Electric Vehicles (EVs) are nothing new. In fact, it might be hard to believe, but the first electric vehicle was invented in the 1800s around the same time gas powered automobiles were being developed. During that time, electric cars were promising because they didn’t have the same issues as gas-powered cars, which were difficult to drive, noisy, and produced exhaust fumes. It was expected that EVs were going to be the preferred choice due to these reasons, but the release of Henry Ford’s Model T made gas-powered engines much more affordable at a third of the cost. So began the movement of modern societies adopting gas vehicles as a primary mode of transportation.
Oil prices in the 1960s and 70s created a short peak in demand for EVs that had people excited. Some thought that this would be the boom they needed to catch on. But the upfront cost, low performance and range, and lack of charging infrastructure didn’t allow widespread adoption. Over the last decade, EVs, especially hybrid EVs, were met with increased popularity from environmentalists who were willing to pay more for a vehicle that had reduced impact on the environment, with fewer emissions coming from a hybrid and zero emissions coming from plug-in electric vehicles. Environmentalists pushed for businesses to adopt EVs, despite the greater cost associated with owning them.
But we all know that’s not how business works – without incentive to do so, businesses want to reduce costs and likewise, fleets strive for lowest total cost of ownership. Which brings us to today, and why I believe we are about to hit the TIPPING POINT for EVs in the fleet space. I’ve boiled it down to four big reasons why the time is right, which I will break down below.
- Increased Sustainability Policies & Incentives
- Increased Focus on Corporate Social Responsibility
- Reduced Cost of Ownership
- Greater Availability & Diversity of EV Models