Electric Cars Make a Comeback, Led by California
Electric cars, once a niche market, are making a comeback. Driven by technological advancements and environmental regulations, these vehicles are set to dominate the market, particularly in regions like California.
The resurgence of electric cars can be attributed to several factors. Firstly, improvements in battery and electronic technology have led to increased ranges and reduced charging times. Today, battery cars typically offer a range of 100 miles and can be fully charged in four to eight hours on 220-volt current.
Initially, fleet sales are expected to drive the stock market today due to 'range anxiety' among consumers and companies seeking to enhance their green credentials. However, this trend is likely to shift as consumers become more comfortable with the technology and charging infrastructure improves.
California is anticipated to lead the way in early electric vehicle sales, with at least 50 percent of first-year sales expected in the state. Its favorable weather, environmentally conscious population, and advanced charging installations make it an ideal market for these vehicles.
The return of electric cars is not a new phenomenon. In 1900, there were an equal number of gas, electric, and steam cars on the road. However, the invention of the self-starter by Charles Kettering in 1912 for the Cadillac made gasoline vehicles more practical, leading to their dominance.
The Fisker Karma, manufactured by Fisker Automotive in California, was one of the first modern electric cars to hit the market in 2011. It was joined by a wave of electric and plug-in hybrid car introductions later that year and throughout 2012, including the Chevrolet Volt. These plug-in hybrids use their gas engines as generators for electric motors, providing a range-extending feature.
The electric car market is poised for significant growth, driven by technological advancements, environmental regulations, and consumer demand. California is expected to lead the way in early sales, with fleet purchases initially dominating the stock market today. As charging infrastructure improves and consumers become more comfortable with the technology, the electric car market is set to expand, marking a return to the diverse automotive landscape of a century ago.
