TSLA - Switching From Pumps to Plugs Requires Changing the Rules of the Game
The EV race is heating up as US President Joe Biden signed an executive order for half of new car sales in the country to be electric by the end of the decade. EVs do make a difference because over their life cycle, beginning to end, they emit fewer greenhouse gases than its internal-combustion engine counterparts that emit roughly 24 pounds of carbon dioxide and other global-warming gases for every gallon of gas burned, making them a significant cause of global warming. But going all-in on EVs brings about a lot of issues.
Affordability
Owning a car isn’t a cheap endeavor as insurance, maintenance and fuel make up a household’s second-largest expense, according to the International Council on Clean Transportation. Switching to EVs should help in the long run because they are cheaper to maintain. But, their hefty price tag is a problem and the federal government needs to give a helping hand to future EV owners. As choices grow, prices are getting lower. Volkswagen’s (OTC: VWAGY) first electric SUV ID4 begins at $40,000, Ford Motors’ (NYSE: F) Mustang Mach-e $42,895, Tesla Inc’s (NASDAQ: TSLA) Model 3, the industry standard, is priced at $39,990. However, Elon Musk promised a $25,000 electric car with next-generation tabless battery in the works.
Charging stations
When comes to going green, the price tag isn’t the only concern. While gas guzzlers can be topped at about 150,000 gas stations across the US, charging stations are not nearly as many.
Besides range anxiety, EV owners also need to face broken chargers, confusing payment systems and less-than-appealing electricity rates. While refilling a gas tank takes a few minutes, fully charging an EV takes a lot longer, even with fast chargers.
Worksport’s groundbreaking products come to the rescue
Worksport Ltd (NASDAQ: WKSP) is one of those companies who is putting its money where its mouth is. Virtually free of debt with almost $29 million in cash after its recent oversubscribed Reg-A offering and subsequent underwritten public offering, it is expanding its ecosystem. The new EV-related product development termed “NPEV” will play a significant role in decarbonizing transportation with truly green energy. Worksport already redefined industry standards with its TerraVis solar fusion that is being configured for two upcoming electric pickups after 7 years of development, improving both the vehicle’s range and efficiency.
Going electric admittedly has perks
Without a doubt, EVs are greener, cleaner and better for the planet and its inhabitants than ICE vehicles. But switching from pumps to plugs is much easier said than done. President Biden called EV adoption an act “to save the planet.” That it may be, but this salvation act needs revolutionary companies with groundbreaking technologies to change the rules of the game that led us to this doomsday scenario.
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