The Future of Electric Vehicles – What to Expect in 2023

Light vehicles such as cars and trucks account for much of our nation’s emissions. Electric vehicles (EVs) have become a prominent option on busy roadways while still making headway on backroads and rugged terrain.

Ford, Chevrolet and Rivian are all developing heavy-duty electric pickup trucks to meet growing consumer demand for these electric vehicles in the automotive industry. The demand is swiftly altering this sector of industry.

1. Improved Battery Technology

Automakers are working to develop innovative battery technologies that will further lower costs and enhance performance for battery-powered vehicles, with researchers developing lighter batteries with higher energy densities that hold more charge over longer distances, charging faster without degrading performance and being recyclable for greater sustainability.

Toyota recently claimed it has achieved a breakthrough in solid-state battery technology that promises to significantly cut costs and shorten EV charging time. They anticipate mass producing batteries by 2027-2028 that boast 20% longer cruising range, charging from 10% to 80% in just 10 minutes.

Automakers in the United States are taking proactive steps to bring their EV production and supply chains back in-country, with renewed federal tax credits helping them do just that. By doing this, they hope to avoid potential trade tariffs imposed by government on Chinese EV parts and batteries supplies.

Major automakers have announced plans to electrify large portions of their fleets over the next decade, with some brands setting ambitious goals of fully switching over by 2025. And with several pure battery EV models expected to hit sale this year alone, drivers are rapidly getting over range anxiety while having plenty of options both high performance and more economical models to choose from.

2. More Efficient Motors

For fully replacing gas-powered vehicles with electric ones, electric motors must become more energy-efficient and powerful so that each unit of battery power goes further.

Current generations of electric vehicles (EVs) tend to focus on efficiency, offering models with impressive fuel economy figures. Unfortunately, increasing power means using more cobalt-rich battery cells at greater expense and prices have seen steep rises since its discovery. Yet improvements to motors could make these cars more affordable while providing performance consumers have been craving in large numbers.

As more electric vehicles enter circulation, demand for fossil fuels should decrease and greenhouse emissions from transportation will likely reduce; though this transition will take time given how long gas-powered cars have been on the road.

Carmakers have already committed millions of dollars towards electric vehicles (EVs). General Motors recently stated its new models would all become electrified by 2035 while Ford plans on following suit in Europe. Furthermore, Fiat Chrysler and PSA Group’s Citroen and Peugeot brands will launch Stellantis an all-electric brand by 2023 which will feature its stylish Honda Prologue SUV as its basis while providing up to 383 miles of range per charge.

3. More Range

Many drivers who own electric vehicles currently experience limitations with range. By 2023, we should see vehicles capable of covering over 500 miles on one charge; thus removing any roadblocks that might have prevented drivers from making the switch.

With more range available to us, we may start seeing more electric vehicle (EV) models from automakers who currently do not offer them, including major carmakers like Ford, GM, BMW as well as startups like Rivian and BYD. This will give consumers more choices to switch over from gas-powered cars.

Acura plans to release its inaugural all-electric SUV using similar technology as General Motor’s Prologue by 2024; using its ZDX nameplate this vehicle should compete against Kia EV9 and Hyundai Ioniq 7.

One factor for this increase will be new rules from the U.S. Treasury Department that will enable automakers to qualify for a $7,500 tax credit if they construct EVs in America and source all critical battery materials from within its borders or free trade agreement nations. These changes should help lower production costs and make EVs more affordable to consumers.

4. More Affordable

As electric vehicle technology improves and manufacturers release new models, prices have steadily dropped for these EVs; however, some remain more costly than their gasoline equivalents when factoring in home charging station costs; this represents a major challenge to those considering switching over.

2023 will see the release of more affordable electric vehicles (EVs), making them accessible for more people. Major automakers will release models in the small to midsize range such as Honda’s Prologue and Jeep’s Wrangler-adjacent Recon EV. Furthermore, look out for Chevrolet releasing two trim levels beginning below $40,000.

Luxury automakers have significantly expanded their lineups of electric vehicles with the debuts of Audi A8 e-tron and Mercedes-EQ versions of its S and C sedans, Lucid Air sedan, as well as several electric pickups including Ford F-150 Lightning and GMC Sierra Denali EV models.

However, it should be remembered that numerous factors could impede EV adoption beyond 2023. One such factor could be raw materials in short supply which drive battery costs higher and may make cost parity with ICE vehicles less achievable for EVs.