Electric vehicles YES BANK and TERI BCSD report
Electric vehicles are a thing of the future as now days each and every individual wants to save money on fuel costs. EV’s are a good transportation option as they make use of battery packs to store energy which is then used to propel the car forwards unlike Internal combustion engines that make use of fossil fuel for the same. ICE vehicles too are being developed to ensure that they are fuel efficient and less polluting as compared to the models seen in the past. There’s ample research globally, and in India, the forerunners are Mahindra-Reva, who this week launched the Reva e2o. There’s also Hero Electric and other domestic OEMs.
EV’s are not only better modes of transport they are cost effective too. EV’s simply need to be charged via induction or plug in ports and this can be done at a charging station or at home. The only disadvantage using EV’s is that there are not many charging stations in India which cause a problem if you are going on a long trip. Integrated networks of these charging stations need to be installed so that people take up usage of these Electric Vehicles for their transportation needs. Apart from EV’s there are companies who are making use of hydrogen cell fueled vehicles as opposed to those with lithium ion batteries.
The best part about charging EV battery packs is that energy used is from renewable source of energy like sun, wind and water which doesn’t the ecosystem. In order for a successful transition from ICE to EV which will take place slowly but surely, OEM’s need to put more effort into designing reasonable priced modules so as to bring about competition within the automotive market and thereby getting people to choose these EV’s over their ICE counterparts.