The Path to Drawdown: Electric Vehicles
The electric vehicle (EV) was first built in 1828, but being unable to surmount the challenge of building a lightweight, durable battery with adequate range meant that internal combustion engines have dominated the automotive and transport landscape since the 1920s.
Today that landscape is changing thanks to supportive policies and falling costs. More than 1 million EVs now take to the roads. The difference in impact on the climate is remarkable. Compared to internal combustion vehicles, CO2 emissions drop by 50% if an EV’s power comes off the conventional grid. If powered by solar energy, emissions are cut by 95%. Once households purchase EVs, their operating costs are often cheaper than gas-based cars, too.
What once used to be a limitation for EVs - the question of how far the car can travel on a single charge - is now much less of a concern. The average range of a battery electric vehicle produced in 2020 is about 217.5 miles, up from 124 miles in 2015.
What’s making this increase in mileage possible is the continuing development in battery capacity. Global EV battery capacity is expected to increase from around 170 GWh per year today to 1.5 TWh per year in 2030. At the same time, the cost of batteries is falling as their production reaches greater scale.
To be on track to remain under 1.5ºC of warming, 100% of passenger cars and vans (p. 138) need to be running on electricity by 2050. This is a jump from 5% of cars and 0% of vans in 2020, respectively. Accomplishing this overhaul of the transportation landscape means EV production and ownership need to continue to expand over the next three decades:
- 11 million EV cars and vans were on the road in 2020
- 2 billion EV cars and vans (100% of total global sales) need to be on the road by 2050
This would require a CAGR of 18.94% from 2018-2050
Fisker, Inc. focuses on design, development, manufacture, and sale of electric vehicles. The company was founded in 2016 and is headquartered in Manhattan Beach, California.
FSR's Role in Drawdown
Fisker hasn't started commercial operations yet, but once they do, they'll be generating revenue from selling and leasing luxury and high end electric vehicles. Their flagship model is the Fisker Ocean, which is a five-passenger electric SUV with a range of between 250 - 350+ miles, depending on specification.
As of the end of 2020, Fisker has received (p. 3) over 13,300 retail reservations and 700 fleet reservations.
FSR: What We Like
Fisker's declares that their goal is to produce a climate neutral vehicle by 2027. They aim to do this by measuring five phases of the product life cycle: upstream sourcing, manufacturing, logistics, use phase, and end-of-life recycling. We applaud this life-cycle commitment.
We also commend Fisker for making their Responsible Supplier Policy public available. In it they promise to advance practices to improve greenhouse gas emissions and to strive to use the least water and lowest emissions in their supply chain, materials, and processes.