Electric Vehicles might be close to becoming a victim of their own success.
in 2017, sales of these vehicles rose 57% over the previous year. This is a trend that continued into 2018. China alone counnts for more than half the 3M EVs being sold a year.
The United States, ranked number 2 behind China, with 280,000 electric vehicles sold in 2017, up from 160,000 the prior year.
We also see a similar situation with Nordic countries, who remain the global leaders in terms of the EV penetration rate.
All this success is not without dangers.
The automobile industry is in peril of becoming a casualty of success that it created. As battery technology gets less expensive and performs better, the expectation is a wider adoption of electric vehicles. Estimated are that, by 2030, demand will increase 10-25 times for batteries over what it is today.
Rising commodity costs are already starting to affect manufacturers. If the industry has any hope of fulfilling the demand, it is going to need innovative chemical processes for new batteries. Presently, many of the global batteries depend upon cobalt.
Renewable energy is of great benefit. The advantages over fossil fuels are well documented. It does create a problem, however, if the entire industry, at least as it pertains to transportation, is dependent upon a finite resouce i.e. raw material from the Earth.
Another challenge for manufacturers is geo-political. The cobalt industry has 60% of the production located in the Congo while the refining is 90% controlled by the Chinese. These factors mean that political headwinds could serverely affect the earning potential of various automakers.
General Motors and Ford are facing lower than expected earnings due to increase in prices of steel while Tesla missed the most recent quarter's profit, in part due to the rising price of colbalt.
In addition to cobalt, lithium and nickel are core components of batteries.
Battery chemistry is going to have to keep innovating if the demand is going to be met over the next 10-15 years.
To read more about this topic:
Images contained in linked article.
@finprep Tesla uses a formulation called NCA (nickel, cobalt, aluminum) that is already very low-cobalt. Elon musk says ,Tesla model 3 uses only 3% of cobalt .Tesla and Panasonic have reduced cobalt dependency by about 60 percent already.
They are working to get cobalt free batteries but not soon. You have picked deep tech topic .I have never think of it .Now Googled it.
Appreciated work 👍👍👍👍
Hey @ashokroy79 Very well replied. But these EV are not going to replace present Vehicle's in upcoming days. why because
In my point of view it may take upto 2030
But @finprep said in this post EV's will increase upto 10-25X times.
Let's see what will Happen in a fasting upcoming growing world.
I;m a 90's kid and if everything fine and goes well, I can see the amazing inventions and latest upcoming technologies in 2050 ;-)
Thank you.
Have a good Day.
True bro 👍👍👍👍
is there some sort of government incentive in Norway to drive electric? Batteries are not the best in the cold, most will have less than their already limited range. I hope I never get penetrated by an electric vehicle.
I added you to good bloggers
https://www.goodbloggers.com/blogger/FinPrep
Help to survive((
This article also gives us an insight that the battery business will thrive in the coming years.. There is a great opportunity for entrepreneurs to get into battery business... Some serious RnD in this for producing long lasting and more effficient battery can prove to be a boon for the business and they can end up earning more than what auto makers will...
this is useful information from electric vehicles, and is a future solution that is environmentally friendly..))
@finprep
Because also of the climate changes, government of many countries asked Motor companies for electric vehicles.
And if this thing going...
Congo's market share may jump to 73 per cent by 2025 as producers like Glencore expand mines. By 2030, global demand could be 47 times more than it was last year, Bloomberg New Energy Finance estimates.
I also read future plans of Wood Mackenzie.
Director of cross-commodity analytics at Wood Mackenzie said-
"There are lot of grand plans being put in place by automotive manufacturers, but not many of them seem to have considered the cobalt-supply chain,"
I notice this user does't reply to questions or comments, so its safe to assume its a bot ;-)
Hey buddy
I am not a bot...
Great post!
Thanks for tasting the eden!
Nice info
Posted using Partiko Android
in future, The automobile company are sifted in the electric vehicle, Indian vehicle companies planning to totally stop production of diesel and petrol vehicles in 2020.
Flagged for disagreement on rewards.
A bit overpaid for a sloppy rewrite of an external article, wouldn't you agree?
Nice Info
Excellent post, friend, @finprep, in life you have to be perseverant and keep hope when things do not work well, there will always be a better dawn. My greetings,
@finprep goood information for all steemians, thanks a lot
help me to survive ... thank you
What u mean by that
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