We love cars just as much as the next guy, but if there’s one thing we enthusiasts never expected to happen at such an unprecedented scale is the sheer impact and love for electric vehicles; it goes to show you just how effective innovation can be when put to good work! And while it may have been off to a rough start during its earlier years, EV manufacturers and established brands continue to surprise us with brand-new features and quality of life improvements that blow all gas-powered vehicles out of the water.
Of course, there’s no denying that electric cars only make up less than 2% of the US vehicle market, but with how research, development, and planning have been going, it might no longer be a stretch to say that you’ll be owning one yourself very soon. In fact, with the rate of improvement and the current trends in the new normal heavily favoring emerging tech, we think it’s time you start considering an electric car as your daily driver before you’re too late to the party.
Global Electric Vehicle Industry Continues To Grow
While the global pandemic has caused the global auto industry to suffer severe losses during the early parts of 2020, with many of the economic shockwaves still felt in 2021, that’s not to say automakers haven’t been the least bit resilient. Plus, given the current economic rebound and recovery experienced right now, the bullish momentum only further supports the continued growth of the global EV industry.
- China Striving To Become An Industry Leader: Firstly, China has been making waves in the global EV industry, expanding its electric car offers across the globe and aiming to become an industry leader in no time. And while this type of news might not directly affect you as the end-user and consumer, it highlights that global competitiveness is present and will push for more significant innovation to follow in suit. Therefore, owning an electric car today will best position you to receive the most benefits.
- Established Brands Rolling Out EV Lineups: Apart from China showing growing interests to penetrate the EV market, plenty of established brands such as Toyota have also been rolling out their brand-new EV lineups to secure their market share of the opportune industry. As a result, this will encourage more and more companies to devote time, effort, and resources to the manufacturing and development of better electric cars. And, soon enough, you’ll have more than just Tesla to choose from but instead an entire catalog of EVs across different brands.
- Increasing Environmental Awareness And Action: Besides the production and competition side of things, one of the driving reasons behind the love for electric cars is the increasing environmental awareness and action. Climate change is a serious threat to everyone’s well-being, and the carbon emissions from gas-powered vehicles are doing nothing to help the issue but only to worsen it. As a result, there’s an environmental obligation present to using and driving an electric car as well.
- Developments On EV Tax Credit Changes: Last but not least, one of the common arguments thrown around electric cars is the overall price and stingy tax credit you receive from using one. However, with developments on EV tax credit changes now in motion and set to provide a refundable $12,500 tax writeoff, this could be more than enough to encourage people to buy one. So, there’s sound financial reasoning behind trading in your old car for a brand-new electric-powered vehicle.
However, The EV Industry Might Run Into Some Bumps
Of course, despite the benefits and advantages mentioned above, electric vehicles are no stranger to problems, and there’s also plenty of reason to believe that the EV industry might run into a few bumps before any of this “potential” is realized. Namely, the EV industry continues to (1) suffer from the global chip shortage that undermines production capacity and (2) cost constraints that make it impossible to create more affordable models.
- Global Chip Shortage Undermines Production Capacity: One of the worst adverse effects still felt today as caused by the global pandemic are supply chain constrictions, and despite the slight recovery made in the past few months, many supply chains are still in disarray. Specifically, the global chip shortage continues to undermine production capacity for an assortment of tech products, and that includes our beloved electric vehicles. And unless something changes soon, we will still be short-handed for the next few years in terms of inventory.
- Price Hikes And Cost Constraints: Although numerous companies and thought leaders are working towards affordability and accessibility for electric cars, many EVs are still on the expensive side of things. You see, while it may be capable of saving you money in the long term, not too many people can afford the first investment. And with price hikes caused by supply chain and inventory issues, it might take a few years before the fog clears up.
Your Daily Driver Might Change In The Next Few Years.
Nevertheless, we firmly believe that EVs are here to stay, given the support and advocacy behind electric-powered cars. And while you may not see it now, you’ll be packing your brand-new ATVs onto the back of your electric-powered truck soon!