EVs Are Just Going To Win

An anonymous reader shares a post: EVs are still winning. But they haven't won yet; only 4% of the global passenger car fleet, 23% of the bus fleet, and less than 1% of delivery trucks are electrified. But at this point I think the writing is on the wall. The phenomenon of a superior technology displacing an older, inferior technology is not uncommon, and it generally looks like the EV transition is looking now. When a new technology passes a 5% adoption rate, it almost never turns out to be inferior to what came before; with EVs, that threshold has now been reached in dozens of countries. In fact, we don't have to rely on trend-based forecasting to understand why EVs are just going to win. There are a number of fundamental factors that make EVs simply better than combustion vehicles. The longer time goes on, the more these inherent advantages will make themselves felt in the market. The first of these is price. Currently, EVs often require government subsidies in order to be price-competitive with combustion cars. But batteries are getting cheaper and cheaper as we get better and better at building them. The cheaper batteries get, the smaller the subsidies required to get people to switch to EVs. Goldman Sachs reports that this crucial tipping point will be reached in about two years: [...] Once batteries cross that tipping point, the EV revolution will take on its own momentum. It will simply be cheaper to buy an EV than a combustion car. People will gravitate toward the cheaper option, especially if it comes with other advantages. And in this case it does. EVs' second advantage is convenience. Most EV owners will almost never have to fill their cars up at a station. This is because they will charge their cars at night, in their own home garages or driveway.

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