Electric vehicles are becoming more affordable than ever, thanks to more efficient manufacturing, falling battery costs, and more competition, The New York Times reported.
The publication noted that carmakers like Tesla, Ford, and General Motors all have plans to roll out EVs starting from as low as $25,000. Plus, tax incentives like the $7,500 federal tax rebate included in the Inflation Reduction Act and state programs are giving assistance to consumers looking to electrify their ride.
Meanwhile, EV drivers are getting more bang for their buck when it comes to fuel economy — cars that can travel more than 300 miles on a single charge are becoming commonplace, and charging times are dipping below 30 minutes.
"The EV market has hit an inflection point," Randy Parker, chief executive of Hyundai Motor America, told the Times. "The early adopters have come. They've got their cars. Now you're starting to see us transition to a mass market."
This is exciting news as we race to fight against an overheating planet — in the United States, the transportation sector accounts for about a third of planet-heating pollution. Meanwhile, EVs produce zero tailpipe pollution and far fewer planet-warming gases than traditional cars from cradle to grave. Plus, they can save drivers money on fuel and maintenance.
However, challenges remain for EVs, including adequate infrastructure for charging. This looks to improve, though, as 35 states will soon be getting a combined 500,000 new EV charging stations. Plus, some states are paving the way for faster EV adoption. For instance, a New York law will require all Lyfts and Ubers to be EVs by the year 2030, and New Jersey is banning the sale of new gas cars by 2035.
The potential of a Republican-led Congress after the next election is another challenge facing EVs that could disrupt some programs and policies such as subsidies. However, Peter Slowik, who leads research on passenger cars at the International Council on Clean Transportation, told the Times that potential policy changes will likely be mere hiccups for the EV revolution.
"Most automakers are committed to an all-electric future, and many are planning on a timeline that goes far beyond the next administration," he told the publication.
Join our free newsletter for weekly updates on the coolest innovations improving our lives and saving our planet.
Cool Picks
