Audrey s BUS225_Project_Two (1)

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Southern New Hampshire University *

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Economics

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Jan 9, 2024

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The Rise of Electric Vehicles • Audrey Schlosser • Professor Green
The Rise of Electric Vehicles This presentaion will be about the rise of electric vehicles and why we should diversify as a company into this renowned and up coming industry that is laready sky rocketing into a new way to get places and have the economy in thought. I hope to accomplish getting the information out to see the positive prospectives on new ways to get around using electric cehicle options.
Automative Sale for Gasoline Vehicles. Gasoline powered vehicles have been the number one pick for decades on how to get around. Sales of gasoline powered vehicles will continue to fall due to the strong growth and now competitive industry of electric vehicles (EVs include plug-in and battery electric vehicles). The 160,000 EVs sold in 2016 may have paled in comparison to gasoline vehicles in their peak year, but momentum was already on the side of electricity.
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How Gasoline is Changing the Climate Change The transition away from gasoline and diesel powered vehicles and toward a future of carbon-free transportation is essential for the fight against climate change. In 2017, passenger vehicles were responsible for 17.8% of US greenhouse gas emissions, nearly 60% of all emissions in the entire transportation sector. Considering the advances in technology and falling costs, climate-friendly options like electric vehicles will become mainstream in the years ahead.
The Concerned People Americans become increasingly concerned about the climate crisis, more consumers will place value in vehicle models that help eliminate fossil fuels from the transportation sector.
Thoughts of Transitioning Transition is whether we have seen the end of big expanding sales of gasoline powered vehicles. This would be a signal of an important shift in the personal choices about what type of vehicle to drive. It would tell us that something significant was emerging that would move us toward cleaner transportation.
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The Decrease in Gasoline The U.S. gasoline station sales is at a current level of 52.51B, down from 53.26B last month and down from 67.94B one year ago. This is a change of -1.42% from last month and -22.72% from one year ago.
The Decline Gasoline powered vehicle sales hit 17.3 million units that year(2016) and have been in decline ever since.
Automative Sales for Electric Vehicles Electric vehicle sales will continue to rise in the US for a number of reasons, including the following “four C’s”:
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The Four C's Choice: Consumers have a growing number of electruc vehicle models to choose from, especially in the popular SUV and truck segments, at an increasing number of price points. The number of electric vehicles like Chevy Bolt or Tesla Model is projected to expand from just 18 in 2017 to 81 in 2022 and 133 in 2026. Cost: Battery pack costs have fallen to $176 per from $1,000 in 2010. Battery pack costs below $100 with 200-300 miles of driving between charges will be achieved over the next 3 to 5 years. That will make electric vehicles increasingly cost competitive with conventional gasoline powered vehicles. Convenience: For many drivers, the option of plugging in at home, their apartment, or their office is more attractive than stopping at the gas station every week. Today more than 80% of electric vehicle owners charge at home now. But as this industry growing more and more charging station will come. Climate Change: Finally, as Americans become more and more concerned about the climate crisis, more consumers will realize that electric vehicle models help eliminate fossil fuels from the transportation sector.
Customer Demands With more offerings and expanding charging stations, electric vehicle sales could grow at double-digit rates for an extended period during the 2020’s.
Expected Growth US sales of electric vehicles haven risen from zero units in 2010 to an estimated 433,000 units just nine years later. Sales of electric vehicles are expected to grow strongly in the near term. 2016 was the inflection point in America’s shift away from gasoline vehicles.
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Summary Data 1. Electric vehicles will not only help the economy but people as well to save money in the long run. 2. Gasloline vehicles are declining in the veiw of consumer since there are many good qualities that come with buying electric. 3. The cost for electric vehicles will decline since the number of sales are skyrocketing and the data shows that it will continue to do so.
Decisoin-Making Model There are 3 different decision making models your company can go by. The best option for this company would be the rational decision making model.
References Yahoo! (n.d.-b). Electric vehicle market size [2022-2028] worth USD 1318.22 billion by 2028 | fortune business insights . Yahoo! Finance. Future Electric Vehicles coming 2023-2028 . Road & Track. (2023, July 20). https://www.roadandtrack.com/rankings/g43932239/future-electric-cars-trucks/# Iea. (2023, April 1). Demand for electric cars is booming, with sales expected to leap 35% this year after a record-breaking 2022 - news . IEA. https://www.iea.org/news/demand-for-electric-cars- is-booming-with-sales-expected-to-leap-35-this-year-after-a-record-breaking-2022 Slanger, D. (2023, June 8). The EV Battery Supply Chain explained . RMI. https://rmi.org/the-ev-battery-supply-chain-explained Why EV prices are lower in China compared to western economies . PTOLEMUS Consulting Group. (2023, March 10). https://www.ptolemus.com/insight/why-ev-prices-are-lower-in-china- compared-to-western-economies/ Global top 10 EV battery manufacturers [2023]. Energy Research. (n.d.). https://www.blackridgeresearch.com/blog/list-of-top-electric-vehicle-ev-battery-evb-manufacturers-makers-companies- producers-component-suppliers Lewis, M. (2023, February 17). The world’s largest EV battery maker will cut costs for Chinese automakers – but not for Tesla . Electrek. https://electrek.co/2023/02/17/the-worlds-largest-ev- battery-maker-will-cut-costs-for-chinese-automakers-but-not-for-tesla/ Johnson, P. (2022, November 14). Here’s how US electric vehicle sales by maker and EV model through Q3 2022 compare . Electrek. https://electrek.co/2022/10/18/us-electric-vehicle-sales-by- maker-and-ev-model-through-q3-2022/ Gas powered vehicles have peaked – Third way . – Third Way. (n.d.). https://www.thirdway.org/memo/gas-powered-vehicles-have-peaked Electric vehicle market (by propulsion: Bev, PHEV, ECEV; by components: Battery Cells & Packs, on-board charge, motor, reducer, others; by vehicle type: Passenger cars commercial vehicles; by vehicle class: Mid-priced, luxury; by top speed: Less than 100 mph, 100 to 125 mph, more than 125 mph; by Vehicle Drive; by EV charging point type; by V2G; by propulsion type) - global industry analysis, size, share, growth, trends, regional outlook, and forecast 2023 – 2032. Precedence Research. (n.d.). https://www.precedenceresearch.com/electric-vehicle-market
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