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It’s been more than a decade since Tesla introduced its first functional electric vehicle (EV) in a transition away from gas-powered engines. The EV market has boomed in the past few years. By 2028, the EV market is expected to reach $137.43 billion. In turn, leading automakers are changing their vehicle lineups to include more electric and hybrid options.
But Tesla continues to lead as the world’s largest EV company. However, Tesla is not a car company focused on improving technology and renewable energy strategies.
Tesla’s EV Battery Innovations
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With a mission to “accelerate the world’s transition to sustainable energy,” Tesla has introduced various battery technology improvements. For example, in 2021, Tesla announced that it will change the type of battery cells it uses in its car lineup. Instead of lithium-ion batteries, cars will now use lithium iron phosphate batteries. This keeps costs down while increasing the EV’s range to 400 miles.
In addition, cobalt was no longer needed – a key ingredient in previous battery models that often drove up car prices. Although batteries use less energy, Ford Motors and Volkswagen have shown interest in cheaper batteries.
One of the main concerns with electric cars is that the batteries only last a few years before they need to be replaced. However, last year Tesla engineers demonstrated a four-million-mile-long battery that, under the right conditions, could outlast humans.
These innovations reduce the cost of manufacturing EVs and in turn reduce the purchasing costs of consumers.
Tesla takes on solar power
Tesla also has a stake in the solar energy market. Although Tesla started as an EV company, it has shifted its focus to solar energy. That explains its $2.6 billion purchase of Solar City, a company specializing in solar energy services for residential and commercial customers, in 2016. In the coming years, Tesla CEO Elon Musk said that the company’s solar business is ahead of EVs.
Tesla’s Solar Roof, introduced in 2016, is cheaper than traditional solar panels and cuts the middle between building a roof and installing solar panels. This makes the Solar Roof unique because it doesn’t simply place solar panels on top of an existing roof, but instead uses “minimalist” solar panels to create a new roof with no visible grid. According to Tesla’s website, the company has installed more than 4.0 gigawatts (GW) of solar power on 480,000 rooftops. This generated 25.0 terawatt hours (TWhs) of clean energy.
Solar Roof aims to make residential and commercial solar panel installations more attractive and sustainable for lower socio-economic demographics.
Tesla’s solar initiatives also extend to electric cars. The company introduced a solar powered EV in 2020.
Tesla’s Renewable Energy Initiatives
Many of Tesla’s innovations are shaping the future of solar power and EV manufacturing, and the company isn’t slowing down. Instead of just placing solar panels on rooftops, applications are expanding to spacecraft, ships, and roads. Also, Tesla has already made three million reservations for its first electric truck called “cybertruck”.
Where will the company go from here? Only time will tell.
Image credit: Roschetzky Photography / Shutterstock.com
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