am helping to save the environment?
Let's take a look at the two most dangerous agents from each source.
Lithium batteries are used in electric automobiles, and mining and manufacturing of lithium-
ion batteries produce a lot of greenhouse gas emissions.
However, fossil fuel emissions from driving a gasoline automobile on a regular basis add to your carbon footprint.
That is to say, electric automobiles have a lower carbon footprint than gasoline vehicles.
Even when the power consumed for charging is included in, electric vehicles generate zero tailpipe emissions.
However, producing the power necessary to charge EVs might result in carbon emissions.
The number varies greatly depending on how local electricity is generated, such as utilizing coal or natural gas, both of which release carbon pollution, vs renewable sources such as wind or solar, which do not.
Even when these electrical emissions are taken into account, research reveals that an electric vehicle emits fewer greenhouse gases than a typical new gasoline vehicle.
Over the course of its lifespan, an electric vehicle emits half as much carbon as a conventional vehicle.
From a sustainability aspect, it is absolutely outperforming.
As a result, electric vehicles are expected to dominate the market.
Given the nonrenewability of fossil fuels, as well as the annual depletion of resources and growing prices, utilizing renewable energy to charge our automobiles is the logical choice.
The National Electric Mobility Mission Plan, or NEMMP 2020, was created with the goal of creating an ecosystem for electric cars in India, with the ambitious goal of selling 60 lakh or more hybrid and electric vehicles by 2020.
This begs the question: even if electric cars have got this far and are genuinely this good in terms of range, performance, and environmental impact, how hospitable has India been to them?
The early 1900s are still regarded to be the golden age of electric cars.
From 2017 forward, there has been a resurgence in demand for electric vehicles.
With nearly a million plug-
in electric vehicles delivered for the first time in 2017, the global acceptance of these vehicles is also fast increasing.
China and Europe now have the most electric vehicle users, followed by the United States and Canada.
Following a worldwide pledge in 2015 to cut emissions in India by 2030, the Indian government has been promoting electric car firms in the market, offering rebates to interested consumers and even lowering the registration cost in some areas.
Several state-
run bus fleets have also switched to all-
electric vehicles, demonstrating that these vehicles are here to stay and deliver on their promises.
In only three years, the number of electric cars operating in the medium and heavy passenger vehicle category climbed from 124 in 2018 to 1356 on August 6, 2021, an almost 11-
fold rise.
Under
the FAME India initiative, 3.8 lakh electric automobiles and 6740 electric buses were sold in India as of August 2021.
The automobile industry, or sector, contributes for about 7% of India's GDP, and a seismic transition to electric vehicles would need a huge shift among key market actors.
Battery rates have been gradually lowering in manufacturing over the last few years, allowing corporations to supply consumers with cheaper and more efficient automobiles.
Other key support elements provided by the government to EV producers and customers include the fact that new charging stations will not require a license, and charging as a service will not require a license.
FAME Two is also being explored, with a budget of about 10,000 crores and a 2022 release date.
Hyundai, Hero Moto Corp, KIA, and SKODA are just a few of the big corporations that will gain from the boom in electric vehicles.
For two- and three-
wheelers, the shift to electric vehicles will be significantly faster than for four-
wheelers.
Howe
ver, the latter should be picking up shortly as well.
Because the economics of the battery are so important to the success of any electric vehicle product, especially in India, which is a very cost-
conscious market, the government has also planned on increasing energy output to meet requirements and a production linked incentive, or PLI, that will undoubtedly help EV-
based startups across the country.
This PLI is just for advanced chemistry cells, which are a new type of technology that allows electric energy to be stored as chemical energy and then utilized as electricity.
These had previously been utilized in consumer electronics, electric grids, and solar panels, but are now likely to enter the Indian electric vehicle industry.
The government has authorized a program of Rs 18,000 crores for all enterprises involved in this technology's manufacturing.
Let's move on to the real forecasts for the expanding EV market in India by 2030, using this as the most recent development in the EV industry in India.
The electric vehicle sector is predicted to develop tremendously in the next years, thanks to government incentives and decreased battery production costs.
India would require 158 GWH of energy generation by 2030, according to the Centre for Energy Finance.
It also implies that, through 2030, India will import $21 billion worth of batteries each year.
The market, on the other hand, is expected to be worth $2 billion by the end of 2023.
Due to the dominance of two-
wheelers, three-
wheelers are predicted to be valued roughly $0.6 billion by 2025, while four-
wheelers will be worth $1.5 billion.
Over the projected period, the passenger car category is predicted to grow at the fastest rate, with a CAGR of roughly 106 percent.
The increased popularity of electric cars is encouraging major automakers to introduce electric vehicles in India, which is expected to boost the country's market.
While rapid advancement in the field of electric cars offers for an exciting investment opportunity,
Rising demand, along with infrastructural development, may pave the way for further adoption of electric cars, as well as an increase in market pricing and volume.
They are unquestionably more environmentally friendly and the most cost-
effective choice for metropolitan populations.
With improved technology, we may see a wide selection of electric cars in the near future.
When compared to a petrol model, it now falls barely 200 kilometers short of the range.
It will only be able to catch up if it abandons nonrenewable energy sources like fossil fuels in favor of solar, wind, water, and other renewable sources to power human mobility.
Is it possible to keep the industry growing?
Leave a comment below with your thoughts on the electric vehicle sector and whether it is the future of transportation.
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