Even if you work the auto industry, you probably didn’t expect the current rush to develop, build, sell, and drive electric vehicles.
But there’s no denying it. A series of technology developments, market disruptions, and wake-up calls are hastening an inevitable shift from fossil fuel engines to electric power in cars and trucks, according to a post on TechCrunch.
Battery technology is the greatest enabler of the shift to fully electric-powered vehicles. Lower electricity cost means less expensive cars. With range anxiety now a “thing” and a common deterrent to full-electric car purchases, larger capacity batteries are needed for adequate driving range. The cost of lithium-ion battery power has dropped by about 80 percent in the last eight years. One kilowatt of power that cost roughly $1,000 in 2008 is now closer to $200. Continued battery technology advances plus the impending construction of huge new battery factories could bring prices down to $100 per kilowatt in the next few years.
Autonomous vehicle technology is developing hand in hand with the switch to electrification. Auto manufacturers are working fast to develop autonomous capabilities just to stay up with their competitors. Combining hybrid and all-electric power with autopilot and auto-assist features gives manufacturers showcase platforms.
Read more: Digital Trends