The Biden administration’s Infrastructure and Jobs Act, passed in October, and new fuel standards set by the EPA will have a positive impact on electric vehicles in the United States over the coming year. Let’s review this good news.
1. Consumers will see their electric supply double, from 20 now to 40 next year this time around, as many major automakers jump into EVs with both feet. So writes Tim Levin and Business Insider. Middle-class Americans want SUVs and trucks, and they’ll finally have a good selection of them. Prices for electric vehicles are also falling, and some are much more affordable than a Tesla. It should be noted that the average vehicle bought in the United States costs $ 45,000, with many electric sedans at this price point, if not slightly less.
2. Levin also notes that in 2021, 3% of new car sales nationwide were electric vehicles. This percentage is expected to rise to 5% next year, on sales of around 15.5 million new vehicles. In absolute numbers, this represents an increase of about 465,000 electric vehicles sold to 775,000. By 2025, in just three years, some 2 million electric vehicles are expected to be purchased by Americans. California is ahead of the game here, with a million EVs on the road. Electric cars, in fact, have become the state’s number one export.
3. The price of a kilowatt hour of battery use was just $ 1,000 a decade ago, says the BBC’s Justin Rowlatt. Today, it is $ 100 per KWh, or only one tenth. It’s already cheaper to buy an electric vehicle and run it than to buy an equivalent internal combustion vehicle and keep it on the road. In the latter case, you have to spend a lot of money on gasoline. EV charging is super cheap. We didn’t even notice our EV in our home electric bill. (Hint: For those who own their own home, it’s even cheaper if you put solar panels on your roof, which generate free electricity from the sun.) And the more EVs sold, more research and development is devoted to batteries. , so they will continue to become cheaper and more compact for the foreseeable future.
4. In fact, Morgan Stanley believes electric vehicles will drop to as little as $ 3,000 to $ 5,000 in the not too distant future! This is not an expectation that one can reasonably have when it comes to gasoline-powered cars.
5. The already passed $ 1 trillion infrastructure law will allow the Biden-Harris administration to build a network of 500,000 charging stations across the country, according to Matthew Daly at AP. The law makes $ 5 billion available to states to build charging stations. An additional $ 2.5 billion is spent on installing charging stations in rural areas and disadvantaged communities. Most new EVs now travel 200-300 miles on a charge, but with fast-charging stations almost everywhere, it will become easier and easier to take long trips with your EV.
6. Not only will the transition to green transportation prevent billions of tons of deadly heat-trapping carbon dioxide from being released into the atmosphere each year, thereby reducing the severity of the climate emergency that we and our children will face, but it will avoid the production of particles. Particulate matter in the air harms lung health and has other deleterious health effects that make thousands of Americans sick and kill them every year.