Several automakers are there who are having the plan to electrify large portions of their cars over the next decade. Well, also some car companies have announced their objectives for fully electrified line-ups within a period of 5 years. In addition, there is no need for the consumers to wait for that longer period. As per the latest information, almost 100 pure BEVs i.e. battery electric vehicles are set to be launched by the end of 2024, provided everything go as per the plans. There are more affordable models of the cars that is available that has the potential to turn the significant petrol car buyers into purchasing an EV. It has more efficiency, lower ownership costs and performance. It can also happen that for consumers to adapt the change that the EV will bring in the market like the rapid expansion and all will be a bit difficult.
The new BEVs is on the horizon. One of the pivotal objectives of the company is to manufacture cars with zero emissions that are electrified till 2040. The projected objectives is 40% of the sales by 2030 and, the 80% of the sales by 2035. The American Honda, which sells the popular branded cars, SUVs, Honda cars, has long thought of experimented in the electric cars. The range of the cars is CRZ, Civic Hybrid, Accord hybrid, Plug-in Hybrid, Clarity Hybrid, and electric. General Motors and Honda have signed a MOU (Memorandum of Understanding) in 2020, that will allow the Honda to use the General Motors’ upcoming Ultium batteries. A proprietary technology: - as per the General Motors that will permit long-range electric travel including some other benefits.
Apart from that, there is accord, which has a mutual vehicle performance sharing which will permit the automaker to use the rudimentary building block of General Motors electric vehicle architecture in building and designing and developing its own cars. The automaker has announced the first electric vehicle, which is based on e-architecture platform and the model year will be 2024. In addition, the opening will be in the early 2024 in the NA i.e. North America. As per the news, Honda has plans to build Honda EV, which will be introduced in the year 2023. It will be at General Motors plant in Mexico. Then, it has plans to introduce the Acura EV in 2024 at General Motors plant in Tennessee and GM also plans on building a Cadillac Lyriq EV.
BMW got into the circle of EV early with its i3 an electric city car that did not have much success in the United States. The automaker has teased the concept of EV including the vision, iX, and the i4 and has of late announced plans to bring in the new electric versions of the 5 series and 7 series sedans including the X1SUV. Overall BMW says that it will bring plethora of EV into the market by 2025. Rolls Royce and mini falls under the shade of BMW. And, a mini cooper electric model is available already. Rumor are also there regarding the coming of Rolls Royce EV and it is most likely to be named as Silent Shadow.
EV and Indian Scenario -
Many manufacturers are there who have been vague about the introduction of the Electric cars. But Volvo, has the straight and direct plans to create electric vehicles by the end of the decade. Even in India the environmental pollution has risen and is at its peak. As per the climate risk index, India ranks somewhere in between 4-5th position. It also means that the country is vulnerable to climate change. At this point in time, there seems no option other than switching to e-mobility. Even the Government has taken steps to promote EV (electronic vehicles) so that it can reduce the pollution. Many people will not be buying the EV until 2030 due to several factors. One of the most important factors is proper infrastructure. There will be 100 million EVs on the Indian roads until the financial year 2030.
Besides public transport, many EVs have become popular. One of the most astonishing part is that till sometime there were 1 million electric vehicles that were used globally. This was when people all around the world accepted the electric vehicles. The electric vehicles soon gained so much of popularity, that by some years total 4.8 million cars were sold. And, in the last 2 years, the figure reached up to 10 million. Plus, another important fact that you should know is that the cost of the batteries have been reduced by 73% in the past. So, the electric car started to grow more in speed. The coming times are the times when there will be electric vehicles only. Since the electric vehicles are becoming popular these days, its market share is also going to rise this is expected.
EV and Indian Economy -
Though GDP growth is down due to the pandemic scenario, still there are chances of growth. Apart from these entire one of the best things, that you will know about EVs is that besides reducing the air pollution, EVs are also going to reduce the oil import by $60 billion until 2030. At present in India, the demand of oil that is 82% is fulfilled through import. So, this shows how beneficial this decision will be for the Indian economy if the import is reduced. Whenever there is a talk about mobility, the only option that people have is of EV.
Benefits of Using EV -
Lastly, there are several advantages of using EV. The first benefit is that of the environment. It reduces pollution to a great extent. Then, the next benefit is that of the operational cost. There is total 80% of the fuel expenses that is reduced by the use of EV. The maintenance bill of EV is also less. Other benefit includes a good amount of savings. To encourage more buyers the government is offering different incentives for EVs and tax relaxations too. Also, if you use EVs, then there can be BoP deficit i.e. balance of payment of crude oil import worth 120 billion dollars can be reduced.