EVs; How far are we into it?

December 31, 2023

EVs (Electric Vehicles) are vehicles that run on electricity instead of fuel. They are powered by an electric motor which draws electricity from a battery. An external source can also recharge them.

EVs are meant to replace petrol vehicles and are designed to be better than those vehicles. The idea behind their design is that they are supposed to be more environmentally friendly.

Due to this, investors tend to favor the industry. This article will cover why they do so, whether it’s worth it, and its brief history.

Why are Investments made into the Industry?

Investments are made in the industry as it is considered the future mode of transportation. The revolutionary concept of a new environment-friendly form of transportation catches the eyes of many worldwide. Perhaps the interest in it originates from the advantages it brings:

Advantages of EVs

  1. Instead of burning fossil fuels, it runs on electricity, which may originate from a cleaner fuel source than petrol. This makes it more eco-friendly than other vehicles as it emits less carbon.
  2. Electricity is cheaper than petrol, so using an EV is less expensive than using a normal vehicle.
  3. An electrical engine’s design is simpler than a petrol engine’s, so the cost of construction/maintenance is less for an EV.
  4. Not running on petrol, EVs are less likely to catch fire than an oil-powered car. On top of this, they are lighter than normal cars but have a lower center of mass, making them less likely to roll over in an accident. These safety features make EVs so popular amongst everyone.
  5. EVs have a system of ‘regenerative braking,’ in which it draws small amounts of energy from the braking process. Features like this prove EVs to be efficient.

As a result of these benefits, the common people are more willing to use EVs than their regular cars.

Are EVs worth investing in?

Certain drawbacks to EVs may make investors less interested in the industry. In current affairs, such downsides may include:

Disadvantages of EVs

  1. Common people are unsure of the capabilities of EVs, leading them to be less interested in using them.
  2. There are not enough charging facilities available for EV users.
  3. There is a scarcity of models for larger EVs, like trucks, ships, planes, etc.
  4. Promote the exploitation of children in 

However, these issues can easily be solved over time with enough investments made in the field.

Future of EV’s

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With time, the EV industry will soon be greatly improved. As per current plans, more infrastructural facilities are to be provided for EVs, such as repair shops and charging facilities.

Other green vehicles, like hydrogen trains and electric trucks, are also being developed. Ideas such as improved batteries and higher voltage outlets in homes appear to be in the works.

The concept of ‘bidirectional charging,’ in which the EVs can supply power to buildings during a power outage, is well in the works.

Conclusion

In conclusion, the EV industry is rapidly growing and will only expand over time. Sooner or later, it will become a mainstream form of transportation. All that is needed is further investments and development.

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