Are Million-Mile Batteries Coming for EVs?
Are Million-Mile Batteries Coming for EVs?

Electronic vehicles have unfolded as a huge financial story the past few years. Tesla leads the pack in that regard, becoming the fifth American company to hit a trillion-dollar market cap. It's an honor the automaker shares with four companies that are tech royalty, making Tesla the odd-man-out. It's a designation the company and its eccentric founder have always seemed comfortable with.

But other automakers have positioned themselves for growth and future success with investments in sustainable vehicle technology, including EVs. And rental car companies like Hertz are pulling themselves out of bankruptcies and other lackluster financial scenarios with investment in EV.

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The word is out: Investors and consumers alike are hunting ESG opportunities to lay their money on, and electronic vehicles are a fan favorite. At the same time, concerns about the need for more infrastructure to support EVs and the long-term performance of the vehicles themselves has stifled some excitement.

Innovative companies are leaning into those challenges, though, and coming up with solutions. One solution that has been touted for a few years now is the million-mile battery. In 2020, several companies announced they were working on or even close to unveiling such batteries. But the follow-through has been uneven, due in part to supply chain and other challenges related to the COVID-19 pandemic.

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But experts do say the million-mile batteries are coming. And the current infrastructure for charging EVs is enough to support day-to-day drivers in major cities and urban areas. Looking to the future, investors should watch for evidence of charging stations becoming a standard amenity at hotels, restaurants, and other hospitality locations. The growth of EV is tied to the growth of the infrastructure and the innovations EV vendors are able to produce.