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Automakers banking on the electrification of vehicles

The auto industry may not be profiting from electric vehicles just yet, but it is banking on the electrification of vehicles.

This subtle shift in language is immensely important in comprehending the sustainability forecast of the electric vehicle (EV) industry.

“There is a path forward to profitability,” said Mike Tinskey, Manager for Sustainable Activities at Ford. “It just might not be a direct path.”

His remarks came last week at the launch of the EV-Smart Grid Interoperability Center at Argonne National Laboratory, which is part of a global initiative to harmonize a simplified and consistent language for electrifying vehicles. The electrification of vehicles is everything that falls under the umbrella of using electricity to power a car, including hybrids (HEV), battery (BEV), plug-in hybrids (PHEV), extended range (E-REV), fuel cell electrics (FCEV) and more. (This article explains the differences.)

For the most part, consumers haven’t been willing to pay the higher price point for a pure electric vehicle (BEV). “Consumers want more range, which means bigger batteries, which means more cost,” Tinskey explained. “It’s a very challenging equation.”


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