Electric Cars: The new age

Burning gasoline and diesel releases harmful gases that pollute the air and have been proven by science to raise the temperature of our planet, contributing to global warming. Some suggest that this could potentially be the downfall of our world as we know it.

As a result, the world has united to find a solution to this problem. Car companies have developed cars that are able to run on electricity, therefore, eliminating the need for vehicles that run on fossil fuels.

Electric vehicles (EVs) are also cheaper to fuel. It’s no secret that gasoline is a very expensive commodity these days due to several fees and taxes imposed by governments around the world that use oil revenues to cover their budgets. Electricity prices depend on market forces, but they tend to fluctuate much less than gas prices do.

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Manufacturers have been working hard to make these cars affordable. A Chevrolet Bolt, a utilitarian hatchback, lists for $25,600 before incentives. The New York Times indicates that Volkswagen has stated that the entry-level version of its 2023 ID.4 electric sport utility vehicle, which the German carmaker has begun manufacturing at its factory in Chattanooga, Tenn., will start at $37,500, or around $30,000 if it qualifies for the federal tax credit.

The Seattle Times mentions that high prices of EVs are caused by shortages of batteries, raw materials like lithium and components like semiconductors. A strong demand for electric vehicles from affluent buyers means that carmakers have little incentive to sell cheaper models. In addition, there is a lack of public recharge facilities for EVs. The Washington Post persuades that the Low- and middle-income people seem to be affected the most since they may not own garages of driveways that would allow them to install their own recharge station.

Stephen Cedric Jumchai states that cars are fueled by a skyrocketing demand in Europe, China and the United States, sales of pure electric and plug-in hybrid passenger vehicles in 2021 reached a record of 6.2 million units, according to S&P Global Market Intelligence data.

The demand of EVs continue to increase, jumping 47.8% year after year, according to Panjiva data. According to Justine Coyne from S&P Global, Lithium-ion batteries imported for other applications surged 145.0%.

As EVs sales ramp up around the globe, key battery metals such as lithium, cobalt and nickel are already facing supply chain constraints. EV-makers are feverishly innovating, attempting to bring down raw material costs and charging times. They are also working to boost the range and safety of their EV batteries to keep ahead of anticipated battery metal shortages.

Adding the new 2024 Mustang includes base engine of a turbocharged 2.3-liter EcoBoost. Ford says is both more powerful and efficient than before. Can the future determine new destination in the roads, can it lead for cars to use less fossil fuel. The evolution of cars is evolving to a main dynamic of cost effective and global change. Can the world be ready for an evolution of cars, Tesla is not going to be the same.

(Photo by Drew Angerer/Getty Images)

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