Here’s How Electric Cars Will Cause the Next Oil Crisis
A shift is under way that will lead to widespread adoption of EVs in the next decade.
Bloomberg News, By Tom Randall | Feb. 25, 2016
With all good technologies, there comes a time when buying the alternative no longer makes sense. Think smartphones in the past decade, color TVs in the 1970s, or even gasoline cars in the early 20th century. Predicting the timing of these shifts is difficult, but when it happens, the whole world changes.
It’s looking like the 2020s will be the decade of the electric car.
For EVs to achieve widespread adoption, one of four things must happen:
1. Governments must offer incentives to lower the costs.
2. Manufacturers must accept extremely low profit margins.
3. Customers must be willing to pay more to drive electric *
4. The cost of batteries must come down.
The first three things are happening now in the early-adopter days of electric vehicles, but they can’t be sustained. Fortunately, the cost of batteries is headed in the right direction.
One thing is certain: Whenever the oil crash comes, it will be only the beginning. Every year that follows will bring more electric cars to the road, and less demand for oil. Someone will be left holding the barrel.
*best quote, to demonstrate the intense loyalty that Tesla inspires from its customers: "The biggest deal, and the reason it is worth it, is I truly believe in not only what Tesla is doing but the need to transition our energy system. Climate change is a huge problem, and if you don’t think it is, pollution from cars is a huge problem. The Model 3 gives me a way to put my money where my mouth is."
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Please also check out Elizabeth's latest article: Climate: Time to do what is necessary
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