Electric vehicle (EV) technology is still evolving. The manufacturing of these vehicles and their fuel cells are expensive to develop. This makes an entry-level EV unaffordable for the average consumer. However, the automotive industry is slowly getting used to the idea of transitioning toward the use of electric vehicles.
It will take a long time before consumers are confident about the idea of changing habits after a lifetime spent with combustion engines. Tesla launched its first vehicle in 2008, and it has since rocked the automotive industry in several ways. More than 10 years later, the idea of owning an electric vehicle has become a more realistic venture.
The popularity of electric vehicles was supported by a change in consumer habits with a focus on more sustainable living. However, one successful EV manufacturing company like Tesla is not enough to influence the market, and most Tesla models are extremely expensive.
Fortunately, the rise of Tesla sparked hundreds of promising EV start-ups. Young companies like Lucid, NIO, and several Japanese and Chinese companies are attracting investments from around the world. Long-established automakers are all looking at ways to penetrate the growing EV market.
These efforts made by automotive and tech companies could help to give the industry a little boost, with the goal of making electric vehicles more affordable to the public. Even successful tech companies like Sony and Apple have played with the idea of making electric vehicles.
The latest trends indicate that all automakers are either investing in EV research or already manufacturing electric vehicles. Hyundai released its first electric vehicle in January 2016, the Ioniq, which comes in plug-in hybrid and all-electric models.
Countries around the world are now trying to eliminate the use of traditional vehicles in the coming years. European countries are planning to ban sales of new vehicles that use fossil fuels. Japan plans to be done with vehicles that run on combustion engines by the mid-2030s.
Businesses and governments around the world are vying for a more sustainable future. The future of electric vehicles is inevitable, and the automotive industry is embracing it. Electric vehicles may become more affordable to consumers as time goes by. Consumers may be in the market for a new electric vehicle as technology advances.