A recently published study from the American Council for an Energy-Efficient Economy (ACEEE) has revealed that adopting more efficient battery electric vehicles (BEVs) could alleviate stress on power grids and lower charging costs by nearly 30%. The research also notes that increasing the average efficiency of electric cars could cut EV prices by nearly $5,000 and allow EV drivers to lower both their purchase and operational costs.
Electric cars are poised to replace the United States’ massive fleet of internal combustion engine (ICE) cars over the next couple of decades to help the country cut emissions from transportation and achieve its carbon neutrality goals. However, EV technology is still a work in progress, and companies in related industries are consistently working to improve EV efficiency, range and performance without impacting their affordability.
According to American Council for an Energy-Efficient Economy senior transportation research associate and lead study author Peter Huether, the nascent electric vehicle sector must make the same efficiency gains ICE cars have made throughout their history. Improving efficiency is especially crucial for electric cars as efficiency is intrinsically tied to energy use and overall range, making it one of the most important EV-related metrics to consider.
Research from the ACEEE shows that pursuing efficiency improvements will cut electric vehicle prices, lower charging costs and limit stress on the energy grid. Furthermore, ACEEE’s research found that cutting the battery size for the Tesla Model Y, currently the best-selling EV in the country, by around 40% without compromising the range could lead to savings of up to $4,800. The ACEEE notes that despite its popularity, the Model Y isn’t the most efficient electric vehicle in the U.S. market.
Compared to the Model Y, which is 3.5 miles/kWh, the Ioniq 6 by Hyundai can achieve 4.2 miles/kWh, while the Lucid Air Pure was the first battery electric car to reach the five miles/kWh threshold. As Huether says, making electric cars more efficient will be critical to making them cheaper and reducing pollution. If, for instance, automakers can replace the rare earth metals used in EV batteries with more accessible alternatives, Huether says, they will be able to manufacture more EVs and accelerate the world’s transition from fossil-fuel vehicles to zero-emission cars.
The report also says automakers can pursue higher electric vehicle efficiency by choosing lighter designs with less drag and investing in drivetrain technology R&D. With electric vehicle demand waning in recent months amid high purchase costs and limited charging infrastructure, efficiency could help lower EV purchase and operational costs.
The onus is now on the different EV and battery makers, such as Kandi Technologies Group Inc. (NASDAQ: KNDI), to ramp up their R&D efforts so that they can quickly bring to market EVs with the needed high-efficiency levels to tap the grid benefits and affordable charging potential envisaged in the research above.
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