Five economic concepts in ‘Electrifying Everything’

1. Demand

2. Supply3. Cost

4. Benefits

5. Scarcity

6. Loss

7. Profit

The future of battery usage for energy

Batteries in the past have been used in gadgets such as the phones and getting less usage in the electric vehicles. Previously, there was the production of hybrid vehicles that could rely on both electric energy and petroleum products as well to make the journey smooth. The combination of the two was because the companies were not sure whether the project was viable and whether it would be efficient. Progress has been made with companies such as Tesla making a breakthrough to the mass production of vehicles that rely entirely on electric energy to get propelled. With this, the demand for the lithium batteries that are essential for running the vehicles has dramatically increased, and due to that, there has been massive production of the batteries.

There are major challenges that may hinder the continued mass production of the batteries, and this may be due to the availability of raw materials such as the lithium metals as well as that of cobalt. However, these challenges have been addressed by sourcing out raw materials for the production of batteries for energy from different regions such as Congo. The production of independent electric vehicles is estimated to project higher by the year 2020, and this as well is good news to the battery manufacturing industry as they will have mass production of the batteries meaning that its supply will increase in the future.