The Future of Renewable Energy in the Automobile Industry

The Future of Renewable Energy in the Automobile Industry
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The Future of Renewable Energy in the Automobile Industry
The current global push for renewable energy has devolved into particular human activities. Experts recommend exploiting the sustainability advantages of renewable energy in all the major industries. Statistics reveal that about 25% of the world’s energy is utilized in the transport industry. Furthermore, petroleum products are the leading energy sources in the transport industry. These statistics depict the unsustainability of the paradigm, given that petroleum products are a non-renewable energy source. The depletion of the oil reserves will mean the detriment of the transport industry. The grim future necessitates the integration of renewable energy sources in the transport industry to sustain its energy needs. Apart from the necessary depletion, other demerits of fossil fuels such as wastage and global warming effects are also exhibited. In this context, all the major automakers have invested in developing electric vehicles to facilitate the transition of the transport industry to renewable and green energy sources.
Experts have touted electric vehicles as the future of the automobile industry in light of the transition to renewable energy sources. Jolly (2021) indicates that electric cars will utilize 58% less energy than petrol cars and dimmish carbon dioxide emissions by 64%. Experts projects 17000 liters of oil to be lost in the lifetime of the EV batteries (Jolly, 2021). However, there is conventional wisdom that electric vehicles are not for the present time. On the flip side, the green energy activists anticipate a period when electric cars will be fully adopted. The dream is derailed by the high cost of production, translating to the unaffordability of electric vehicles. The electric car technology needs to revolutionize to enable the customer base to embrace it as a long-term option.
High cost is the most significant barrier to embracing electric vehicles in the automobile market. According to McFarland (2022), the cheapest electric car retails at $27400. This price is relatively high because the amount can acquire higher valued sedan cars and formidable medium SUVs. As a result, most car buyers would opt for gasoline cars instead of electric vehicles, derailing the move towards renewable options. The former exhibits value for money. Since the middle class entertains a few luxuries, they do not necessarily look for the cheapest car. In February, the average new vehicle was $45596 (McFarland, 2022). The average cost of electric automobiles was $60054. Thus, a person saves about $15000 when they shun the electric vehicles. Therefore, middle-class citizens regard electric cars as unaffordable. Similarly, the automakers would run losses if they drastically lower the vehicle prices due to high production costs.
Nevertheless, the automakers aim to progressively lower electric vehicle prices to fast-tract transition toward renewable energy. McFarland (2022) recounts that Tesla promised a cheap electric car at $35000. The Tesla Model 3 was touted in 2016 as an affordable alterna...