SACRAMENTO, Calif. — One Million Electric Vehicles Sold in the US This Year
It’s a major milestone for the electric vehicle (EV) market as it is expected that one million EVs will be sold this year in the United States.
Shifting Trends in the Electric Vehicle Market
Recent trends, however, indicate that the EV market could be cooling down.
Insights from Andrew Hawkins
Andrew Hawkins, the transportation editor for The Verge, joined “Inside the Issues” host Amrit Singh to discuss EVs and the factors influencing the changing market.
What You Need To Know
- Major auto manufacturers like Ford and General Motors have announced they will pull back investments in electric vehicles because of what they say is a lack of consumer interest
- Hawkins adds there are a lot of barriers currently in place that are impeding the transition to electric vehicles such as automakers pulling back their investments, the recent UAW strike, competition from China and charging infrastructure
- While China is currently the leader in electric vehicles manufacturing, the Biden administration has made major investments through the Inflation Reduction Act to catch up
- In California, Gov. Gavin Newsom issued an executive order requiring all vehicles sold in the state to be zero-emission by 2035
According to Hawkins, the millionth EV sold in the United States is a significant achievement and an indication that the market is moving towards electric vehicles.
However, major auto manufacturers like Ford and General Motors have announced their decision to reduce investments in electric vehicles, citing a lack of consumer interest.
Hawkins points out that several barriers are currently hindering the transition to electric vehicles, including automakers pulling back their investments, the recent UAW strike, competition from China, and the need for better charging infrastructure.
“[Consumers] need to see prices come way down. Right now, EVs are still considered a luxury or premium product for many people,” noted Hawkins.
While China currently leads in electric vehicle manufacturing, the Biden administration has taken significant steps to catch up by making major investments through the Inflation Reduction Act.
For instance, there is a $7,500 tax credit available for anyone who purchases an electric vehicle manufactured in the United States.
In California, Governor Gavin Newsom has issued an executive order mandating that all vehicles sold in the state be zero-emission by 2035.
Hawkins believes that these actions, along with others, will contribute to the mass adoption of electric vehicles in the near future.
“I think we’re going to see it probably in the next five years or so when EVs start to become the majority of vehicles sold in the United States,” Hawkins predicted.
Share Your Thoughts with Inside the Issues and watch Monday through Friday at 8 and 11 p.m. on Spectrum News 1.
Read More of this Story at spectrumnews1.com – 2023-11-10 22:46:00
Read More US Economic News
