Tesla’s first Model 3 is rolling out of the company’s California factory at $35,000 and almost 350 kilometres per charge. The Model 3 markets itself as an accessible, affordable and practical electric car, starting a market revolution that CEO Elon Musk predicts will be “world-changing.”
In the long-term, large-scale adoption will require scaling up the accessibility and service an increasing number of cars. Musk is aiming his sights on emerging car markets in India and China, particularly as the countries turn towards greener measures to combat existing effects of climate change.
Although electric and hybrid cars have been on the market for a while, it is difficult to predict the effect these will have on the petrol market without controlling for local variations in scale. The looming impact of electric vehicles, along with greener appliances and a cultural shift towards environmentalism, foreshadows already-dropping petrol prices cresting anytime between 2020 and 2050, depending on the scalability of electric vehicles.