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April 24, 2020, 11:18 a.m. EDT

Why The Coronavirus Will Not Stop EVs

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Apr 24, 2020 (IAM Newswire via COMTEX) -- The one thing half of the world is not doing these days is traveling. Or "going" to work. Half of the world's population is in self-quarantine as part of the effort to contain the spread of COVID-19. And the world's largest automakers have literally pushed the brakes as they halted production and this includes the Big 3 automakers: General Motors /zigman2/quotes/205226835/composite GM +3.77% , Ford Motor /zigman2/quotes/208911460/composite F +6.60% , Fiat Chrysler /zigman2/quotes/204248628/composite FCAU +2.82% as well as Toyota Motor Corporation /zigman2/quotes/200537742/composite TM +0.42% and even Tesla Motor /zigman2/quotes/203558040/composite TSLA +6.43% whose glitzy CEO has dismissed coronavirus concerns only a month before slashing employee pay and having to close its California plant. World leaders are on the same page now- COVID-19 is no joke. But although it will slow down the economy dramatically, the coronavirus will not stop the EV era that is upon us as the world will go back to normal, eventually.

Europe

Besides the fact that EU regulations on its own are somewhat even forcing the EV revolution, one study Clean Technica even emphasized how much this new era is being eagerly embraced by Netherlands, Norway, Germany & France. German EV fans are drawn to the smooth and quiet drive. French EV drivers are all about the fun the convenience of an EV driver's as they are also self-identified tech and eco-lovers in general. Practical Norwegians highlighted low maintenance, financial savings offered by EVs and the fact that they loved new tech the most, but also rejoicing in the fun and convenience. The #1 reason aside from the environmental benefit for Dutch respondents is their adoration of new tech. So EVs indeed embrace the best of all worlds: they make it fun and convenient for drivers, appeal to tech fans and all the while, loving Mother Earth.

EVs Vs Traditional Combustion Vehicles

When it comes to maintenance, electric cars win the race against vehicles with internal combustion engines. They are also mechanically simpler than gas-powered cars.

There is no more need for an elaborate maintenance schedule and the effort to have a good technician as Tesla routinely improves its vehicles using over-the-air software updates.

In a way, you can even say that all Tesla owners need to do is wash their cars regularly and wait around for over-the-air software updates to keep their vehicles in tip-top condition.

Another upside is that there are no oil changes - not twice a year, every few thousand miles. Putting it simply, no-engine oil. These vehicles are almost fluid-free. They do infrequently require a filter change and door hinges still need to be lubricated. But the bottom line is that the electric drivetrain is almost fluid-free.

Also, there is no need to replace the brakes every 50,000 miles because Tesla uses regenerative braking, pads and rotors, this makes them subjected to less wear. Owners can expect to change pads every 100,000 miles.

But EVs are not entirely perfect

There is the topic of the largest and most expensive component, namely the battery replacement. This is the one area where gas-powered vehicles have a slight advantage. A new Tesla battery is rather pricey between $5,000 and 7,000 whereas a whole new motor could end up being $3,000 or if you're luckier, a new gas tank would be around $1,000.

Also, no car owner can escape minor repairs such as worn-out or aging headlights, and accidents are very expensive when it comes to EVs. The Model 3 and Model Y vehicles should be cheaper to repair but the aluminum construction of Model S and X are an entirely different story. And some still mind the engineering missteps such as the complicated falcon-wing doors of the Model X… but that's a subjective matter! But there are objective ones such as tires which remain the same regardless which path you choose to embark on!

Outlook

There’s really no debate: electric cars outperform traditional combustion engine vehicles in terms of both the environmental impact as well as the total lifestyle economic cost.

Still, there are some areas of maintenance that Tesla and its EV peers should work on. And as competition intensifies, these limitations will surely be conquered. Bayerische Motoren Werke Aktiengesellschaft /zigman2/quotes/209548467/delayed DE:BMW +4.50% even hired Hans Zimmer to literally set the tone for the sound of its electrical vehicles, speaking of upping the ante! Get ready for pretty much anything as world's greatest automakers are pulling out the big guns in this EV race.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure . IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you're interested in becoming an IAM journalist contact: contributors@iamnewswire.com

The post Why The Coronavirus Will Not Stop EVs appeared first on IAM Newswire .

COMTEX_364896141/2618/2020-04-24T11:17:54

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P/E Ratio
20.86
Dividend Yield
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$64.08 billion
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$836,811
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/zigman2/quotes/208911460/composite
US : U.S.: NYSE
$ 9.45
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P/E Ratio
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Dividend Yield
0.00%
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/zigman2/quotes/204248628/composite
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$ 15.67
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$ 555.38
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1,109
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N/A
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$511,871
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/zigman2/quotes/209548467/delayed
DE : Germany: Frankfurt
76.89
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P/E Ratio
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Market Cap
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€723,779
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