Electric Vehicles: An Electrifying Revolution

We are living in a new era of an Electric Vehicle (EV) Revolution. Gone are the days when EVs were seen as futuristic, science fiction, or high-tech. With the automotive market pivoting from gasoline-powered to electric cars, the race is on as many suppliers and automakers alike are developing innovative battery technology, charging solutions, and electrification plans in municipals so that EVs can go the distance. 

A Market Moving at Lightning Speed

The global EV market is expected to reach a value of $725.14 billion¹ by 2026. The upwards growth and rising demand for more eco-friendly transportation and the government’s support for long-range, zero-emission vehicles have compelled manufacturers to continue to produce more EVs. Automakers built² five times more new EV models in 2021 than in 2015, increasing the attractiveness for consumers, and the number of EV models available on the market is now around 450.

Considerations with EVs

Let’s step on the brakes for a minute and analyze the opportunities and obstacles within EVs that most of us know:

Advantages

• Environmental Benefits
  EVs achieve net greenhouse gas emissions reduction³ of nearly 580 Mt CO2-eq in the APS on a well-to-wheel basis, addressing climate change. Electric motors are also quieter, helping reduce noise pollution. Lastly, EVs help decrease our dependency on oil.
• Cost-Efficiency
  EVs are low-maintenance because they have fewer moving parts and services can be done on site. 
• Driving Performance
  EVs are easy to drive because they comprise only one long gear and cannot stall like gas-powered cars. They also have superior weight distribution and stability, as most battery packs are positioned in the center. This placement allows for better cornering and minimized rollover risk.

Challenges

• Charging Accessibility and Technology
  The availability of charging stations and smart grids largely depends on your location, as public infrastructure may be scarce. The suitable number of chargers per EV will depend on local specificities, which needs to be expanded to provide consumers with adequate coverage.
• Expensive Unit Price and Battery Sourcing 
  EVs remain relatively too expensive for the public, which is a large consideration when purchasing a vehicle. As for battery production, there is still minimal production for rare earth metals and mineral commodities, which are critical components for EV batteries. Prices of these raw materials such as cobalt, lithium, and nickel have also surged.
• Issues with Recycling and Environment Benefit Rebuttal  
  There is no clear way yet on how to recycle these batteries and cars. Currently, there is no solution to how a battery’s life decreases over time. One should also note that the damage done for mining fossil fuels is equal to the mining of metals for the battery. 

A Smooth Ride with AI

Fortunately, those who plan to purchase an EV have technology⁴ on their side. Battery performance, for example, gets a boost from artificial intelligence (AI), data science, and big data tools. Machine learning (ML) optimizes battery life by gathering and monitoring various data. For instance, Tesla utilizes⁵ AI and ML for self-driving and “over-the-air” updates—wirelessly sent software enhancements that make your vehicle “safer and more capable over time.” 

So Where Does TaskUs Come into Play in the EV Industry?

As we start the shift to EVs, a new set of customer journeys and experiences is going to emerge, involving innovative technology and unique obstacles. Analogous services such as charging, upselling, and OEM/dealer/customer support can present a challenge. That’s where TaskUs comes in. We know that the brand, hardware, and technology produced by EV companies are unmatched, and TaskUs can partner to help ensure the best quality AI/ML solutions and CX support through the EV ownership and vehicle life cycle.