Economy of Electric Vehicles

Economy of Electric Vehicles. How Electric Vehicles Will Change The Midwest, Electric Vehicles' Battery Problem. The economy of Electric Vehicles EV Cars tesla Lucid motors best electric cars electric vehicle EVs Economy EV Economic Electric Vehicle Economy explained. The economy explained economic explained electric vehicles electric cars electric car EU China US UK Germany ev market. BYD lucid air factory tesla ev ev factory EE electric car china ford ev cars. How Electric Vehicles Will Change The Midwest Economy cnbc ford ev battery technology tech tech news europe ev. Economy Electric passenger vehicles invented more than a century ago, are now accepted as part of the solution to rising climate emissions in major markets like the United States, China, and Europe. Electric vehicles (EVs) make headlines for their ability to slash greenhouse gas emissions, yet they also can strengthen the economy - and not just by providing a surge of new plants and jobs. The EV transition can protect the U.S. economy from recessions by reducing our oil use, which in turn reduces the U.S.’ vulnerability to oil price shocks.
Most Americans felt the pain of higher oil prices last summer when gasoline prices shot up, hitting a national average price of $5 a gallon. High gas prices depress consumer sentiment, weaken consumption, and, as a result, elevate the risk of a recession. By powering our transportation with the diversified energy sources that back the U.S. electricity grid, EVs can break the link between oil prices; geopolitical risk from the Middle East, Russia, and other major oil producers; and the health of the U.S. economy.
The EV Transition: A Revolution That’s Already Underway
Historically, rising oil prices have been a longstanding contributor to U.S. recessions. Crude oil prices spiked before the U.S. recessions of 1990-1991 and 2001, as well as the Great Recession, to say nothing of the large factor they played in the early 1970s to early 1980s. Even now - with a 60% drop in the energy intensity of the U.S. economy, U.S. oil production equalling its consumption, and the U.S.’ new status as a net exporter of oil and oil products in dollar terms - oil prices continue to heavily impact the economy. One reason is that the pain of higher oil prices is felt broadly by almost every household and business, while the benefits are enjoyed only narrowly, by companies, workers, and communities tied to oil production.
Accordingly, many countries have set ambitious targets for electric vehicle adoption. Germany, for example, aims to have six million electric vehicles on the road by 2030. Others have pledged to phase out the sale of internal combustion engine (ICE) vehicles entirely - among them, France and the UK (by 2040), China (2035), India (2030), Norway (2025) and, closer to home, the state of California (2035).
The commitment of these governments to speed this transition is reflected in a host of initiatives to encourage consumers to go electric - and, less frequently, to discourage consumers from purchasing ICE vehicles. As one example, US President Biden’s American Jobs Plan envisioned an investment of nearly $175 billion to speed the adoption of electric vehicles through a combination of consumer subsidies, grants to build charging stations, incentives for automakers, and government EV purchases.
A new World Bank report makes a strong economic case for wider adoption of electric vehicles in developing countries, with advantages that range from improved public health to less urban traffic congestion, to a decrease in dependence on expensive imported fossil fuels.
Benefits of Electric Vehicles
One of the main reasons that consumers are increasingly interested in electric vehicles is that they offer a range of benefits over traditional gas-powered cars. Some of the key advantages of EVs include: fuel petrol diesel budget sales miles km 1$ electricity power fast speed.
MAINTENANCE:
The cost to maintain an electric car, especially a battery-powered model, is generally much lower than fossil fuel-powered vehicles due to fewer moving parts. EVs have single-speed transmissions and regenerative braking (reduces wear on brakes), and they don’t require oil changes. U.S. automakers are required to warranty EV batteries for a minimum of eight years or 100,000 miles, whichever comes first. In practice, many EV battery packs have lasted more than 200,000 miles with less than 10% degradation in power capacity.
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Great points about National Security and economy, rarely touched on