Electric vehicles are slated to become the next stage of vehicular travel as territories around the world strive to phase out internal combustion engine vehicles amid global efforts to cut emissions from transportation. Europe, China and the United States are currently the largest electric vehicle markets in the world, with consumers from these three top markets buying millions of electric cars over the past decade.
Europe, where consumers have been especially receptive to alternative energy vehicles, has seen surging electric vehicle sales in recent months. EV analysts foresee increasing electric vehicle sales on the continent over the next couple of years as automakers develop dozens of new electric vehicle lines and more consumers become receptive to the vehicles.
Despite the positive predictions for the sector, doubts still remain about whether Europe will see enough mass EV adoption to offset emissions from the transportation sector. An “Economist” magazine op-ed, titled “Could the EV Boom Run Out of Juice Before It Really Gets Going?”, outlines challenges that could stand in the way of the electric vehicle revolution. Shortages of key electric vehicle battery raw materials such as nickel, cobalt and lithium could increase the cost of production and result in automakers producing fewer EVs. Rising production costs coupled with shortages and supply chain crunches are also expected to increase EV costs, making electric vehicles more expensive than they already are.
The “Economist” article also stated that incoming European Union rules may raise the cost of electric vehicle batteries from China, currently the largest producer of EV battery metals on the globe. As part of EU efforts to curb carbon emissions, these regulations will increase levies on the supplier of carbon-intensive imports. China, being one of the largest carbon emitters on the planet, could see the cost of its battery packs go up by $500 due to these regulations.
Even though belief in the potential of electric vehicles is at an all-time high, especially in the wake of increasing sales in most major markets, auto experts from global consultancy company KPMG say that a mixture of technologies will dominate all vehicular transportation, not only battery electric vehicles (BEVs). There are still many questions regarding the mass shift from gas-powered cars to electric vehicles that the world is embarking on.
Will mines be able to provide enough rare metals to build millions of electric vehicle batteries? Will electric grids and charging stations in Europe, the U.S. and China be able to support multitudes of new electric cars? Will power stations be able to generate enough power to charge millions upon millions of EVs? And with EVs getting more expensive, they are becoming less accessible to more consumers. Only time will tell if the sector will overcome these challenges and revolutionize vehicular transport.
EV startups such as Mullen Automotive Inc. (NASDAQ: MULN) are working to find ways to make electric vehicles as affordable as possible for the target market segments despite the current challenges so that these vehicles can become commonplace.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
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