Should you buy an Electric Vehicle (EV) now?
Much like electric bulbs did to candles, mobiles to landlines and, Netflix to DVDs, a similar change is happening in the world of automobiles. And you have seen this already, if not experienced it yet.
Yes, I’m talking about the craze and craving nowadays for Electric Vehicles (EVs) – the holy grail of solving for all the global warming, depleting fossil fuel reserves, increasing petrol prices and whatnot.
If the industry numbers are anything to go by, this EV shift seems inevitable. A study by ev-volumes.com reflects the sales touching 3.5m total in just the last 10 years.
The narrative around the switch to EVs is so strong that even the industry stalwarts such as Ford and Volkswagen have committed to only producing EVs by 2030. Advancements in battery R&D instilled confidence in more and more auto manufacturers across the globe to switch to EVs with Tesla leading the pack.
Many countries have set stringent targets for electrification, one of McKinsey’s reports shows how this change is outlined with 2035 being the year we could see World’s largest automobile markets shifted to all EV!
A paradigm shift in the way vehicles are powered is underway. The travel as we have come to know of may not be the same – for some part that is. This shift from petrol and diesel-guzzling engines to silent battery-operated ones while not being loud is far from being subtle.
If the current climate and the projected changes are anything to be concerned about, an enormous change is needed to address the problem at hand. And the need to change is now!
Three important factors; the rising temperatures, depleting fossil fuel and the rising gasoline prices, paved the way for an alternative energy source : Li-ion. Li-ion is the driving force behind the revolution, and drives almost 99% of the batteries across devices and machines.
How do EVs work?
Battery and electric motors, two of the most critical components help bring ‘E’ in EV!
Electric vehicles use an electric motor to power their drive wheels rather than a combustion engine. Electricity is generated from the battery or other source of power and transferred to the motor – which in turn, makes the wheels spin. There are a few different types of EVs, but the most commonly used are the hybrid and all-electric. The hybrid uses a combination of gas and electrical power, and the all-electric is powered only by a battery. For the most part, however, hybrids maybe the most popular option.
While there are a number of technologies used in batteries, the type of battery most often used in EVs is Lithium-ion (Li-ion), which is also used as a power source in many different products, from laptops to smartphones. Lithium-ion batteries are used in almost all modern EVs, although they are also more expensive than say alkaline batteries. And like any other battery, they got some power that broadly defines the range a car can travel, and like all batteries, they also get depleted and require recharging. The battery in an EV is charged by an electric charger similar to how you would charge your phone or a laptop. The amount of time it takes to charge your battery depends on the power supplied from the grid or the charger.
Is the technology reliable yet?
With all the billions having been invested in battery tech space, batteries are far more efficient and safer than they were a few decades ago.
In deciding which EV to purchase ( assuming you have already decided to buy one), there are two critical factors to consider;
1. Range
2. Charging infrastructure.
The answer to these two is rather straightforward as well, if you mostly travel within the city limits, you don’t need the longest-range EV. And since the battery requires recharging, you need to see if you have a charging facility within your home or office or nearby. If the charging for whatever reason is not easily available, you are better off either going for a long-range or buying a hybrid.
What are the benefits of owning an electric vehicle?
- Low emission levels
- Lower running costs
- Lower carbon footprint
- Lower maintenance costs
- Low noise
- More power – instant boost
- Far better maneuvers and control
- More storage
- Tax benefits, in some states in the U.S. and some countries
- Recharging before leaving saves an intentional trip to the gas station.
- Charging costs could be brought down to a minimum if charged through renewable sources.
The drawbacks of electric vehicles
But, is it all that or is there more than meets the eye?
There are many benefits of electric vehicles, but what about their drawbacks? First and foremost, it’s important to remember that EVs are not new inventions. In fact, they were the first vehicle to appear on the road. That’s right – they were produced way back when! However, these first models had some major flaws. First, they were extremely slow. Second, they had a very poor range. And third, they could only handle a small load.
And some of these problems still persist:
- Lower range – unless you opted for a long-range vehicle
- Charging Infrastructure
- Dependability on charging station/chargers
- Inability to charge due to power outage
- Inability to drive due to no charge, you can’t just pour a bottle of gasoline in the tank to drive it away
- Higher upfront cost
- The increasing cost of electricity taken from the grid, unless a renewable source is used.
The most obvious problem with EVs is that there are not many charging stations. If you’re thinking of using an EV as a daily commuter, you’ll have to plan your routes carefully to make sure you have access to a charging station nearby. Even when you do it can take a long time to fully charge your battery. Depending on the voltage of your car, it could take up to 26 hours to fully charge a single battery.
That is slowly changing with longer battery ranges and superchargers that claim to get you to 100% in about an hour, albeit at a cost!
Should you buy an electric vehicle?
While EVs are positioned as being environmentally friendly, this notion is far from being true. Unless the entire supply chain uses renewable sources, achieving 100% greener pastures is going to be a distant dream. For one, the power plants that produce electricity are not 100% efficient, and there are also losses during the transmission process. If the usage of EVs continues to rise, the amount of electricity needed to power them will also increase. This could put a strain on the grid unless more power plants are built.
The electricity price is a huge factor, while it had been at the lowest end of the range, the Russia-Ukraine conflict has led to a multifold increase in per unit of electricity cost. In some of the places, charging an EV is almost as high as filling it up with petrol or diesel.
This has provided ammunition to the opponents of EV adoption. One of the strongest selling points had always been the cost to run an EV being lower than the conventional ones and also its environmental impact but if both these points are being negated with the current world situations, was all of this worth it? I’d argue it was, fossil fuel reserves are almost depleted anyways and if an alternative isn’t found and adopted sooner, we will all be in a catch-22 situation.
Let us all support and encourage this new industry, get more solar panels, use more alternate sources to produce electricity, after all it’s not often you get to be a part of such a revolution!
Leaving you with this encouraging graph to decipher:
In the not-too-distant future, it will be strikingly cumbersome to buy a new ICE-based vehicle, its only logical to look at the EV offerings for your new or replacement car.
And enlisted below are some of the Electric Cars and pick-up trucks to help you decide your next:
| Brand | Model | Driving Range (miles) | Horsepower (HP)* | MSRP |
|---|---|---|---|---|
| Tesla | Model 3 | 272 | 306 | $46,990 |
| Tesla | Model S | 405 | 670 | $1,04,990 |
| Tesla | Model X | 348 | 670 | $1,20,990 |
| Tesla | Model Y | 330 | 480 | $65,990 |
| Chevrolet | Bolt EV | 259 | 200 | $25600 |
| Kia | Niro EV | 239 | 201 | $39,090 |
| Nissan | LEAF | 149 | 147 | $27,400 |
| MINI | Cooper SE | 114 | 181 | $29,900 |
| Hyundai | Ioniq 5 | NA | NA | NA |
| Kia | EV6 | 232 | 167 | $41,400 |
| Ford | Mustang Mach-E | 247 | 266 | $43,895 |
| Lucid | Air | 516 | 480 | $77,400 |
| Mercedes-Benz | EQS-Class | 350 | 329 | $103,360 |
| Genesis | GV60 | 248 | 314 | $58,900 |
| Volvo | XC40 Recharge | 223 | 402 | $51,700 |
| Audi | E-Tron | 222 | 402 | $65,900 |
| Audi | E-Tron Sportback | 218 | 402 | $69,100 |
| BMW | iX | 324 | 516 | $83,200 |
| Rivian | R1T | 314 | N/A | $67,500 |
| Ford | F-150 Lightning | 230 | 452 | $39,974 |
| GMC | Hummer EV | 300+ | 999 | $1,08,700 |
Vroom vroom!
