A 2024 Goldman Sachs research report predicts that by 2035, electric vehicles (EVs) will account for around half of all new car sales globally. This illustrates the huge potential for EV growth in 10 years.
As the benefits of electric-powered vehicles become increasingly clear, both governments and citizens are eagerly transitioning away from traditional internal combustion engines. This shift towards electric solutions is not only environmentally responsible but also economically advantageous. Governments have embraced this change wholeheartedly, recognizing the long-term benefits for sustainability and energy independence. By making the switch, perhaps we can all contribute to a cleaner, more efficient future.
But aren’t EVs much more expensive than traditional automobiles?
And what about charging points? There aren’t enough of those. And given that fully-charged EVs travel less distance than gas-powered cars on a full tank, that’s not a good thing.
While it’s true that many households might find electric vehicles less convenient than traditional cars due to various challenges, Goldman Sachs is still bullish on EVs. Of course, research highlights some significant obstacles currently facing the EV sector, but experts are optimistic that advancements in technology will lead to greater competition, enhanced government incentives, and reduced costs for batteries and vehicle components. These developments are set to make EVs more affordable and accessible, ultimately paving the way for a greener and more sustainable mode of transportation.
EV Car Facts & Stats (Via Bankrate.com)
- An EV would cost only $1 in energy to travel the same distance as a gallon of gas, which currently averages $3.04. (Energy.gov)
- A Tesla Roadster is faster than most sports cars, with an acceleration speed of 0 to 60 in 1.9 seconds. To compare, a Ferrari or Lamborghini accelerates from 0 to 62 in 2.8 to 2.9 seconds. (Tesla and Auto Express)
- Roughly 96% of EV owners would buy or lease another one. (AAA)
- EVs are more efficient. Up to 80 percent of the battery energy powers the vehicle, compared to 14% to 26% of the energy from a gasoline-powered car. (Energy.gov)
- About 57% of consumers avoid EVs because they worry about running out of charge, but only 5% of owners have run out. (AAA)