Comparing the Ins and Outs of Battery Power versus Fossil Fuels

The automotive industry is witnessing a significant shift towards electric vehicles (EVs), with many countries embracing the cleaner, more sustainable mode of transport.

Norway, in particular, has been leading the charge. In some months of 2020, almost two-thirds of new cars sold were electric, and when hybrids are included, the figure rises to 89%. This surge in EV adoption can be attributed to the country's generous subsidies, which include reductions in purchase and road tax, exemption from road tolls, and other incentives.

However, it's important to note that the overall environmental benefit of electric cars depends on the source of electricity generation. While EVs are cleaner than fossil fuel counterparts in terms of on-road emissions, the full environmental impact is influenced by the power plants supplying the electricity. Fortunately, a recent study found that electric cars lead to lower carbon emissions overall in 95% of the world, thanks to the growth in renewable energy such as wind and solar.

The total cost of ownership (TCO) of electric vehicles is also becoming more competitive. In 508 of the 912 comparison scenarios, the TCO of EVs is lower than for internal combustion engine (ICE) vehicles, due to factors like maintenance, taxes, and fuel costs.

The trend towards electrification has been accelerating in recent years, with automobile manufacturers introducing new electric models with increasing regularity. Companies like Tesla, Renault, and even luxury brands such as Ferrari are advancing towards hybrid and electric models. Tesla, with its disruptive electric technology, expanded Supercharger networks, and plans for new affordable models in 2025, has been at the forefront of this transition.

Despite the progress, challenges remain, particularly in addressing range anxiety. The European Union aims to have 1 million public charging points across the bloc in 2024 and 3 million in 2029, a significant step towards alleviating this concern and further encouraging the adoption of electric vehicles.

The speed at which the transition from ICE to electric vehicles will occur is uncertain, but it's clear that the automotive industry is moving towards a more sustainable future. Whether ICE vehicles will be consigned to the history books remains to be seen, but one thing is certain: the shift towards electrification is gathering pace.