What you should know about switching to an electric car

According to a recent EY study, if you’re one of the 45% of consumers planning to buy a new vehicle this year, there’s a roughly 50% chance you’re planning to buy an electric vehicle (EV)1, but whether you’re a potential buyer or not, the fact is that EVs are going to be an increasingly important part of the car market, with governments across the world setting ambitious EV adoption targets as part of their push to lower carbon emissions and mitigate climate change2. START aims to be part of this global effort, utilising blockchain technology to entrench sustainability throughout the vehicle manufacturing supply chain.

Given their increasing prominence and availability, here’s what you need to know about EVs.

What’s under the hood?

Firstly, that depends on the type of EV. Currently, EVs can be divided into 2 categories: hybrid or fully electric vehicles.

Within the hybrid category, there are a variety of combinations of combustion and electric power, including parallel hybrids, which are powered by an electric motor and fuel engine at the same time; series hybrids, which are powered only by an electric motor and use a fuel engine as a generator; and series-parallel hybrids, which can be powered by either their electric motor or fuel engine, or both working together.

Fully electric vehicles are powered only by electricity which is stored in rechargeable battery packs. While the majority of EVs introduced to the market since 2008 have been hybrids, including the Toyota Prius and Chevrolet Volt, over the last few years, fully electric vehicle sales have begun to outpace those of hybrids in major markets5.

One of the factors contributing to the increased adoption of fully electric vehicles is the improved performance in terms of range, enabled both by improvements in lithium-ion battery technology and advances in the materials used on the cars themselves.

The increased use of aluminium, for example, has resulted in lighter, more efficient EVs that are able to travel longer distances on a single battery charge. Copper and lithium, meanwhile, have become essential elements for improving the charging speed and battery storage systems of electric cars.

Speaking of range…

Ok, let’s talk numbers. The average range for a fully electric vehicle is 349 kilometres on a single charge3. In terms of operating costs, it naturally varies depending on the price of fuel and electricity in different countries, but generally EVs can be considered to run at substantially less per kilometre than their internal combustion engine (ICE) counterparts. Additionally, there are a number of financial incentives and rebates available to EV drivers, all of which make fully electric vehicles an increasingly appealing prospect in terms of costs4.

In terms of performance, while previous fully electric vehicles were mainly intended for short, localised use, there is currently a variety of highway-legal EVs being produced by car manufacturers worldwide.

What about sustainability?

Well, when it comes to measuring the emissions of EVs vs ICEs, it’s really no contest, with fully electric vehicles capable of running at 0 emissions, which is why 38% of those planning an EV purchase say they’re doing so because of environmental concerns. However, when it comes to sustainability, it’s important to look at how a vehicle is made in addition to what happens when it’s on the road.

Fortunately, in this area too, EVs have the edge as the manufacturing process has less of an environmental impact that that of ICEs. The key area of concern in terms of the sustainable manufacturing of EVs is the material supply chain, which is why START is set to play such an important role in enabling buyers to make responsible choices.

By using blockchain technology to capture and visualise data across the material supply chain, START has the ability to provide an important signpost to consumers looking to make sustainable choices about the vehicles they use.

You can raise awareness about the benefits of EVs and START for consumers by sharing this article.

If you’re in the vehicle manufacturing industry and want to find out more about how START can contribute to your sustainable business practices, you can contact us to learn more or request a demo.

And with that, we come to the end of this blog series. You can read our past blogs – the evolution of the car and how to be a responsible car buyer.