This article argues that electric cars could be about to take off in a big way, and draws an analogy to the disruption of the cell phone industry caused by the iPhone.
In 2007, Nokia was the biggest and most fashionable name in cell phones, with an unassailable lead in hand-held technology. Things had been so good for so long that company executives saw little chance for any competitive challenge–phones were a tough business, they said, and Nokia was reaping the harvest of decades of hard work that no one else could hope to match.
That June, Steve Jobs introduced the iPhone. And seven years later, Nokia—worth a quarter of a trillion dollars at its apex—abjectly sold off its much-diminished phone division to Microsoft. The price was $7 billion, less than 3% of its former value…
On March 31, his Tesla Motors unveiled its long-promised Model 3, a $35,000 electric car that will go 215 miles per charge… In addition to GM’s Chevy Bolt, Nissan will produce a second-generation Leaf with the same 200-mile range and approximately $35,000 price; it will come in 2017. Before that, Toyota will deliver its Prius Prime, a plug-in hybrid; and BMW already has its pure electric i3. The other major carmakers are piling in as well by the end of the decade.
Before the iPhone, some of the best recent examples of disruption are the digital camera displacing the film camera (much to Kodak’s surprise) and the internet all but destroying the newspaper industry. And you could argue that these are no more revolutionary than the advent of automobiles, electricity, steam, and so on back through history. But the point is big technological advances happen in fits and starts on a regular basis, and will continue to do so however surprised and complacent we may continue to be.