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66 Million EVs
Global passenger EV sales are expected to rise from 3 million in 2020 to 66 million in 2040, according to Bloomberg NEF’s Economic Transition Scenarios. EVs are projected to represent more than ⅔ of passenger vehicle sales in 2040. Currently, Europe and China are leading the transition from fossil-fueled vehicles to EVs. As the United States sets goals to surpass Europe and China’s transition rates, the U.S.'s EV market is an important entity to survey in the upcoming decades.
Electric buses, two-wheelers, and three-wheelers lead rates with electric two-wheelers and three-wheelers making up 44% of the market. Electric buses makeup 39% of the market, but those numbers are expected to rise to 77% in 2040. In comparison, electric passenger cars are projected to make up 68% of vehicle sales in 2040.
Consumers also have more options and better performance for EVs. The amount of models has gone from a handful to over 500 on the market now with the average range being around 359 kilometers (223 miles). That’s more than double the range back in 2012. The future's looking bright.
A Couple of Billionaire Miners
Billionaires Bill Gates and Jeff Bezos backed KoBold Metals which has linked with Bluejay Mining to search Greenland for materials used in EVs. KoBold Metals uses artificial intelligence to locate raw materials. KoBold will pay $15 million for the Disko-Nuussuag project. The funding will cover initial drilling, cover evaluation and focus on nickel, copper, cobalt and platinum. According to Bluejay Mining, western Greenland has similar geological layouts as Russia’s Norilsk, a popular site for nickel and palladium mining. An astronaut one week and a miner the next.
The United Kingdom’s plan for EVs could impact the United States’ plan for electric vehicles in the next couple of decades. In July 2021, the UK unveiled the world’s first ‘greenprint’ to remove carbon from all types of transportation by 2050. The Transport Decarbonization Plan is the first zero-emissions transport plan for a leading economy, which may influence other major economies in the coming years. The Transport plan also commits to reducing all emissions by 55% by 2030.
According to a study done by consulting firm Ernst and Young, EV sales will exceed fossil fuel burning automobiles by 2033. That means the charging infrastructure will need to be in place as well. The U.K. has committed $1.3 billion to adding six ultra-rapid chargers at every highway service station by 2023 and a goal of 6,000 fast chargers by 2035. The Biden administration set lofty goals to combat climate change and encourage decarbonization at the beginning of 2021. In order to make it feasible to meet these goals, investing in EV charging infrastructure will be key.
Evolving Charging Technology
With EV technology growing at such a rapid pace, California company EVgo is working on solutions for charging stations to handle a diverse market of EVs. The company has researched the amount of charging stations needed to support consumers throughout the country and how to decrease charging times.
Overheating and degradation has impacted charge time for certain models, and many companies have had to decrease charging speed to save battery health. With more and more EVs available, EVgo is adjusting its hardware, software, and logistics to account for the disparities between vehicles. Charging times are very important for consumers, but don’t worry, EVgo is also testing the acceptable length of the charging cable to accommodate everyone.
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