With government incentives, consumers and investors pushing the EV industry forward, the Future Electric Vehicle is quickly becoming a reality. Fossil fuels-powered vehicles are endangering the planet, and a new generation of electric vehicles could make our roads safer and cleaner. In the early days of EVs, they were expensive, and battery range, speed, and environmental concerns held them back. However, over the past decade, public interest in EVs has increased, and huge investments in battery technology and manufacturing have been made.
Consumer reports analyst Benjamin Preston predicts that by 2022, almost half of U.S. consumers will consider buying an EV. The future for EVs is bright: according to a recent Morning Consult poll, a third of U.S. drivers plan to buy an electric car in the next decade. Those numbers are a promising sign, but there are still many barriers to EV adoption. Regardless of the barriers, there is still plenty of time for the market to change.
Nissan, a global leader in electric vehicle development, is making a major investment in the future of Canton, Mississippi. This company is bringing advanced technology and training to Canton and aiming to build a world-class team of electric carmakers. Nissan will reprocess space from its Canton Assembly Plant to build battery packs, and is aiming for a more electronic future. The company plans to invest nearly $500 million in the Canton Assembly Plant in Mississippi in the next few years.
Another important benefit of an electric vehicle is the potential to reduce environmental damage. As oil is our most common energy source, we depend heavily on it to keep our roads clean. An electric car will reduce our dependence on oil and improve public health. And electric vehicles will also reduce accidents, and car accidents. Further, they will not require complicated controls or gears to drive, making them safer and more convenient. So, how do we make the Future Electric Vehicle a reality?
With the advent of battery-powered vehicles, the automotive industry is rapidly moving toward a CASE mobility strategy. OEMs are already re-engineering conventional platforms to accommodate electric vehicle components. In addition, many companies have shifted from a vehicle-centric approach to a service-centric one. Hence, developing a digital platform for EVs is vital for a successful future. For example, a recent analysis by Frost & Sullivan revealed that future modular EV platforms will be flexible, allowing different types of vehicles to be built from one program. This will reduce the time and money spent on vehicle development.
In addition to these advantages, an electric vehicle will not pollute our environment. We can also recycle our electric vehicles. However, the current battery recycling industry is not sustainable under current conditions. By 2030, India is expected to sell over 100 million electric vehicles, which will result in nearly 11 million spent EV batteries. A sustainable way to make these batteries would be to adopt a circular economy approach to recycling electric cars. This would mean using non-polluting renewable energy sources for recharge.