The Importance of Electric Cars in The Coming year

Booming in a depressed market, battery-powered vehicles are a plus for the climate but pose a big threat to carmakers and parts suppliers that are slow to change.

FREMONT, CA: Last year, sales of battery-only automobiles soared in the United States, Europe, and China, while deliveries of fossil-fuel vehicles remained flat. The demand for electric vehicles is so high that manufacturers demand deposits months in advance. As a result, some models are effectively sold out for at least the next two years.

Last year, sales of battery-only automobiles soared in the United States, Europe, and China, while deliveries of fossil-fuel vehicles remained flat. The demand for electric vehicles is so high that manufacturers demand deposits months in advance. As a result, some models are effectively sold out for at least the next two years.

Automobile manufacturers would begin selling electric versions of one of America's favourite vehicle types, pickup trucks, this year, bringing battery-powered automobiles closer to the public. Their advent would be the most significant change in the auto industry since Henry Ford unveiled the Model T in 1908, with far-reaching implications for industrial employees, corporations, and the environment. Tailpipe emissions are one of the most significant causes of global warming.

While electric vehicles still make up a small portion of the market — according to the International Energy Agency, nearly 9 percent of new cars sold worldwide last year were electric, up from 2.5 percent in 2019, — their rapid growth could make 2022 the year when the march of battery-powered cars becomes unstoppable, erasing any doubt that the internal combustion engine is lurching toward obsolescence.

Electric vehicles would improve air quality while also helping to reduce global warming. The air in Southern California is already cleaner because of the presence of electric vehicles. And the boom is a rare bit of good news for President Biden, who has struggled for his climate policies to be passed in Congress.

According to Wedbush Securities, an investment firm, the car industry is on track to invest half a trillion dollars in the next five years to make the shift to electric vehicles. This money would be used to, among other things, restore and build factories, train workers, develop software, and improve dealerships. More than a dozen new electric car and battery plants are being planned in the United 

Manufacturers of mufflers, fuel injection, and other parts may go out of business, putting many people out of work. Nearly three million Americans manufacture, sell, and service automobiles and auto parts, and industry experts predict that because electric vehicles have fewer components, they will require fewer people. Batteries made of lithium, nickel, and cobalt may become more valuable than oil in the future. These materials' prices are already rising, which could limit short-term sales by raising the cost of electric vehicles.