EV Growth, Headlines and History.

EVs are over 100 years old, much older, in fact.

EV Marketplace Overview:

The US's forecasted growth in EV adoption has hit its 5% tipping point. As a result, the United States consumer and government spending will increase in 2022 and beyond, as signaled through the Inflation  Recover Act passed last week. With that attention and priority, you can see below that the US expects to make up significant ground in adoption. The graph shows the US lags behind significantly; however, the focus is on an aggressive strategy to grow the EV and electric energy market by 2025 and beyond. Time will tell if we can meet expectations, but according to Ford's CEO Jim Farley, the acceleration of adoption is promising and has even caught them by surprise. You can hear his take on that HERE.

In the News: 

Honda and LG are investing $4.4B to build batteries in the US.

As reported by electrek.com, many Japanese automakers are falling behind in the EV race. However, taking a big step, Honda recently solidified its place in the future of automobiles by announcing Monday that it would be forming a joint venture with LG Energy Solution to build EV batteries in the US. Japanese automakers have been slow thus far to join the growing movement toward electric vehicles, with two of the biggest automakers, Honda and Toyota, both having shown skepticism toward the industry.

A Toyota executive was recently quoted saying something along the lines of demand for EVs is not strong enough. For context, neither company has a pure battery electric vehicle to test that theory. However, with the Inflation Reduction Act passing in the US and new incentives for buying US-made EVs, they may be forced to change their stance. Honda expanded its partnership with GM in April with plans to introduce an affordable EV lineup. The Japanese automaker initially partnered with GM in 2020 with plans to build two EV models on GM's Ultium battery platform.

Did you know the first EV was built in 1890?

We like to think of electric cars as a new concept, but this is a common misconception. The first-ever electric vehicle was designed in 1884 by the English inventor Thomas Parker, responsible for many other innovations across the UK.

The American inventor, William Morrison, developed an electric car that was unveiled in 1890 and could move at 14mph and carry six people. Even though the first electric cars were used quite often, the invention of the gasoline engine, the assembly line, and cheap gas prices threw electric cars out of use. 

The recent rise in EV adoption has been somewhat clouded by these and other attempts that lost steam. However, the advancement of EV battery chemistry and architecture is one of the leading reasons EVs have taken off this time. Tesla proved to the world that you could afford a high-performance EV, rely on your EV, and find your EV stylish and fun.

Happy Driving,

The BEV Guy

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