An electric vehicle (EV) is a motorized passenger car or utility vehicle that uses an electric drive system to power its wheels. Electric vehicles use a battery pack to store electrical energy for driving, which can be recharged from the grid at home or at public charging stations.
EVs have many advantages over conventional cars, including lower operating costs and the ability to utilize electricity generated from renewable sources at low cost, as well as significantly reduced tailpipe emissions of carbon dioxide and other pollutants (see the chart below). Additionally, the regenerative braking mechanism of an EV typically results in fewer brake pad or rotor replacements than in an internal combustion engine vehicle.
However, several barriers remain that limit the widespread adoption of EVs. In particular, battery costs and range continue to be major constraints. These challenges can be addressed by incremental measures, such as sharing best practices and adopting EV/battery-as-a-service models, or by more radical shifts in business model design.
Moreover, the lifespan of a battery is limited by its number of charge cycles, which is influenced by temperature and other environmental factors. Automakers are working to improve the charging process to reduce wear and tear on batteries, extending their life span. Lastly, the availability of a network of charging stations is another challenge. New York City, for example, has more than 1,000 EV charging ports installed through our EVolve NY program at highway corridors and urban hubs such as JFK Airport.