Sustainable Vehicles Might Replace 87% of U.S. Cars "Elon Musk Must Be Ecstatic"
Will the research be proven right and what would it mean for companies like Tesla?
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A new MIT study released on Monday suggests that up to 87% of all the vehicles in the United States could end up being replaced by sustainable, or at least more-sustainable, automobiles.
This is a bit surprising when you consider the many challenges that this industry is still facing. Cost, battery life and charging portals are just a few issues that need to be addressed. It’s even harder to believe when you consider that currently only 0.7% of U.S. automobiles are electric. In fact, when we look at the numbers from 2014 to 2015, you can see the total sales of plug-in electric car sales fell by no less than 17%.
This is why the results of this research are so fascinating. The study suggests that the technical potential of such sustainable vehicles is huge and concluded that affordable electric vehicles, such as the Nissan Leaf and Ford Focus, will be an ideal solution for people who only need on recharge a day. Considering operating costs of electric vehicles are estimated to be lower than conventional vehicles, overall costs are comparable.
However, the study also suggests that improved car-sharing services or major advancements in other types of sustainable vehicles are needed, because for some distances, electric vehicles are simply not enough.
It is interesting to note that if this number will prove to be even remotely correct, the result could be up to 60% reduction in gasoline use in the United States. That might be bad news for the oil industry (okay, you can scratch ‘might’), but it also means around 30% reduction of greenhouse gas emissions emitted by transportation in America, and transportation is responsible for over 25% of the total greenhouse gas emissions in the United States.
Will the research be proven right and what would it mean for companies like Tesla? In fact, what would it mean for traditional car companies such as Toyota, Volkswagen, Honda, BMW, Renault, Ferrari, Fiat and Daimler? At iFOREX you can learn how to invest in the share price of these automakers, and many others, and can potentially benefit from market volatility.
