4000

Systems

deployed to date

200

Customers

as of November 2021

150

Million Customer Miles

driven by XL's hybrid systems


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

About

XL Fleet Corp. (stock ticker: XL) provides fleet electrification solutions for commercial vehicles in North America. They make and sell hybrid cars, inverter motor controller, and lithium-ion battery packs. The company was incorporated in 2009 and is headquartered in Boston, Massachusetts.

XL's Role in Drawdown

Their products include hybrid electric drive systems which are comprised of an electric motor that's mounted onto the vehicle’s drive shaft, an inverter motor controller, and a lithium-ion battery pack to store energy to be used for propulsion; plug-in hybrid electric drive system, which offers a more significant MPG and emissions improvement than the hybrid system, while enabling customers to plug in their vehicles to a level 1 or level 2 charging station. In addition, the company offers charging and power management solutions, and Electrification-as-a-Service, which would finance and manage vehicles, powertrains, charging systems, on-site power, and energy storage systems while charging customers on a usage and time basis. It also offers XL Link, an electrification analytics platform. 

XL: What We Like

We'll update this section once XL makes sustainability information available

XL: What We Want to See Improve

More coming soon!


Other Electric Cars (EVs) Stocks in the Climate Index

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