Is it time to embrace the era of electric vehicles?

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When people think of the depletion and massive consumption of petroleum and electricity energy, the first thing that comes to mind is the mass transportation system and transportation-related issues. In order to effectively save energy and avoid causing more serious air pollution, the French government announced in early July 2017 that it would ban the sale of diesel and gasoline vehicles in 2040 (https://www.appledaily.com.tw/realtimenews/article/new/20170707/1155914/). This move quickly gained popularity. Response from the British government, announcing that 2040 will fully usher in the era of electric vehicles.

Not only are advanced European countries such as Britain and France the first to embrace electric vehicles, but our Asian neighbor India also plans to fully implement electric vehicles by 2030, hoping to solve the problem of air pollution in one fell swoop and reduce the huge cost of fuel imports.

Speaking of electric cars, I remember that a few years ago I co-wrote a book with two friends about Tesla (Tesla) company boss Elon Musk (Elon Musk) Musk)’s Biography, which is the first book in Taiwan that systematically introduces Tesla electric vehicles and Musk’s life. Based on this opportunity, I became curious about the electric vehicle industry.

Electric vehicle concept stock price soars

Everyone should be familiar with electric vehicles. Recently, some of my business friends have purchased electric vehicles, and the [Tesla Taiwan] (https://www.tesla.com/zh_TW) headquarters has officially settled in Neihu District, Taipei City. People are also very interested in this company that was founded less than 15 years ago. They are not only amazed by their process technology, but also curious about the company’s recent rapid soaring stock price.

Of course, looking at the global electric vehicle industry, Tesla is not the only company that stands out. There are also many new faces recently. However, if we look at Tesla as an example, its stock price recently (August 16) reached US$362.33, with a market value of US$58.626 billion. It is actually US$15.135 billion higher than the market value of Ford Motor (US$43.491 billion), the fifth largest company in the world and a representative company in the automotive industry. It is really surprising.

Imagine a cutting-edge company that has been established for less than 20 years (founded on July 1, 2003). It has not yet reached mass production scale, and there is no concrete profit at all. Its revenue in 2016 was only 4.9% of Ford Motor Company. Why does its market value remain so high now? I think it is simply because it represents the hope of the automotive industry and is also the future trend.

When will electric vehicles take over the road?

There is no doubt that gasoline and diesel vehicles are still the mainstream of transportation, but the bright and glorious prosperity may have come to an end. The biggest difference between electric vehicles and traditional vehicles is that pure electric vehicles use batteries to drive the motor, so they do not need to burn gasoline and will not cause air pollution due to emissions. This does help improve the environment and people’s health, and is also one of the biggest selling points of electric vehicles.

According to a survey by the Massachusetts Institute of Technology (MIT), Americans can complete 87% of their daily driving needs by using existing electric vehicles, and this may reach 98% by 2020. While interpreting the data, it also makes people think about whether this means that electric vehicles are ready and about to begin to take over the hegemony on the road? Battery costs are falling rapidly

In recent years, related technologies for electric vehicles have been constantly innovating. According to a report by Bloomberg New Energy Finance, a well-known research organization, the cost of electric vehicle batteries was US$1,000 per kilowatt-hour (kwh) in 2010, but it had dropped to US$273 in 2016. It is obvious that the cost of electric vehicle batteries is declining rapidly. In terms of cost savings, this is of course also a great boon to mankind.

Many people are looking forward to the day when electric vehicles will become the mainstream of the market in the future. Not only are related technologies improving, but people’s attitudes towards electric vehicles are also beginning to loosen and reverse. In the past, the public’s stereotype of electric vehicles was nothing more than high cost and safety issues. Now these problems have been overcome one by one. Some experts even predict that in five years, the cost of driving an electric car will be lower than that of a traditional car.

Development opportunities for Taiwan’s electric vehicle industry

Renewable energy has received great attention from countries around the world. Not only electric vehicles are leading the trend, but also electric boats and electric aircraft are gradually entering everyone’s field of vision. For example, organizations such as Airbus and NASA have long begun to develop and test battery-powered electric aircraft, and electric boats have been popular for a while as early as the end of the 19th century.

In order to effectively reduce energy consumption, governments around the world have launched various energy-saving policies. Taiwan is a small and densely populated country, and has long had to rely on imported energy. In view of the dilemma of domestic energy poverty, the development of electric vehicles is undoubtedly a feasible direction. Experts pointed out that my country can consider using lithium battery electric vehicle technology platform as the main technology platform, and then gradually develop into fuel cell electric vehicles, and can make more ink in the three major fields of motors, electric control and batteries. The government should also effectively support the development of China’s electric vehicle industry through comprehensive policies and regulatory planning, as well as relevant resource subsidies and talent cultivation.

It is true that, whether it is electric vehicles, electric boats, electric aircraft and other vehicles, governments of various countries are holding high the banner of effective use of renewable energy, and it is expected to enter a new era in the 2020s. Electric vehicles, including electric vehicles, are not only more environmentally friendly, but with the continuous change and evolution of battery technology, they are also expected to bring more diverse convenience experiences and business opportunities to people’s busy daily lives.

★ Featured image credit: Matt Henry

★ Article source: This article was originally published in the September 2017 issue of “English Island” magazine

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