EV Updates For This Week

The EV revolution keeps advancing across the globe, with governments taking measures to encourage the adoption of electric vehicles and traditional automakers betting big on the EV future in their attempt to dethrone the EV pioneer, Tesla Inc TSLA.

Mazda Launches Its First EV In The US

The lagging Japanese automaker has launched the MX-30 EV in the U.S. However, Mazda  Motor Corporation MZDAY is likely going to have a tough time considering that it has only 100 miles of range but it costs $33,470 which becomes a bit less than $25,000 when incentives are deducted. The first shipment of MX-30 is planned to arrive to US dealerships in California in the fall.

Russia Joins The EV Race

The government approved an EV strategy that will cost $8 billion through the end of the decade. The strategy includes offering buyers incentives, including loans and easy leasing terms to encourage EV adoption, as well as toll-free journey on Russia's roads as of 2022.  The goal is for EV production to reach 10 percent of all cars built by end of the decade. The first stage of the strategy implies that by 2024, there are at least 25,000 EVs and more than 9,000 charging stations on the roads of the nation that is currently one of the world's biggest oil and gas producers.

Challenges Remain

One of the biggest obstacles to EV adoption in the U.S. is the charging infrastructure. The current network is already amplifying range anxiety, not to mention the fact that it is everything but ready for the expected wave of new EVs, including new models like the world's first electric pickup which should hit the road in the near future. According to the Department of Energy, compared to approximately 136,400 gas stations in the country, EV owners have only 43,800 charging stations at their disposal.

In California, finding a charger isn't so much of a problem it is the best place to be when it comes to EVs, but the time it takes to get an EV fully charged is a different matter. Filling the car tank with gas takes about 10 min max, whereas an EV charge takes about 45 minutes, so queues are bound to be long.

The $1 trillion infrastructure bill in Congress commits $7.5 billion for the charging infrastructure to address this problem but reality is far from a developed network of chargers. Tesla Inc TSLA has the single-largest charging network in the world with 25,000 global charging stations. Although now you need an adapter to use it but Tesla revealed recently it plans to open its EV chargers to all EVs as it does not want to have a closed ecosystem like Apple Inc AAPL.

Fortunately, there are also innovative companies such as Worksport Ltd WKSP that brought solar power to the EV table with its TerraVis solar-infused tonneau covers. This solar fusion is being configured for two upcoming all-electric pickups tracks, namely the luxurious Hercules Alpha and tech-advanced Atlis XT. The Canadian-based company has another product in development that presumably has the power to truly make transportation greener and such groundbreaking players can play a big role in speeding up the EV revolution.

EVs Are The Future

Despite the obvious hiccups, there's no arguing that the future is electric as it is simply greener. The proof that this is a fact is that legacy automakers across the globe are spending billions to transform their factories and retool their equipment to go most if not all-electric over the next decade or 15 years. Although the US is behind Europe and China, President Biden is determined for half of all U.S. auto sales to be electric vehicles by the end of the decade, a very ambitious goal considering the market that includes plug-in hybrids currently stands at about 3%. There's a long way to go but the finish line is 100% electric.

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