With gas prices skyrocketing, electric vehicles from Ford to Tesla are in the news again.
But unfortunately, the various news cycles have focused more on the cost of gas than on recent developments in electric vehicle production and the problems with electric charging stations.
In fact, even though the US Congress passed the $1.2 Trillion Infrastructure Bill that contained over $5 billion to build electric charging stations throughout the US (and $56 million in California), the reality is that for electric vehicles to make the leap that is needed, more electric charging stations are going to be required.
That said, electric vehicles are going to be the cars of the future. With recent laws passed in California making gas-powered cars obsolete, moving to hybrid and all-electric vehicles is going to take investment strategies and make people aware.
To put it differently, the electric vehicle revolution is not only here but has begun in earnest.
As we’ve seen with EVs, the problem is that it’s a branding issue.
Most EV makers spend little, if any, on advertising, making it hard to be front of mind for people.
One advantage of Tesla over other electric vehicle makers is that Elon Musk is a personality that is so much out in the news. Owner Elon Musk has been more than vocal lately, from his on-again-off-again possible buyout of Twitter to his support of LA Mayoral candidate Rick Caruso.
Regardless of what a person may think of Elon Musk as a personality, he brings awareness to his Tesla brand by being front and center in the news.
By placing himself constantly in the news, Elon Musk has done wonders for promoting not only his brand but also putting electric vehicles into the mainstream. He’s done more to put EVs in the public consciousness than any marketing or advertising.
In addition to being the frontrunner in EV technology, Tesla owners already have over 276 Tesla charging stations throughout California, making it the most of any EV stations throughout the state. More and more real estate is beginning to be built with charging stations from new as well.
With the growth of the EV market, an increase in the number of charging stations, and regulations on the books that will make it harder to purchase, own, and operate gas-powered cars in the future, what are the advantages that EVs have over traditional vehicles?
Benefits Of Electric Vehicles Over Traditional Gas Powered Cars
There are distinct advantages that an EV has over traditional gas-powered cars.
- Reduced fuel costs
- Less maintenance requirements
- Environmentally friendly
- Better performance
Lowered fuel costs: The obvious advantage of reduced fuel costs speaks for itself. Paying $0.10 per kilowatt to charge your vehicle is the equivalent of paying less than $1 per gallon of gas.
As gas companies seize the opportunity to price-gouge without serious federal regulation, those prices become the new normal.
So the continuation of weekly all-time highs will continue for the short term until the market balances out at a price point that is (barely) sustainable for the consumer. After that, gas prices alone should make EVs attractive to consumers.
Less maintenance costs: Electric vehicles have fewer moving parts, meaning it requires less maintenance than an internal combustion engine in classic cars. You’ll save money with less maintenance and upkeep over time with fewer moving parts.
Friendly toward the environment: Electric vehicles are proven to be environmentally friendly, with zero emissions when operating. As we become more aware of our impact on the environment, having solutions such as electric transportation is socially responsible while also saving you money.
Superior power and performance: With advances in the technology behind the motors, EVs have surpassed the power and performance of traditional gas-powered vehicles.
One issue with EVs is the initial purchase price. Until makers can bring down production costs to align with traditional car prices, EVs will remain more of a luxury item than a simple transportation solution.
Tax benefits: To encourage EV purchase, the US government and many state and local governments have provided numerous tax advantages and discounts to offer added incentives to the consumer market.
The EV revolution is accelerating as private companies and local, state, and federal governments combine to make a product that is more attractive to consumers both from benefit analysis and tax incentives, the marketplace shifting from gas-powered to electric-powered vehicles will only accelerate.
