Welcome back to the latest episode of “The Future of Automotive” on CBT News, where we put recent automotive and mobility news into the context of the broader themes impacting the industry.
I’m Steve Greenfield from Automotive Ventures, and I’m glad that you could join us this week.
I’m often asked: Why is it that consumers haven’t been quicker to adopt electric vehicles?
I tend to think of three interdependent headwinds to adoption: battery range, charging speed, and charger availability. Until we make progress on all three, we’re not likely to see the dramatic adoption of EVs that many consultants forecasted, just a few years ago.
But, having said that, I think it’s just a matter of time before battery chemistry becomes so much better that even the most ardent internal combustion engine fan starts to more seriously consider an EV as a viable option to an ICE vehicle.
To coincide with this week’s Shanghai Auto Show, two of the world’s leading battery developers seem locked in a race that has brought the charging time for an electric vehicle to just five minutes, which is just about the same amount of time it takes to refuel a traditional gasoline-powered car.
Not surprisingly, both of these battery companies are Chinese.
Chinese manufacturer CATL said Monday that its latest advances will let it manufacture batteries that are lighter, cheaper, faster to recharge and more resistant to cold — all while providing greater driving range.
CATL, the world’s biggest automotive battery maker, says that it has developed a new fast-charging system that, within five minutes, can power a car for 320 miles of driving. By getting the charging time down to roughly the same time as it takes to refuel a gasoline-powered car, the company appears to have further eroded a major obstacle to wider EV adoption.
CATL’s announcement came just after that of fellow Chinese battery maker BYD, which also manufactures its own EVs that rival Tesla’s products.
In March, BYD, which notably took a signficant investment from Warren Buffett way back in 2008, before they even started manufacturing vehicles, said that its new charging technology is capable of providing 250 miles of range in five minutes.
These technologies are still years away from widespread adoption. For example, these new batteries can only be charged at a network of superfast charging stations that is still being built out in China.
But, when the technology is more widely available, it could make electric cars more competitive in price and performance with gasoline-powered models.
You may very well be in the camp of internal combustion engine lovers, who dismiss the possibility that EVs will ever become the dominant vehicle drivetrain.
But if you even have an inkling of doubt that, with dramatically better battery chemistry, we’ll get to a compelling value proposition that EVs will become a credible substitute to ICE drivetrains, you need to be at least a little concerned about China’s dominance around EV battery supply chains and innovation.
In the constant tug-of-war between EVs and ICE drivetrains, we‘re going to have a very interesting few years ahead.
So, with that, let’s transition to Our Companies to Watch.
Every week we highlight interesting companies in the automotive technology space to keep an eye on. If you read my weekly Intel Report, we showcase a company to watch, and we take the opportunity here on this segment each week to share that company with you.
Today, our new company to watch is MyMechanic.
MyMechanic connects broken down trucks with trusted local mechanics, towing services, parts suppliers and repair shops for dependable roadside assistance.
MyMechanic works with fleets and owner operators to provide them with trusted service providers to get trucks back on the road after roadside breakdowns.
If you’d like to learn more about MyMechanic you can check them out at www.MyMechanic.app.
So that’s it for this week’s Future of Automotive segment.
If you’re an AutoTech entrepreneur working on a solution that helps car dealerships, we want to hear from you. We are actively investing out of our DealerFund.
Don’t forget to check out my first book, “The Future of Automotive Retail,” and my brand-new book, “The Future of Mobility”, both of which are now available on Amazon.com.
Thanks (as always) for your ongoing support and for tuning into CBT News for this week’s Future of Automotive segment. We’ll see you next week!
