Gas powered cars have been in existence for over a hundred years. In spite of Volvo’s recent decision to distance itself from gasoline-only vehicles, experts say the internal combustion engine isn’t going anywhere any time soon.
“It’s hard to find technology that is better suited for cars,” said Rebecca Lindland, who is an executive analyst for the automotive value mega site Kelley Blue Book. “The idea that we are moving completely away from internal combustion is completely exaggerated.”
CNN advised that electric cars are currently more popular than ever. The prices have dropped and with tougher environmental regulations combined with the release of self-driving cars, they’re much more competitive with gas powered cars than they used to be. While it’s estimated that by the year 2020 there will be more electric charging stations than gas stations in the UK, eliminating gasoline altogether will be nearly impossible and there are several reasons for this.
First, there’s profitability. While electric-loving stocks like Tesla are worth more than Ford or General Motors, they’ve yet to report an annual profit. Gas-powered auto makers continue to make billions of dollars selling these traditional vehicles. The cost of producing electric cars is still quite expensive compared to automobiles with combustible engines. The main issue is the cost of parts such as lithium ion batteries. While other technology components such as processors and hard drives have dropped significantly in price, batteries are still quite expensive to produce.
Another reason gas powered won’t be a thing of the past anytime soon is they’re becoming more efficient. Automakers have been increasing fuel economies and adding features such as eco mode, which uses less engine power while on long highway trips and down hills.
Mass market also has an effect. It’s much easier for a smaller automaker such as Volvo to offer electric and hybrid-only auto lines as opposed to a company like Ford. Volvo’s global sales are around 500,000, compared to millions by the larger car producers.
While there won’t be an immediate halt of gasoline powered vehicles any time soon expect to see an increase in efficiency with combustible engines as well as many additional, more affordable options for electric cars and hybrids within the next ten years.