Electric Vehicles and the Future of the Auto Industry

With the recent drop in the price of oil, new doubts have been cast over the future of hybrid and electric vehicles. Many manufacturers and designers of electric vehicles have faced technical and financial challenges in the past few months. Such challenges combined with large capital investments in research and development necessary for these cars, have prompted some analysts to predict a reversal of the trend towards green vehicles.

Climate change and environmental concerns, however, play a major role in policies and trends that shape the future of the automotive industry. Green tech vehicle programs are not only critical in shaping the future of our transportation but also vital for the long term survival of big global auto companies such as Detroit's big 3. Electrification is on its way and at the forefront of innovation in the auto industry.

Atmospheric and environmental scientists have shown us the effects of carbon emissions on the increase of average global temperatures. There is more to the cost of operating internal combustion engines than the price paid at the pump. It will be irresponsible if we do not spend resources on development and optimization of battery technologies, which can lead to less expensive and ultimately economically feasible generations of electric vehicles, vehicles that have zero carbon footprints and no harm to our mother nature and that will replace current gasoline engines responsible for significant part of the green house gasses released in the atmosphere.

For now, governments have realized that value of research on this topic. In many places policies have been implemented that encourage consumers to purchase electric vehicles. The next US administration has already indicated its will and desire to support electric vehicles and it is anticipated that subsidies and/or tax credits will make the price of electric vehicles competitive for a number of years. Our belief is that the revolution has already begun and that the signs are already visible on the road. Our prediction is that more community and government cooperation shall take place on a global scale to bring the best minds together and to create future cars that run on efficient electric motors fueled by durable and economically feasible batteries.