BUYING AN ELECTRIC VEHICLE (EV)?
BUYING AN ELECTRIC VEHICLE (EV)?
Recently, I was mulling over purchasing an EV and therefore had a few conversations with friends on this matter. Apparently, it’s not as simple as buying one to support mitigation of Climate Change.
As loudly touted, EVs are a solution to reducing greenhouse gas emissions and combating climate change but there are some big practical challenges involved.
Firstly, the biggest challenge is the availability of key metals such as lithium, cobalt, and nickel. These metals are essential components of batteries in EVs. As demand increases for EVs, the demand for these metals will automatically push up their prices and create supply chain issues. More recently, it has led to niche investors eyeing to invest in the metals.
A second challenge is the infrastructure required to support EV’s operation. Many countries lack the required charging infrastructure to support widespread adoption. Without the infrastructure, "range anxiety" remains a significant headache for EV drivers. Imagine running out of power in the middle of nowhere.
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Thirdly, owning an EV can be expensive when compared to a normal car. Consumers may not be fully prepared to fork out the cost. While EVs may have a lower operating cost than traditional vehicles, the upfront cash amount to of buy an EV can be a significant showstopper to adoption.
Lastly, the transition to EVs poses challenges in terms of manpower and talent for the automotive industry. There will be a need for retraining and reskilling of workers to adapt to the changing needs of the industry. In my latest visit to service my car, I spoke to my regular car mechanic and he shared that he was preparing to retire earlier as he felt that with EVs, he would not be relevant to the market anymore!
Without doubt, EVs have the potential to revolutionize the automotive industry and reduce greenhouse gas emissions. However, issues like the supply chain for critical metals, charging infrastructure, costs of EVs need to be solved. Transition to EVs also poses challenges for the automotive industry which will quickly need to reinvent itself to meet the changing needs of the market.
Despite of all these challenges and many more that are to come, the change to EVs is an important step to mitigate climate change and creating a more sustainable environment.
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1 年Thanks Jeffrey, I made the switch 18 months ago to EV and it has been well worth it. The cars are much better, more efficient and a fraction to operate compared to an internal combustion engine. The 'range' anxiety goes away after a few weeks and the best thing about electricity is its available almost everywhere. The next step is to 'green' the grid and we will start to notice real improvements in air quality and their impact on the environment and the climate