The Debate - Are EVs Truly Green? - BHP Group (NYSE:BHP), Ford Motor (NYSE:F)

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

The number of EVs on the world’s roads is surging, hitting a record in 2020 with more than 10 million electric cars were on the world’s roads. Tesla Inc’s (NASDAQ:TSLA) Model Y crossover SUV, Ford Motor’s (NYSE:F) Mustang Mach-E SUV and Volkswagen’s (OTC:VWAGY) ID.4 did a great job in boosting demand, with many more models, including the world’s first electric pickup truck scheduled to come to the market in the near future. According to the forecast of the International Energy Agency, there will be 145 million EVs on the roads within less than a decade. This should be good news as the world is forced to leave fossil fuels that are wreaking havoc on the global climate behind.

The EV boom is real but the road to an all-electric future is everything but easy. When it comes to answering the debate of whether EVs are truly green, the answer is that yes, they are, but it’s complicated. Although experts broadly agree that EVs will result in a significantly lower carbon footprint over the course of their lifetime compared to their ICE counterparts, like with all advertisements, critics question how truly green are EVs if we consider greenhouse emissions during their manufacturing process along with battery-charging.

The Other Side

EVs are battery-powered vehicles that charge on power that is coming straight off the electric grid which is often powered by fossil fuels. Many questions have been posed about how energy-intensive it is to build an EV or the needed battery that powers them.

A study from the Massachusetts Institute of Technology Energy Initiative found that the production of the battery and the overall EV generates higher carbon emissions than the manufacturing of an internal combustion engine car. However, this argument can be counteracted with the fact that higher environmental costs are offset by EVs’ superior energy efficiency over the course of their lifetime.

The Battery

EVs rely on rechargeable lithium-ion batteries to run. The process of making those batteries includes using mining raw materials like cobalt and lithium, production in gigafactories and transportation, all of which is very energy-intensive and therefore results in significant carbon emissions.

According to Washington Post, China currently dominates battery production, with 93 gigafactories producing lithium-ion battery cells whereas the U.S. has only four of those. Batteries made in these older gigafactories in China are generally powered by fossil fuels. Moreover, there is the question of unethical and environmentally unsustainable mining practices, not to mention the complex geopolitical nature of the supply chain because countries do not want to rely on other nations for raw materials or the finished batteries.

Last week, Tesla sealed a deal with Aussie mining giant BHP Group (NYSE:BHP) to assure supplies of nickel as the demand is set to skyrocket and the truth of the matter is that mining raw materials needed for battery production aren’t even close to getting decarbonized nor becoming ethical.

Worksport

Fortunately, Worksport (OTC:WKSP) a manufacturer of high-quality and functional tonneau covers focused on pick-up trucks, understood that more convenient charging methods are needed and brought ground-breaking solar power technology to the EV table which can greatly ease the solving of the EV equation.

This revolutionary company will be the Tier One OEM supply partner for the Alpha Electric Pickup that Hercules Electric Mobility Inc. is building in partnership with Nissan Motors (OTC:NSANF). It also joined forces with Atlis Motor Vehicles to configure its TerraVis solar charging system as an OE accessory for its upcoming Atlis XT electric pickup truck.

The ground-breaking TerraVis™ tonneau cover system is a recently introduced fusion of cutting-edge solar power, storage, and delivery It consists of four monocrystalline foldable solar panels that have an output of approximately 1kW. This translates to 12 to 15 miles (20 to 24 km) of range or 30% of the power an average daily commute requires but under optimal conditions. Worksport has also expanded its TerraVis™ line with TerraVis COR™ standalone and mobile energy storage system (ESS) that can be recharged via solar energy.

The Green Side

Last year, a study from the universities of Cambridge, Exeter (the UK) and Nijmegen (The Netherlands) found that in 95% of the world, driving an EV is better for the environment than driving a gasoline-powered car.

The Need for Regulatory Support

In a nutshell, for EVs to be green all the way, their development needs to go hand-in-hand with societal change that promotes a greener world. Last week, Europe made a bold global statement to ban the sale of ICE cars by 2035 and the Biden administration is supporting electrification through an intensive investment that includes $7.5 billion committed solely to EV infrastructure.

The Verdict – are EVs Truly Green?

The short answer is that EVs are green, but their full green potential will be realized only after the electricity sources become renewable. Revolutionary companies such as Worksport can greatly help in speeding up our path to a truly greener future.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

NSANFNISSAN MOTOR LTD by Nissan Motor Co., Ltd.

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TSLATesla Inc

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VWAGYVOLKSWAGEN AG UNSP/ADR by Volkswagen AG

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WKSPWorksport Ltd