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Still More EVs coming to Market – And Almost Half Are SUVs

(Rick Sander, CEO, Tuesday, January 14, 2020)

My blog last week talked about the number of EVs coming out in 2020. According to the Wall Street Journal, there will be 69 EV car models and 56 EV sport-utility vehicle (SUV) models available in the US this year. As great as that sounds, the projection for 2022 is even greater – 85 car models and 78 SUV models. This represents an increase in the number of vehicle models by 30% over 2020, but an increase in the number of SUV models of nearly 40% over 2020. GM is even talking about resurrecting the Hummer (remember that SUV?) but as an electric pickup truck. The Hummer EV will be in time to compete with Ford’s electric and hybrid F-150 pickup, which was just bolstered by a $700M investment from Ford. And these vehicles are not just from US companies, which are shifting their production from autos to light trucks and SUVs. Toyota is launching a plug-in version of their RAV4 compact SUV.

This shift isn’t just due to the increasing popularity of SUVs and light trucks with auto consumers. There are two significant factors driving the growth in larger EVs, which includes not only SUVs and light trucks, but also transit and school buses and other medium/heavy duty (M/HD) EVs:

  • Continuously improving battery technology, especially the energy density of these batteries. A recent article in The Guardian profiled battery changes being researched by Pennsylvania State University that could enable EVs to charge to 80% power in as little as ten minutes by increasing the battery temperature to 60 degrees C while charging. This would make charging an EV take about the same time as filling a car with gas or diesel fuel.
  • An increase in the number of high-power DC (“fast”) charging stations, especially those outside of metro areas. Markets and Markets is forecasting that the worldwide EV charging station market will grow from $5.3B in 2018 to $30.4B in 2023 (an annual growth rate of nearly 42%).

Key to the successful growth in EV fast charging stations is the incorporation of energy storage and renewable power sources into the charging infrastructure. Rhombus Energy Solutions is a leader in in the development and manufacturing of high-power DC charging systems that can be integrated with energy storage and renewable power sources. With a product lineup ranging from 60kW to 500kW, our chargers are used today with a variety of vehicles and deployment scenarios. We have built hundreds of high-power chargers with vehicle-to-grid capabilities for a variety of customers, and are looking forward to continuing the electrification of our transport infrastructure. Find out how we can help you by contacting us at sales@rhombusenergy.com.

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