Welcome back to The Big Switch from Lafayette American.
This week, Ben Bator is anxious.
In 2009, in the tenderloin of a real, full-on recession, Hyundai made a move. If customers could not make a payment due to a covered, life-changing event, they could simply turn the car in. No extra charge at purchase. No strings attached.
At a time where incentives were king, Hyundai’s market research showed that their customers weren’t swayed by cash on the hood. Instead, they worried about a monthly financial commitment at a time where the economy was in shambles. For years, we knew this as "economic anxiety". Hyundai relieved that anxiety, and as a result, kept selling cars.
Fast forward to 2023. Despite the recently shaky economy, the car market has seen record demand and pricing, with EVs rapidly gaining share. But for the EV curious, there's still a large barrier to entry. While "range anxiety" dominated the buying decision in 2018, today we find ourselves in the age of charger anxiety.
Automakers built their current product line up as a balm to range anxiety — focusing on what the car does with a charge, so their solutions focus on bigger batteries and/or fast charging capability. These are without question, good things to have. But they don't solve charger anxiety:
Big batteries make obvious sense: big battery = fewer charges, longer range. It's also why we have 200-kWh+ batteries in trucks and SUVs that can take ages to charge, no matter where they're plugged in. That is, if the chargers work. Hands getting clammy yet? Chest tightening up?
The faster charging approach obviously makes sense, too. Who cares if your battery can't outlast your bladder if your EV can charge from 10-80% in 30 minutes or less? That is, when the chargers work. Obviously.
Outside of Tesla, with their vertically-integrated Supercharger network designed to seamlessly work with their vehicles, no automaker has an answer for charger anxiety. Yes, other OEMs have made investments, partnerships, and plans when it comes to charging networks, but none of that eases the anxiety of pulling up to the only EVgo station for 70 miles wondering if it has more than one working plug.
With new/used EV demand holding firm, insert-manufacturer-here (but probably VW since Electrify America is their subsidiary), should implement a charging guarantee: If charging doesn't suit your lifestyle, if the networks aren't reliable enough, or your drive it too long, etc., you have three months to turn your car in.
That’s it. That's the program.
"But the charging network is out of our control," they all exclaimed in unison. Well, the economy wasn’t remotely in Hyundai’s control, but they found a way to own their share of economic anxiety.
So. Who's ready to lead the charge?
Links from the vast internet:
Ferrari and Dodge Fine-Tune Artificial Noise for Electric Cars — Bloomberg
“Now, suddenly, we have the opportunity to change the sonic landscape of this whole planet.”
Tesla’s plan to open its Superchargers to non-Tesla EVs takes shape — The Verge
The company will ‘more than double’ its EV charging network in the US, according to the White House. Tesla is required to open up its chargers to non-Tesla EVs in order to access billions of dollars of federal funding for infrastructure upgrades.
The electric car revolution hinges on equitable, affordable charging — Axios via FoT
University of Michigan researchers found that the lowest-income U.S. households would keep experiencing the highest transportation energy burdens even if all gas-powered cars were replaced with EVs.
Hyundai launches 'no commitment' electric vehicle monthly subscription – here's why it's different from leasing — Business Insider
Hey Hyundai, we were just talking about you!
It doesn’t take that many electric cars to improve public health — Vox
…The researchers found this by studying actual air pollution levels and health outcomes rather than using models and simulations. These are not hypothetical benefits in the future; they’re happening now.
Ford’s EVs are getting faster charging and more affordable batteries thanks to new chemistry — The Verge
The company announced a $3.5 billion electric vehicle factory in Michigan where it will produce EV batteries with a lithium iron phosphate chemistry.
That’s all for now.
If there’s something we missed, of if you actually like hunting for a charger that works and life’s just one big game, write us: bigswitch@lafayetteamerican.com