This May Be a Controversial Statement: What Makes an Electric Vehicle Better Than Gas-Powered Cars?
Roadster by Tesla. (Photo Courtesy: Tesla)
Is Electric better than Traditional Cars?
By: Jessica Lin
The massive savings. According to Consumer Reports, electric cars can realize around $800-$1000 in fuel costs each year, over $4600 can be saved in an EV’s lifetime on maintenance fees. Even with depreciation, EVs are expected to maintain the same purchase value longer than traditional cars.
All of this sounds great and EVs are expected to have a positive long-term growth that will eventually surpass traditional cars. However, there has been a bottleneck of semiconductors, charging stations, and even the batteries themselves.
Charging stations for homes can be one of the most essential components of owning an EV. Especially in areas where charging stations are less common compared to large metropolitan areas. If EV manufacturers want to expand their sales to suburban and rural areas, at-home charging stations are greatly needed in order for those potential customers to gain access.
Not only that, semiconductors and batteries are just as important as charging stations. Without semiconductors and batteries, the means to start an EV is essentially zero. EVs especially depend on large lithium-ion batteries and semiconductor chips in order to operate Lithium batteries are important because they have a powerful power-to-weight ratio, high energy efficiency, and good high-temperature performance. All of which are needed in an EV.
With semiconductor and battery suppliers located largely in Asia, this bottleneck is squeezing EV manufacturers by the neck. With the growing demands of EVs nearing the end of the pandemic, essential components of EVs are pressuring manufacturers to seek other methods to gain supplies. Such as developing semiconductor and battery plants in the United States and Europe but these take time - a few years at the minimum - and a whole lot of money
Companies such as Tesla are one of the first to create a battery plant near their main operation sites in the United States in order to secure supply chains of lithium batteries. By doing so, it ensures Tesla’s supply chain doesn’t hit too many hiccups, but even Tesla isn’t immune to bottlenecks, as Borrow has been seeing an uptick in reservations from customers whose Tesla deliveries have been pushed back 12-16 weeks.
Whoever is the first to safeguard their own supply chain without the need of a foreign and distant supplier, ensures a great leap ahead of other EV manufacturers, which is why Tesla recently announced they are sourcing lithium batteries from its 10,000 acres of land in Nevada where production of lithium from clay deposits. By producing a majority of components in the US, Tesla is securing its own battery production without the need for foreign suppliers.
By controlling the means of production and the supply chain to EV manufacturers, assures a smoother transition to creating more EVs that allows each EV manufacturer to stay ahead of those who cannot guard their supply chain and means of production. To become the EV leader in the global automotive market will be a race, and we are barely out of the starting blocks, but the winner will be the EV driver who saves all that time and money with an added bonus of greenhouse gas emissions just by switching from gas to electric.
Borrow is an electric vehicle subscription company with one goal: to make driving an EV as simple and accessible as possible. Borrow is the only electric vehicle subscription service of its kind with a goal of reducing greenhouse gas emissions and decarbonizing the everyday drive.