for Electric Vehicles
A SAFE analysis based on California’s data from 2017 shows that approximately 50 percent of AV companies permitted to test vehicles in the state are either using EVs or plan to electrify their AVs in the future.
The Advanced Research Projects Agency-Energy (ARPA-E) has demonstrated its importance by providing pivotal grants to projects that would not be able to get funding elsewhere.
A favorable political environment is needed to support electric vehicle policies, and countries must be wealthy enough to afford subsidies. EV policy also needs to be clear and sustained to give consumers and automakers certainty.
Given the natural synergies between AVs and EVs, growth of self-driving cars will accelerate electrification and ultimately bring about more diversity in the transportation sector.
Panelists at an event on Capitol Hill emphasized the importance of taking advantage of today’s environment to shape technological changes in the transportation sector for the benefit of the public interest and to mitigate any unintended consequences.
Toyota aims to sell 5.5 million electric vehicles per year by 2030 and invest $13 billion to reach this objective. The company’s long-term plan is another step in making EVs mainstream and laying a foundation for mass penetration in the future.
The latest Fact Pack from SAFE highlights developments in the U.S. EV market, which is poised to see significant growth in the coming years as a result of new models, lower battery costs, increased range, and growing consumer awareness.
The latest developments from Uber and GM, and other firms in the self-driving race, indicate autonomous vehicles are helping drive efficiency and accelerating the use of EVs.
Two major forecasters see a sharp penetration of EVs in the next couple of decades. Although the outlook for EVs and the transportation sector is improving quickly, oil demand is likely to continue to grow.
Even with an entirely different landscape due to EVs becoming a greater part of the fleet, there is essentially no way to avoid the fact that ICE vehicles will be around for a very long time.