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How could electric cars ruin the economy?
Are there any downsides to the emergence of EVs? Could electric cars ruin the economy?
Chanice Boyd · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s a fascinating question. When it comes to the Global economy, the adoption of electric cars will see winners and losers. Still, the long-term benefits will outweigh any problems we may face.
The movement toward renewable energy is already creating some wins and some losses. There is a growing concern that auto industry workers may be among the losses in this transition, specifically in countries whose economies depend on auto manufacturing. Switching to electric cars may endanger many jobs the more we choose to let go of gas-fueled vehicles.
The upset is not abnormal. Every significant technological shift is known to cause economic disruption. In the case of
electric car
manufacturing, the benefits will far outweigh the losses. We stand to gain cleaner air, less damage to the environment, and better transportation as a planet.Fossil fuel industries think otherwise. As we move toward a zero-emissions transportation goal, they continue to invest in the development of new oil and gas resources. The industry’s refusal to prepare for the new energy shift could cause more damage to oil-producing nations.
Learn more about how electric cars have changed our relationship with the auto industry with the
Jerry
app. Jerry is your ultra-talented car insurance broker for life. It takes less than a minute to sign up and receive competitive rates from more than 50 top providers. Don’t lose coverage; find savings with Jerry. View full answer
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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