Auto finance companies might see more car loans in the next few years for electric vehicles. General Motors CEO Dan Akerson recently announced that the automotive company is working on technology that could allow electric vehicles to travel 100 or even 200 miles on one charge within the next two to four years, The Associated Press reported.
The company said it has made a huge breakthrough in the amount of energy that can be held in a lithium-ion battery. GM put $7 million into Envia Systems to develop a next generation rechargeable lithium ion cell and the company recently hit a record high for energy density, the source reported.
“I think we’ve got better than a 50-50 chance to develop a car that will go to 200 miles on a charge,” Akerson said to the source. “That would be a game changer.”
The current Chevrolet Volt electric car by GM gets nearly 35 miles on one charge and also has a small gas motor to generate energy when the charge has run out.
The Tesla Motors Model S, is the current leader in the market, getting up to 300 miles on a charge, but the vehicle can cost more than twice as much as the Volt. Nissan’s Leaf and Ford’s Focus electric cars claim they both get nearly 100 miles on one charge, but mileage can vary with temperature, terrain and speed.
via Auto Finance News.