With the inflation in the price of petrol and diesel, people are looking for the Electric car or the electric vehicle. But these vehicles required electricity to charge their batteries. Now solar-powered electric vehicles are introduced in the market which will be charged with the help of sunlight. The market demand for EVs excited the car manufacturer to introduce the latest technologies to manufacture future electric vehicles.
As per the media report, India’s first solar-power-charged Eva Electric Car is coming to the Indian market very soon. With several many functions and different qualities, this car also has solar panels with plug-in charging and this makes it different from all the existing EVs.
Web Mobility Designed the Solar Electric Car Eva:
The Eva electric car is designed and developed by the Pune-based startup Web Mobility. The Car is completely ready and qualified for all the mandatory tests. The official date to launch the car is yet to be announced and is expected to hit the market in 2024.
This is a two-seater car, one in front of the driver and another at the rear for one passenger. This car is perfect for a city ride as its length is smaller and the width is of about two bikes only.
Running Expenses @80 Paisa per K.M
In this Car, the solar panel is fitted on the Roof Top. The running cost of Eva’s car is very less and is only 80 paisa per km. The Eva will be fully charged with a plug-in charger for approx. four (04) hours and 80% will be charged in only 45 minutes.
03 Driving Modes with 250km range:
In this Eco-friendly solar powered car there are three(03) driving modes:
Reverse
Eco
City Mode
Conclusion:
This is the revolutionary age and we all are thinking about clean green and eco-friendly sustainable environment.
This is the new era of alternative fuel vehicles and to save the planet and make it eco-friendly various types of research are going on globally. Electric and hybrid vehicles are the new generation vehicles. And solar-powered cars are the improvement in this chain.
As the petrol and diesel price is sky rising and is depleting globally. Alternative fuel is the best choice to go with and maintain a sustainable environment.
Many car manufacturers are coming forward and producing electric vehicles on large scale to grab the market.
Governments of various countries and states have announced rebates and Tax Credits on the manufacturing and purchases of electric vehicles to support and promote the EVs.
An electric vehicle (EV) is an automobile that makes use of one or more electric-power systems for propulsion. The electric vehicles are powered by the energy stored in a collector system of an extravehicular source. Even they could be powered independently by using a battery (every so often charged with the aid of using solar panels, or with the aid of using changing gasoline to energy the use of gasoline cells or a generator).
Electric vehicles are not limited only to street and rail motors but also include underwater vessels, electric-powered spacecraft, and planes. EVs first got here into life within side the overdue nineteenth century, while energy became a few of the desired strategies for motor automobile propulsion, supplying a stage of consolation and simplicity of operation that couldn’t be finished with the aid of using the fuel motors of the time. Internal combustion engines have been the dominant propulsion technique for motors and vans for approximately a hundred years, however, electric-powered energy remained common in different automobile types, which include trains and smaller motors of all types.
TYPES OF ELECTRIC VEHICLES:
A total of Four types of electric or alternative fuel vehicles are available.
The BEVs are fully powered by electricity. And these vehicles are more efficient in comparison of hybrid and plug-in hybrid vehicles.
BEVs are also known as All-Electric Vehicles (AEV). The Electric Vehicles based on BEV technology runs completely on a battery-powered electric drive system. In BEVs, the electric power used to run the vehicle is primarily stored in large batteries and these batteries can be charged by plugging this into the electric power grid. The charged batteries give power to the electric motors, which then give motion to the electric car.
Main Components of BEVs:
The BEVs’ main components are an electric motor, Inverter, Battery, Control Module, and Drive train.
Electric Motor
Power Inverter
Battery Pack
Charging port
Onboard Charger
Power electronic control module
Auxiliary batteries.
Working Principles of BEVs:
The DC battery power is converted to AC power and transferred to the electric motor. And while the accelerator pedal is used to press, the controller unit receives a signal and regulates the speed of the vehicle by making the required changes in the frequency of the AC power coming from to inverter to the motor. And it leads the wheel to turn through a gearwheel. When the vehicle decelerates and the brake is applied the motor acts as an alternator and generates power to charge the battery.
Examples of BEVs:
A few common examples of battery-electric vehicles on road are:
Hybrid electric vehicles are categorized into two types: –
i). Hybrid Electric Vehicle(HEVs)
ii). Plug-in Hybrid Electric Vehicles (PHEVs)
i) HEVs:
The Hybrid Electric Vehicle uses both an internal combustion engine (ICE) (a petrol/diesel engine) and a battery pack with electric motors to run.
It is powered by the electric motor which runs through the energy stored in batteries, either by the Internal combustion engine or both.
HEVs are not very efficient in comparison with fully battery electric or plug-in hybrid vehicles.
The powertrains of a hybrid electric vehicle are designed to power the cars in series, parallel, or series-parallel (power split) methods.
#Series HEV:
In a series of hybrid electric vehicles, only the electric motor is used to drive the vehicle whereas the internal combustion engine gives power to the generator which in turn recharges the battery.
#Parallel HEV:
The parallel hybrid electric vehicle is based on driving conditions. And this uses the best available power source to propel the vehicle. For the continuous movement of the vehicles, the driving power is alternated between the battery electric motor and the internal combustion engine.
#Series-Parallel HEV:
The series hybrid electric vehicle is a combination of both the series and the series-parallel and gives split power. In this, the power is routed from the internal combustion engine alone or from the battery electric motor to drive the vehicle.
In a Hybrid electric vehicle, the battery is charged through a regenerative braking system. The regenerative braking system (RBS) gives better braking efficiency in dense traffic while running in the city. This enhances better fuel economy and also reduces carbon emissions. This also minimizes energy wastage and gives energy optimization.
Main Components of HEV:
The main component of HEVs are:
A Conventional Internal Combustion Engine,
Fuel Tank & Fuel Filter,
Transmission & Exhaust System,
A battery pack
An electric generator
AC/DC converter / Inverter
Power electronic control module
Thermal System(For Working Temperature Maintenance)
Working Principles of HEV:
In HEVs, the internal combustion engines get energy from the fuel i.e. either from gasoline(petrol/diesel) or from other types of fuels, and the electric motor runs with the help of a battery. The electric motor and the engine rotate the transmission altogether and move the wheels.
Examples of HEV:
Honda City Hybrid
Toyota Innova Hycross
Ferrari 296 GTB
Toyota Urban Cruiser Hyryder
Volvo XC90
Toyota Vellfire
Toyota Camry
ii). PHEVs:
Plug-in hybrid electric vehicles
The PHEVs use both the internal combustion engine and battery packs. The batteries are charged from an external plug-in socket. In PHEVs, the battery charging is done with external electric power instead of charging internally with the engine power. In addition, Plug-in Hybrid vehicles are more efficient than simple hybrid vehicles but it is less efficient than Battery electric vehicles.
The PHEVs are a series of hybrid vehicles with both engines and motors. These vehicles can run on conventional fuels like petrol/diesel or alternative fuels like biodiesel. And this can also be charged and powered by a rechargeable battery. The battery can be charged with external electric power points.
The PHEVs can run in 2 modes:
The All-Electric Mode vehicles, in which the motor and battery generate and supply all the power to the vehicles.
The other mode is the Hybrid Mode, where both electricity and gasoline fuel petrol/diesel are used.
The PHEVs start up in an all-electric mode and run using electricity until their battery pack is depleted.
In this type of vehicle, when the battery gets discharged or drains out, the engine comes into action, and the vehicle starts operating as a conventional gasoline engine vehicle i.e. non-plug-in hybrid vehicle. The PHEVs can be charged by plugging into an external electric power source. And also through an engine or regenerative braking system. In a regenerative braking system, when brakes are applied, the electric motor acts as a generator, and the energy generated is used to charge the battery. Also, PHEVs relatively smaller engines can be used as this is supported by the electric motor. This combination increases the car’s fuel efficiency without compromising performance.
Examples of PHEV:
The common PHEVs on road are
Porsche Cayenne S E-Hybrid,
BMW 330e,
Porsche Panamera S E-hybrid,
Chevy Volt,
Chrysler Pacifica,
Ford C-Max Energi,
Mercedes C350e,
Mercedes S550e,
Mercedes GLE550e,
Mini Cooper SE Countryman,
Ford Fusion Energi,
Audi A3 E-Tron,
BMW i8,
BMW X5 xdrive40e,
Fiat 500e,
Hyundai Sonata,
Kia Optima,
Volvo XC90 T8.
3.FCEVs:
The FCEVs stands for fuel cell electric vehicles.
fuel cell electric vehicles
In fuel cell electric vehicles, the electric energy is produced from chemical energy.
For example, hydrogen fuel energy.
The FCEVs are Zero-Emission Vehicles. The FCEVs work on ‘fuel cell technology’ to produce the electricity essential to run the vehicle. In this system, the chemical fuel energy is directly converted into electrical energy.
Main Components of FCEV:
The major components of PCEVs are:
Electric Motor
Fuel Cell Stack
Hydrogen Storage Tank
Battery
DC-DC Converter
Working Principles of FCEV:
In, Fuel–cell electric vehicles the propulsion system is similar to other electric vehicles. The FCEV produces the required electricity to propel the vehicle by itself only. The energy is stored as hydrogen and is converted to electricity by fuel cells. In addition, the FCEV doesn’t produce any harmful tailpipe emissions as there is no combustion of any fuel like the internal combustion engines.
Examples of FCEV:
The major FCEVs are:
Toyota Mirai,
River simple Rasa,
Hyundai Tucson FCEV,
Honda Clarity Fuel Cell,
Hyundai Nexo.
Conclusion:
Electric vehicle is the alternative fuel vehicle. These vehicles are the revolution of the automotive industries. The future of automobile is only based on the upcoming electric and other alternative fuel vehicles.
The governments globally is providing huge rebates and incentives to support the manufacturers and also to attract the customers.
The state governments are also giving extra incentives at their own level to promote the EVs.
Many manufacturers through out the globe are coming ahead to produce and promote their electric, hybrid and other alternative fuel vehicles at a very large scale.
Companies like Tesla, Toyota, Mercedes, Ford, Volvo, Tata, Maruti, Mahindra are already competing themselves to give a better product at a better price to their consumers.
Now is the time to switch for better mobility and move with zero or fewer emission options.
Alternative Fuel Vehicles: Electric vehicles, Hybrids, and PHEVs
An alternative fuel vehicle runs on alternative fuels rather than traditional fuels like gasoline i.e. petrol or diesel. Alternative fuel vehicles are new technology vehicles like electric vehicles, hybrid vehicles, and solar-powered vehicles.
What are the Hybrids, Plug-In Hybrids, and Electric Vehicles?
The hybrid and plug-in hybrid vehicles use less gas than traditional gasoline fuel vehicles, while the battery electric vehicles uses no fuel at all.
This is the new era of electric and hybrid vehicles as the global state governments are announcing various plans to ban the sale of gasoline (petrol & diesel) powered vehicles by 2035. This restriction is in favor to support the clean and green environment globally and even the economic growth of the nation as well as the individuals.
Hybrid and plug-in hybrid vehicles use electric motors and gasoline engines. Pure battery electric vehicles remove the gasoline engine altogether and are based on the large battery packs used to give the power to the electric motor for the propulsion of the vehicles.
Today we can find hybrid electric vehicles (HEVs), Plug-in hybrid vehicles(PHEVs), and battery electric vehicles (BEVs or EVs) in almost every vehicle segment and almost in all major car manufacturers globally.
Hybrid Electric Vehicles: Equipped with Engines, Motors, and Small Batteries.
The most common alternative fuel vehicles are gas and electric hybrid vehicles. These hybrid vehicles use both the gasoline engine and the electric motor for their propulsions. Hybrid cars carry a small battery pack that is charged by the vehicles’ gasoline engines and by converting the car’s motion to energy when coasting or braking.
Regenerative braking is the process of capturing energy from the motion of the electrified vehicle itself. A traditional hybrid car is self-charging. And hybrid vehicles do not get electricity from any external source, as it is in the case of other electric vehicles.
From last, more than 20 years’ hybrid vehicles are widely available in the U.S. In 1997, Toyota Prius was the first mass-produced hybrid vehicle.
These hybrid electric vehicles have continued to grow in popularity with some 50 models currently available for sale. During the braking, stops, and starts of the vehicles, the battery in gas-electric hybrids is charged from the engine.
Plug-In Hybrids Electric Vehicles:Equipped with Engines, Motors, and bigger Batteries.
PHEVPlug-in Hybrid Electric Vehicles Schematic Presentation
Another type of hybrid vehicle is the plug-in hybrid electric vehicle (PHEV). The difference between a PHEV and a traditional hybrid is the ability of the plug-in to charge its battery from an external source, such as a household outlet, home charging station, or public EV charging station.
Plug-in hybrid electric vehicles (PHEVs) have much bigger battery packs and can move considerably longer miles on electricity itself than any non-plug-in hybrids. Some PHEVs range even more than 30 miles on electricity only. When the battery pack starts weakening, the vehicle’s internal combustion engine starts working seamlessly. Thus hybrid cars operate with the two power inputs working together as and when required.
E.g.: Toyota Prius Prime 2022, Jeep Grand Cherokee 4xe 2023, and Chrysler Pacifica 2022 are based on the hybrid system to increase efficiency.
Battery–Electric Cars– Equipped with Electric Motors and Bigger Massive Batteries.
Battery -Electric CarsAll Electric Cars
Battery electric vehicles i.e. BEVs or EVs is an electric motor-propelled vehicle. In BEVs, there is no I.C.E (internal combustion engine), the vehicle is powered only by electric motors. These electric motors are run through the massive larger battery packs installed below the floor of the vehicle.
The B.E.Vs are charged either through external charging sources or by the regenerative energy from the coasting or braking of the car itself. There is no exhaust emission tailpipe as the BEVs don’t burn any gas and hence creating zero emission.
E.g.: Nissan leaf 2023, Tesla Model 3, 2022, Ford F-150 lightning, Mercedes-Benz EQS 2022, and Volkswagen ID.4,2022. Many other EVs are available in the market many more are upcoming.
Charging of the alternative fuel vehicles:
Charging Facts:
Charging Options
Level 1 (120V)
Level 2 (240V)
Direct-current (DC) Fast Charging
How the Charge ports looks like on the vehicle?
How fast do they charge?
About 5 miles per 1 hour of charging.
About 25 miles per 1 hour of charging.
100 – 200 plus miles per 30 minutes of charging.
Where can I find them?
In our house/garage Possibly at your apartment/condo and workplace. No need to install anything; most automakers provide charger cords with vehicle purchase.
In our house/garage (You will need additional equipment) Possibly at your apartment/condo and workplace. At public charging stations.
At public charging stations. Limited availability, though becoming more common.
EV charger images are courtesy of Con Edison
Charging: The Hybrids:
Hybrid vehicle charging is done through their gasoline engines, regenerative braking & the energy recovered from coasting or sliding of the wheels. In hybrid vehicles, the charging is done internally, with no need to connect to an external charging source. Charging in the hybrid is an automatic operation and the driver is not required to do anything to perform it.
Charging: The Plug-in Hybrids:
The basic difference between traditional hybrid and plug-in hybrid vehicles is the ability of the plug-in vehicles to receive an external electric source to charge the battery. PHEVs can be charged with a Level 2 household charging system or with public charging stations.
Plug-in hybrid vehicles can also charge batteries from the vehicle’s gas engine and the regenerative braking functions. Simultaneously gasoline is needed to fuel the internal combustion engine of the PHEVs.
A typical type of plug-in electric vehicle requires only a couple of hours to fully charge its batteries from level 2 charging stations.
These vehicles cannot be charged from common public DC fast charging stations.
Charging: The Battery-Electric Vehicles:
Battery-electric vehicles are required to charge their batteries from external charging sources.
The electric charging power may be from the Level 1 household 120V outlet, from a level 2; 240V home & public power station, or from a DC fast-charging public station.
Mostly the Battery –Electric drivers use to charge their vehicles overnight at home only. They also try to charge their vehicles in the middle of the night when the electricity is at its cheapest rate.
For longer trips, the battery-electric drivers use to take advantage of public DC fast chargers.
The Three charging standards in the US for fast charging are:
CHAdeMO: An aging standard only used by one EV model currently on sale.
SAE Combo: The most commonly used type of fast-charging plug.
Supercharger: The fast-charging network of Tesla’s proprietary.
Fuel Economy and the Range of the vehicles:
Hybrids Fuel economy & Range:
Hybrid vehicles have excellent fuel economy and a very less tailpipe emissions as compared to conventional gasoline-powered vehicles. The hybrid vehicles can go over 300 miles with the full capacity of the tank.
For example, the 2022 model Toyota RAV4 with all-wheel drive is the best hybrid in its segment.
Plug-in Hybrids Fuel economy & Range:
The plug-in hybrids have better fuel economy than regular gasoline vehicles and hybrids.
The plug-in hybrids have two ratings for their fuel economy. One is the no external charging like the traditional hybrids and another one is the charging from external sources.
The MPGe (miles per gallon) is the special rating system, developed by the EPA for the fuel economy comparison between PHEVs and the BEVs to other vehicles.
For example, the gasoline-powered all-wheel drive 2022, Toyota RAV4 has a combined City & highway fuel economy EPA rating is 29mpg. The 2022 model Toyota RAV4 hybrid combined rating climbs to 40mpg. And a very rare model 2022, Toyota RAV4 Prime plug-in hybrid SUV, EPA ratings go up to 94MPGe.
Battery-Electric Vehicle’s Fuel economy & Range:
Battery-electric vehicle buyers mostly care about the range an electric car can drive on a single charge. The EPA publishes MPGe figures as well as certified mileage figures.
The BEVs available in the market are in the range of 100 to 500 miles. The lower-end car with respect to mileage range is the 2022 Model Mazda MX-30 and 2023 model, mini Electric Hardtop cars. The longest-range electric vehicle is the 2022 model Lucid Air Dream, which can go more than 500 miles with a single charge range.
The most available electric vehicles in the marketplace can go between range of 200 to 300 miles on a single charge.
Cost of the Vehicles:
The cost of hybrid vehicles:
Mostly hybrid vehicles are priced a few dollars more than their equivalent gas-powered 2022 segment vehicles. The hybrid model of 2022, the Ford F-150 Platinum pickup is just $2500 higher than the standard V8 engine model vehicle. The 2022, model, Toyota Corolla LE is priced at around $20875, and the price of the 2022, Toyota Corolla Hybrid L.E is at $24050.
The actual cost difference comes from the payback with the fuel savings. Most hybrids get remarkable mileage in city driving as they also get regenerative charging of their batteries. If most of the driving is done in urban areas, a fairly quick price difference is recovered. And on highway driving, it takes longer to get any savings.
The cost of Plug-in hybrid vehicles:
The plug-in hybrid vehicles are equipped with large battery packs and the powertrain of these vehicles is very sophisticated, hence these are significantly more expensive than gasoline-powered vehicles or hybrid vehicles.
The 2022 model Chrysler Pacifica Touring L is priced at $41125, whereas the same model hybrid car, the 2022 Chrysler Pacifica Hybrid Touring L is priced at $49000.
The cost difference can be recovered reasonably quickly if the plug-in vehicles are consistently charged with cheaper options than gas electricity. During larger weekend adventures, money can be saved by commuting with PHEV on electricity alone, rather than using a gas engine.
You can recover the cost difference reasonably quickly if you consistently charge your plug-in hybrid with cheaper-than-gas electricity. In essence, you can save money by commuting with a PHEV on electricity alone, then using the gas engine during longer weekend adventures.
The cost of Battery-Electric vehicles:
Battery electric vehicles are costlier than any equivalent gasoline-powered vehicle.
The 2022 model Hyundai Kona costs $21990, while the base price of the battery-powered same model 2022, Hyundai Kona Electric is $34000.
The Volvo XC40 of the 2022 model costs $36350 and the same model battery electric Volvo XC40 is priced at $53550.
The Price difference between traditional gasoline vehicles and alternative fuel vehicles can be recovered through the federal, state, and local incentives offered by the respective governments.
The maximum savings comes from the cheaper price of electricity while charging at home.
Tax Credit and other Incentives on Hybrid, Plug-in Hybrid, and Battery–Electric Vehicles:
Rebate & benefits on Hybrid vehicles:
In the present scenario, only plug-in vehicles are eligible to receive federal tax credits and incentives. Initially, some early buyers of hybrid vehicles get the benefits of tax rebates but now the traditional gas hybrid electric vehicles are not under the special federal tax benefit schemes.
As in the case of hybrids, they don’t use much gas power and even don’t pay as much tax as in the case of pure traditional gasoline vehicles. So higher registration fees are imposed to recover the revenue loss by the governing bodies.
Rebate & benefits on Plug-in Hybrid vehicles:
Significant federal, state, local, and utility buying incentives are applied for many plug-in hybrid vehicles. The available federal tax credits are about from $3500 to $7500 and mostly these incentives are only for the buyers and not for the lesser of the electric vehicles.
At the beginning of the year 2023, federal tax credit eligibility depends on the size of the vehicles’ battery pack, the cost of the vehicles, your earnings and income, the place of manufacturing, and even the source of the components used in the battery pack.
The Plug-in electric vehicle drivers also get special incentives like carpool lane access.
The PHEVs buyers also have to pay the higher registration fee as the hybrid vehicle owners just as the penalty imposed by some states and the governing bodies.
Rebate & benefits on Battery-Electric vehicles:
The incentives from the federal government, state government, local authorities, and utility companies are very much applicable to many new and even used electric vehicles.
The Inflation Reduction Act of 2022, has changed the federal electric vehicle incentives intensely.
Electric vehicle buyers also have to pay the higher registration fee as they do for hybrids and PHEVs.
Emissions from the Hybrid, Plug-in Hybrid, and the Battery-Electric Hybrid Vehicles:
Emissions from Battery-Electric Vehicles
Emissions from Hybrid Vehicles
According to the report of the U.S. Department of Energy Hybrid vehicles produces an average of approx. 46% less carbon dioxide emission yearly.
The tailpipes of the hybrids emit greenhouse gases but not much as it is by the only gasoline-run vehicles.
When the hybrids operate in electric mode, the tailpipes don’t emit any pollutants at all.
Emissions from Plug-in Hybrid Vehicles:
Aerial view of building exterior of a coal fired power station. Large cooling towers emitting steam into to air. Great for global warming, climate change and pollution themes.
Plug-in hybrid vehicle releases greenhouse gases when it runs on gasoline engines and they don’t produce any emission from their tailpipe while running in electric mode.
Even plug-in hybrid electric vehicles create indirect emissions also as the electricity these vehicles are using is coming from external sources.
And these energy suppliers like coal plants, wind & solar plants, are producing pollutant gas during their production.
Emissions from Battery-Electric Vehicles:
Pure battery-electric vehicles do not produce greenhouse gases directly and there is no exhaust tailpipe. But the electric energy required to recharge the batteries of these BEVs is generated from some power plants, and they creates a carbon footprint.
The electric energy to charge the batteries of BEVs may come either from coal which is generally considered a dirty form of natural gas or the energy and is producing greenhouse gases when burned.
Also, the energy may come from hydroelectric, solar, or wind power sources which create green energy. This is still not very perfect, as in hydroelectric energy sources, the dams interrupt the migration of fishes and the windmills kill the raptors.
Conclusion:
The alternative fuel vehicle is the need and demand of the present and the future. As fossil fuels are depleting day by day and also the carbon emission is the threat to the environment, switching to the electric vehicles is the necessity.
The battery electric vehicles and hybrid electric vehicles are the demand of the new era automotive sectors.
Governments are providing various rebates and Tax relaxation to promote alternative fuels and battery electric vehicles.
According to the official website, Tesla has made significant cuts to the prices of new electric vehicles models in the U.S.
Elon Musk of Tesla has declared a price cut on its bestselling Model Y, along with its Model X, the SUV, and Model S, the luxury sedan.
Why it was necessary to cut the price for Electric Vehicles?
The price cut comes as Tesla experiences a declining market share. And analysts say that the firm is facing serious demand problems for its electric vehicles.
The worst-ever annual drop was in the year 2022. This year the company saw an approximate 65% plunge in its stock.
The price cuts in Germany, China, and other Asian countries, add to the worries of a demand slowdown for Tesla.
Investors are already casting doubt on Musk’s leadership abilities, considering the cases with Twitter.
Some investors have suggested price cuts could be welcome amongst the growing competition. The higher volumes could reduce production costs and make up for the smaller margins.
Even the growing competition could push the company into a pricing war with other EV startups.
The US carmaker expanded its sales by 40% during 2022 to 1.3m. And the U.S. is the world’s largest manufacturer of pure battery electric cars. However, investors are worrying that the sale growth will be limited by economic slowdowns in some of its key markets.
Carmakers around the arena are ramping up the manufacturing of electrical automobiles to conform with bans on internal combustion engines. And this law will come into implementation within UK and Europe by the end of this decade.
Tesla faces competition from new electric-powered vehicle manufacturers such as Lucid, Fisker, and Polestar in addition to well-established car manufacturers like Volkswagen, General Motors, and Hyundai.
After a duration, while the delivery of new cars outstripped demand due to coronavirus pandemic-associated delivery chain disruption, carmakers’ attention is turning to the opportunity of falling demand.
The investors’ enthusiasm was at its height in 2020. And this contributed to the plunge in Tesla’s inventory market valuation. Tesla’s marketplace value has fallen by more than two-thirds. The market value of Tesla comes down to $400bn from more than $1.2tn in November 2021.
A Tesla spokesperson stated the agency had seen “a normalization of a number of the price inflation” after “a turbulent year of deliver chain disruptions”, which allowed it to reduce costs for customers.
According to the Guinness World Record report, the fall in cost and the market demand of Tesla replaced Elon Musk, its CEO, and foremost shareholder, from the top list sector’s richest person.
Tax Credit and Price Cut Benefits:
The price changes and the federal tax credit of $7,500 may attract buyers to many electric vehicle models.
“With a tax credit of $7,500, U.S. people will also get the added benefit of a price drop of $13,000. That means the delivery of EV before Mid-March, you may get more than a $20k cheaper rate for your vehicle.”
Tesla has cut the prices of its cars in the US and Europe by up to a fifth as it contends with slowing demand and increased competition.
The concerns over demand have contributed to the plunge in Tesla’s stock market value since the height of investor enthusiasm in 2021. Photograph: Aly Song/Reuters
The cost of the starting Model 3 saloon car with the rear-wheel drive model, dropped from £5,500 to £42,990. The other Model Y crossover dropped to £44,990. Also, the maximum cut was £8,000 to £59,990 for the most expensive performance model.
In the United States, a 20% price drop is applicable as US tax credits for entry-level models. This will come from $65,990 to $52,990 (£43,526). And a tax Credit reduction of $3,000 for the Model 3.
Dan Ives, an analyst at US funding financial institution Wedbush, stated that the United States and European cost cuts were “eye-popping”. He told that an “EV charge war” among producers become now underway.
However, he said it was the “right & appropriate strategic poker move by Elon Musk”. And this cuts may increase the deliveries by between 12% and 15%.
“Globally tesla is now moving aggressively with marginal flexibility to gain further market share in this EV arms race,”
The CEO of car website Electrifying.com, Ginny Buckley stated that Tesla buyers who took delivery in recent months would be “less than impressed by the move, which could ultimately undermine confidence in the company”.
She also added, “ Carmakers will usually carefully manage prices and incentives to avoid crashing used values and upsetting customers”.
Conclusion:
The electric vehicles market is growing rapidly and customers are now aware to go for a green, clean, and sustainable environment. For this, alternative fuel vehicles are a good choice to save nature, and even a very economical effort.
And automobile giants like Tesla are offering price cuts in their many car models to attract people and to compete in the present market.
Toyota has been slow to pivot to electric vehicles, preferring instead to concentrate on hybrids and fuel-cell vehicles. But now the global market is making clear that battery EVs are the future, and Toyota is lining up a viable battery EV supply chain.
Toyota Motor Electric Vehicles Sales U.S.A. INC.
The ocean liner that is Toyota Motor is slowly turning around, pivoting from a sustainability emphasis on hybrid and hydrogen fuel-cell vehicles to align with the global market in embracing battery-only electric cars.
That strategy first emerged last October, when Toyota acknowledged that it was considering a “reboot” of its $30 billion EV plan. The company then announced it was creating a working group that would report on whether it could improve its existing EV platforms, or come up with whole new architectures.
That report is due early next year and, in the meantime, Toyota put the development of some 30 EV projects on hold. Back in December of 2021, Toyota unveiled some 16 EV prototypes, including a pickup, the Compact Cruiser EV (a take on the FJ Cruiser, apparently), a Lexus-branded EV sports car, and more. But these were mostly just mockups, and further development on them awaits the new plan.
Toyota has unveiled an electric pickup Truck that looks like Tacoma as well as new fj cruiser/ retro Land Crusier EV
On Monday, Reuters reported that Toyota was planning – early next year – to communicate a new EV strategy to its suppliers. Some kind of supplier summit will take place this coming February. In a bland statement, Toyota said that it is “always actively discussing and working with key (suppliers and partners) on a variety of topics” to reach carbon neutrality.
Some automaker latecomers are now avidly pursuing electrification – Carlos Tavares, CEO of Stellantis (very slow to plug in under previous management) said it plans to introduce 75 electric models between now and 2030. Toyota’s announced plan is for 70 “electrified” models globally by 2025, but only 15 of those will be battery electrics.
2023 Toyota bZ4xJOHN M. VINCENT / USN&WR
Toyota introduced its first battery electric SUV with a tongue twister name, bZ4X. Its starting price is $42,000 with a range of up to 252 miles. The company announced, the Lexus RZ 450e, another EV crossover, early in 2023.
At the time of the bZ4X’s launch, the company told that “Toyota envisions a future in which carbon neutrality is achieved through a portfolio of products with advanced, alternative-fuel and zero-emission powertrain technologies.”
Going forward, that’s probably not good enough. Toyota will need battery electric entries across its broad product line, including competitive EV sedans and pickup trucks. A bold plan to get Americans hooked on hydrogen fuel-cell vehicles hasn’t worked. As EV sales accelerate in California – the biggest American electric vehicle market – Toyota is only selling a couple hundred Mirai fuel-cell vehicles there. The total for 2021 was 2,629. The Los Angeles area is the only part of the U.S. with a viable hydrogen network.
There has been talking of a battery version of the Crown sedan, but that’s another plan now on hold as Toyota pivots its strategy. The Crown, a large luxury sedan, has been off the American market since 1972, though it has gone through 15 iterations in Japan. Tellingly, Toyota has only talked about a plug-in hybrid version of the Crown for the U.S. Since delivering the Prius to the U.S. in 2004, Toyota has led the world in hybrid technology. But experts believe hybridization, including the plug-in hybrid version, is a transitional technology that becomes increasingly unnecessary as battery car range increases.
The signs are there that Toyota is realizing it has to be more aggressive in the EV space, and that it needs to ensure it has the platforms to be competitive across its product line.
