And then there’s the looming question of the electrical grid. In the UK, EVs are projected to double the demand for electricity by 2040. This capacity does not yet exist and nor is it planned for.
"Replacing the massive $3 trillion global car industry is an extremely high-risk economic gamble, particularly for the West. It could also threaten the mobility of all but the richest among us. And all this is being risked for environmental benefits that may prove far less robust than is often claimed. This is not to say that EVs won’t help us to reduce CO2 emissions or to clean the air. The problem is that, at least in the immediate future, they should not be the only option available to consumers.
"Toyota, for instance, has argued that there are other, more affordable and quicker ways to reduce emissions than transitioning exclusively to EVs. While Toyota is investing in electric batteries, it also hopes to continue offering hybrid and hydrogen-powered cars in the coming decades. For stating this openly, it has come under fire from green lobbyists and politicians. New York City’s comptroller, Brad Lander, has even decided to restrict the city’s pension fund’s investments in the Japanese car company, due to its unwillingness to faithfully follow the green party line.
"The zealots and economic interests pushing an all-electric future generally ignore the challenges inherent in their plans. For one thing, despite promises of lower costs for EVs, the now enormous demand for key components, like lithium, copper and aluminium, means that prices are unlikely to fall any time soon. Battery prices alone will keep the price of EVs high, as the cost of components has risen threefold since 2021." . . .
