At this point, there is no slowing down the electric vehicle (EV) revolution. Even disappointing sales in 2020 hasn’t stopped the capital investments in EV manufacturers, with upstarts and more established carmakers elbowing their way into the North American market.
Although money and interest are not a problem for those looking to get into the EV game, institutional knowledge and raw materials can be since this is such a new part of the industry. In fact, it is often said, EV makers are more akin to tech companies than traditional car manufacturers.
In the past, a car manufacturer just starting out would have turned to Detroit for designers and engineers, but EV makers also need the type of software talent found in Silicon Valley and Austin. Bosch recently reported that a car built in 2010 used 10 million lines of code, and within a decade, it had increased tenfold to 200 million lines of code in 2020. Vehicles of tomorrow will have 300-500 million lines. As far as the EV manufacturing supply chain, the market is wide open to companies with a little ingenuity and some capital to invest. Most importantly, every EV manufacturer needs a better battery — no matter how good theirs is currently, it is not good enough… yet.
Manufacturers are revving their engines for EV technology
Manufacturers and suppliers alike are investing what they can and partnering for efficiency. General Motors and LG Chem, one of the world’s largest lithium-ion battery makers, partnered to create a battery they announced will help lower their EV cars’ prices and hold a charge for up to 450 miles. (Tesla’s range is a little over 400 miles.) Ford Motor Company, which had said this past summer would buy its batteries from a third party, already changed course, with its new CEO saying in November the company is exploring options to build Ford batteries internally.
Despite those announcements, loads of other battery manufacturers and car companies are pushing to make the cheapest, most efficient, longest-running battery on the market.
That’s just one component, though. EVs will require many features unique to their type of car in addition to many of the same parts used by traditional carmakers, with a few modifications. EVs still need seat covers, windshields, chassis, tires, seatbelts, that is, all the typical interior components of the same quality as combustion cars, yet manufactured with a lighter weight, equally durable material.
