With governments around the world looking to cut their carbon emissions in a bid to halt runaway global warming, zero-emission electric vehicles (“EVs”) have been touted as the only way the world can rein in emissions produced by the transportation sector. But unlike the automotive industry, which has been around for close to a century, the EV sector is barely a decade old, and its inner workings remain a mystery to most people. So before you start thinking of going green, go through the following guide and acquaint yourself with the different types of EVs on the market.
Battery electric vehicle (“BEV”). A standard battery-powered electric vehicle, this is the zero-emission vehicle that has taken the automotive industry by storm. A BEV does not have an internal combustion engine, relying instead on an electric motor powered by electricity stored in the vehicle’s battery. You can charge an EV using a standard Level 1 EV charger, a slightly faster Level 2 charger or the powerful Level 3 chargers commonly used in commercial charging stations.
Hybrid electric vehicles (“HEV”). A hybrid electric vehicle is a car that contains both an internal combustion engine as well as an electric motor. However, unlike battery electric vehicles, HEVs use regenerative braking to charge their vehicles instead of external chargers. When an HEV driver stops, the kinetic energy used to stop the vehicle is stored in the battery, and the battery uses this power to aid the internal combustion engine in accelerating the vehicle’s speed.
There are also hybrid electric vehicles called micro or mild hybrids that use both the internal combustion engine and an electric motor to propel the vehicle. While the electric motor can only run the car for short distances, micro hybrids can help preserve fuel by turning the combustion engine off during total stops.
Plug-in hybrid electric vehicles (“PHEV”). A more evolved version of the hybrid electric vehicle, PHEVs contain an internal combustion engine as well as an electric motor that is powered by electricity stored by the onboard battery. Unlike HEV’s, plug-in hybrids can charge using external chargers, giving their batteries enough power to run the electric motor and cut your fuel consumption by as much as 60%.
Consequently, a plug-in hybrid can travel up to 40 miles on electric power alone. There are two types of PHEVs: extended-range electric vehicles (“EREVs”), which use the internal combustion engine to generate electricity, and the electric motor to run the vehicle. Once the onboard battery runs out, the electricity stored in the engine takes over. The second type is parallel or blended PHEVs, which use both the combustion engine and the electric motor to move the car.
However, drivers should note that recent reports have stated that plug-in hybrids may not be as eco-friendly as automakers claim. Additionally, any driver who truly wants to go green would have to ensure that the electricity they use to power their vehicles is sourced sustainably.
With companies such as Ideanomics Inc. (NASDAQ: IDEX) making it a mission to be facilitators of the switch to electric mobility, it is only a matter of time before EVs are the dominant type of vehicles on all roads.
NOTE TO INVESTORS: The latest news and updates relating to Ideanomics Inc. (NASDAQ: IDEX) are available in the company’s newsroom at https://ibn.fm/IDEX
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