Monday, October 2, 2023

Tax incentives for EVs increase adoption, but reliance on internal combustion vehicles and poor charging infrastructure dampen enthusiasm

US federal tax incentives 703698.0.html have been launched to reduce the cost of electric vehicles and increase their adoption, as well as strengthen the US electric vehicle manufacturing industry https://ahttps://www.notebookcheck. net/Hyundai-Ioniq-5-outsells-Ioniq-6-in-US-sales-for-May.723260.0.html Electric vehicles. Resulting in lower entry costs and overall lower lifetime costs of EVs even in most rural parts of states like Texas. According to Electrek, buyers often cite increased fueling costs when switching to an electric vehicle.

On the other hand, while tax incentives for electric vehicles have served to increase their adoption, it has also been reported that -gasoline – use-consumption/ that 44% of EV owners have at least two other vehicles. If so many EV owners are investing in an EV as a third or fourth car, it’s safe to say that the incentives are not targeting the majority of the US population. Only about 22% of US citizens own three or more vehicles.

Although EVs are going more to wealthy households who also own internal combustion engine vehicles, the adoption of EVs has led to a decrease in gasoline consumption in the United States. Overall, gasoline use has dropped 7% since 2017, which can also be attributed to a greater portion of employees working from home.

EV buyers’ continued reliance on traditional ICE vehicles is reflected in data that shows charging infrastructure remains a major concern for potential EV owners, despite the fact that the vast majority of EV charging electric vehicles is done at home. One of the proposed solutions to reduce dependence on fossil fuels and increase EV adoption is to target broad sections of the population and incentivize drivers who switch from a gasoline-powered car to an electric car.

Another solution would be to target EVs to business users and the top 10% of drivers, a system that is moving forward in Vermont. It suggests that gas superusers and ride-sharing companies like Uber may benefit better on the emissions front by converting to electric vehicles. It appears unlikely that electric vehicles will reach the same degree of adoption as in some European countries until collaborative efforts between governments and private entities begin targeting more diverse audiences and gas-guzzling users.

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Nation World News Desk
Nation World News Desk
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