Do Electric Vehicles Have A Future?

  • June 13, 2024
  • 4 min read

Electric Vehicles Falling Out of Favor
So electric vehicles are now starting to fall out of favor. It’s going to be very interesting to see how this plays out.

Surge in Popularity and Initial Optimism
Over the last 18 to 24 months, there’s been a little bit of a surge in electric vehicles. Many proponents said this is the start of the wave of the future, with everybody converting over to EVs.

Decline in Interest and Rental Issues
Then, there was the beginning of 2024. Everything from consumers stopping their purchase intentions to Hertz, the rental company, dumping a lot of their EVs. In fact, that happened in January and February. Just this week, they announced they were dumping even more of these electric vehicles. A lot of it has to do with repair costs and the fact that nobody wants to rent them. The people that do rent them have problems.

Potential Setback or Long-term Decline?
So is this just a slowdown, a blip, maybe a minor setback before EVs take hold, or is this the death knell for the electric vehicle industry? In reality, it’s probably a little bit of both. It’s probably a slowdown, but a lot longer slowdown than people think.

Future Prospects and Technological Needs
At some point, electric vehicles may become the majority of cars and trucks on the road, but it’s not going to be anytime soon. It may be 10 years, 15 years. There still has to be a lot more charging capacity, a lot more range ability in the vehicles. This requires some technology upgrades. When vehicles have a 500-mile range and there are charging stations ubiquitous all over the country that you can stop in just like a gas station and fill up quickly, then you will have an easier adoption of EVs.

Advantages of Electric Vehicles
Look, there’s one unmistakable advantage to an electric vehicle, and that is if you have a home or an apartment or something with a garage, you can charge it at home. You don’t have to stop at gas stations, and if the electrical generation becomes capable of charging all these vehicles, the price will even be cheaper. You know, a tank of gas, $20 or a 20-gallon gas tank of gas, maybe at $4 a gallon, that’s $80 to fill your tank. An EV, once the electrical grid catches up and the rates come down accordingly at night, you might be able to fill up that same tank of battery for maybe $20. So it’s going to be a lot less.

Current Challenges and Secondary Use
However, we’re not there yet. We’re not even close to there yet. So buying an EV now for your primary vehicle is probably going to be a little problematic. It might be a good second vehicle, a commuter car around town. It might be a good car to get back and forth to the grocery store because you don’t have to stop at gas stations. The maintenance is less; you don’t have engine oil changes, that kind of thing. But you want to make sure that it matches your lifestyle.

Getting into the EV Market
It is also a good way to get into that marketplace, get a charging plug in your house, get in now because it’ll be cheaper now versus later, and see how that process works. See how you can use the vehicle. In addition, the car will probably last longer because an EV, even the battery, has a longer lifespan, and the battery prices are coming down.

Considerations Before Purchase
But you can’t just jump in and buy an EV not knowing how you’re going to use it. Because if you’re going to try to use it like a regular vehicle, you might run into problems.

Industry Impact and Workforce Challenges
Here’s another problem: people who committed themselves to the electric vehicle industry, whether you’re a dealership, a repair shop, or an employee in an EV plant. Now that the volume’s going down, those companies are hurting, and those employees are getting laid off.

Government Influence and Future Outlook
So the rush to EVs, kind of forced by government agencies with incentives and mandates, and even some states prohibiting gas vehicles after 2030, kind of made this accelerate probably faster than it needed to. At some point, electric vehicles might be great, and they might be the way to go if you have the charging and the range and everything else. But as of right now, it’s probably jumped the gun a little bit, or maybe a lot.

Personal Experience and Feedback
Do you have an electric vehicle? Do you like it? What are the pros and cons based on your prior use?

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