When the growth rate of EVs slowed last year, a wide range of EV-related projects either were delayed or canceled. Dealers complained of having nearly 100 days' supply of EVs on their lots.
That doesn't mean that EVs don't represent the future of mobility. But the forecasts simply weren't realistic. As one analyst told Automotive News, the growth will look more like a rising tide, rather than an immediate tidal wave.
And with the way the performance, price and infrastructure stand, Neil Mendes, CEO of Alpine Polytech L.L.C., cautions that EVs aren't necessarily for everyone.
Mendes also said there needs to be more accurate data when talking about savings on emissions, given that there is a bigger carbon footprint to build an EV.
For example, the average driver in the U.S. logs roughly 10,000 miles a year, but the average EV owner drives just 6,000 miles a year. But when stats are compiled on how much the carbon footprint will drop, he said, analysts typically use the overall average, rather than actual EV miles driven, artificially inflating how much emissions are dropping.
As for helping to cut dependence on petrochemicals, Mendes said the impact likely won't be meaningful until the mid-2030s. As of now, EVs take just 400,000 barrels of oil off the market a day, with global usage still a bit over 100 million barrels each day.
So while the future for EVs remains bright, the shining light is proving to be a bit farther over the horizon.
Meyer is editor of Rubber News. Connect with him on LinkedIn or contact him at [email protected].