The last time we had a ‘black Swan’ in the energy sector, the world was in the midst of a global economic meltdown, a new generation of electric vehicles was being developed, and Tesla Motors had just announced its first electric car, the Model S. But it’s been a few years since we saw a ‘swan’ in that space.
While the industry has been slowly but surely transitioning to electric vehicles, a lot has changed in the last decade.
And now we’re in a new era of electric car development.
This infographic is a guide to the major changes that are taking place in the electric car market.
We’ll dive into the electric vehicle market in the next section, but first, we need to get a handle on what’s happening in the EV world.
How did we get here?
The first electric vehicle in the US was the Chevrolet Volt.
Its predecessor, the Volt, was released in 2012.
The Chevy Volt was the first car to feature a fully electric drivetrain, and its design was largely based around its electric motor.
The company’s CEO, Dan Ammann, explained in the interview with Forbes that he originally wanted to develop a vehicle that would have “the ability to move at 500 miles per hour, accelerate at over 60 mph, and accelerate to 100 mph in about 7 seconds.”
But, at the time, Ammann was working on an electric vehicle for the United States military, and needed a “realistic” solution to the military’s “military needs.”
This vehicle, he said, would have an electric motor with a range of up to 150 miles.
As Ammann told Forbes, the military “was really looking for something that would be a real game-changer” and needed an electric car that “could do something that was different.”
That was in 2013, and the Chevy Volt would be unveiled to the public at the Detroit Auto Show.
The car’s first model was the Volt SE, which was unveiled in 2016.
The vehicle itself wasn’t a great success.
It had a 2.5-liter, 2.0-liter turbocharged V6 engine, which is a lot like the one that powers the Model 3.
It also featured a 3.8-inch touchscreen infotainment system, which wasn’t very good, at least compared to the other cars in the Volt lineup.
The second Volt was announced in 2017, and was essentially a direct sequel to the previous vehicle.
The Volt SE was a bit different.
It featured a much more powerful 1.8L turbocharged engine, with a 6-speed automatic transmission.
And the second model, the Tesla Model 3, was a huge success.
At the time of the launch of the Tesla 3, the company was aiming to release a new model in 2020 that would rival the Chevy Bolt.
It would be the most powerful and affordable car in the car’s line-up.
And, in 2020, Amman’s goal was to produce enough Model 3s to meet the demand for the car, which he had described as “a global car that would redefine what a sedan can do.”
The first Model 3 was released on September 11, 2020, with an initial price tag of $39,000.
The Model 3 went on to sell over 2 million units, making it the most popular car in Tesla’s history.
That was a massive success for the company, which saw sales of the Model X and Model 3 jump from 2.8 million to over 10 million units.
By 2020, the number of electric vehicle sales in the U.S. had surpassed 9 million.
That year, the electric vehicles were selling out in record time.
And in 2017 alone, Tesla was able to deliver over a billion miles of range in its Model S electric car.
In 2020, Tesla sold over 3 million electric cars in North America alone.
The next year, Ammans goal was much bigger.
By 2021, he wanted to sell the Model Y, a car that he described as a “big step forward.”
The company began work on the Model Z, a bigger version of the car.
By 2022, it was ready to begin production of the Z. The Z was a significant step forward for the electric automaker.
It was supposed to offer a range similar to that of the Bolt EV, and it would be capable of hitting 60 miles per charge in just 4 seconds.
The biggest surprise was how quickly production was able, with only a few delays.
But even with these delays, the Z achieved the lofty goal of achieving “an all-electric car that is truly electric and not fueled by fossil fuels,” according to Tesla.
“At this point, there are so many ways we can make electric vehicles better,” Ammann said at the start of the year, adding that the company would “continue to refine our electric vehicle design and manufacturing.”
But the car never made it to production.
By 2017, Tesla had been selling less than 500,000 electric vehicles a year, and there were no plans