This is an incredibly exciting time to be in the transportation industry.
New cars and trucks are safer and more efficient than ever. Automakers are introducing new technologies every day and will be deploying scores of new models with technologically advanced drivetrains and other features in the coming years. Partnerships on highly autonomous vehicle deployment abound between technology companies and OEMs. And all of this is happening while we are seeing major advances in internal combustion engine (ICE) vehicles.
For nearly 30 years, automakers have spent billions of dollars on the development and deployment of battery electric (EV), hybrid, plug-in hybrid and fuel-cell vehicles. It started in 1990, when California adopted its zero emission vehicle (ZEV) mandate, requiring 2 percent ZEVs in 1998, 5 percent in 2001, and 10 percent in 2003 and subsequent model years.
Yet despite a variety of government incentives, take-up has been slow, with EVs representing only 0.6 percent of new-car sales nationally in 2017 and 2.6 percent of new-car sales in California.
There are a host of reasons why consumers aren’t buying EVs at the rate regulators have tried to force-feed them, including expense, range, recharging speed, residual value uncertainty, utility, performance and insufficient recharging infrastructure. Most Americans won’t consider a vehicle that compromises their convenience or current mobility needs, let alone pay more for one—especially when today’s advanced ICE vehicles and their hybrid variations present affordable and convenient alternatives.
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