Five Innovations That Could Boost Convenience of EV Ownership

Factors such as high purchase costs, limited range and unreliable public charging infrastructure have consistently hindered electric vehicle (EV) adoption since Tesla unveiled the first mass-market electric car over a decade ago. As a result, stakeholders ranging from governments and car companies to battery makers are working on various innovative solutions to overcome the barriers to electric vehicle adoption.

Such innovations will be key to ensuring the transportation sector, which generates roughly 30% of global greenhouse gas emissions, is electrified.

Battery swapping has been around for several years as a solution to the electric vehicle charging problem. It can take EV drivers anything from 30 minutes to several hours to recharge their cars while ICE cars require just a minute or two to refill their tanks. Swapping depleted batteries with fully charged batteries reduces “charging time” to as little as five minutes. Furthermore, this process cuts down purchase costs by allowing drivers to lease rather than buy EV batteries.

More affordable EV battery technologies will also make electric vehicle ownership much more convenient. The International Energy Agency’s (IEA) new Global EV Outlook notes that vehicle and battery makers are speeding up plans to develop novel designs and more affordable electric vehicle battery chemistries as rising EV sales increase battery demand. Researchers are currently working to develop cheaper EV batteries with more capacity and faster charging times, such as solid-state and sodium-ion batteries.

Reliable public charging will be key to making electric vehicle ownership more convenient. As charging infrastructure in most U.S. cities hasn’t maintained pace with EV adoption, stakeholders will have to invest in deploying new infrastructure and improving current charging stations. A new World Economic Forum white paper notes that this investment will need collaboration between the private sector and governments. Fortifying the grid with alternative sources of energy will allow EV drivers to tap into the system without overwhelming it.

Faster electric vehicle charging is also becoming a major demand for prospective EV buyers. For customers who don’t want battery swapping or lack access to this service, faster charging will be a must. This will most likely occur through charging stations and EVs with fast-charging capabilities. Utilities are already focusing on deploying more fast-charging infrastructure compared to slow-charging varieties. In addition, more modern electric cars now allow fast charging.

Electrified roads have also emerged as an alternative and more convenient means of charging and a potential solution to range anxiety. This novel solution works by funneling energy to traveling EVs via three different means: inductive charging, overhead wires and conductive charging. These systems allow drivers to top their vehicles without having to stop and could go a long way toward alleviating range anxiety.

When manufacturers such as Mullen Automotive Inc. (NASDAQ: MULN) incorporate a number of these innovations in their products and approaches, we could see the uptake of EVs accelerate in ways that would have seemed impossible given the current dip in the sales of these new energy vehicles.

NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN

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