Electric cars are cool and captivating, but at the moment, they’re a terrible business: they make up roughly only 1% of global auto sales. But that hasn’t stopped investors from being wildly enthusiastic about their role in the future of mobility.
This is from a Bloomberg report on the lithium market and how car makers such as Tesla will affect the dynamics of that essential commodity, the key component of the batteries that power electric cars:
“Eventually, we will all be driving electric cars,” said Jeremy Wrathall, head of global natural resources in London at Investec. “We are definitely seeing a sea change.”
The key word here is “eventually.” Two new electric vehicles are slated to hit the market soon — the Tesla Model 3 and the Chevy Bolt, both selling for about $35,000 — but neither vehicle is a proper SUV, and that’s the segment that’s driving sales at the moment. Otherwise, the EVs now selling are actually selling quite badly, due to low gas prices and their inability to deliver range to match conventional cars.