Qualifying projects can receive up to 80% of their costs from NEVI grants and must meet strict standards around charging experience, uptime, reporting, cybersecurity, and more. EV Connect conforms to the stringent standards set by the U.S.
The extension of the light-duty EV tax credit through 2032 locks in generous savings for consumers in the short term. The 200,000 vehicle cap on manufacturers has also been lifted, while credits have been extended to used and commercial EVs.
It’s not just individual drivers who are exploring the tax benefits (and navigating the legal changes) around EV ownership.
What Exactly Does Widespread EV Adoption Mean?
Global EV sales barely nudged 2 million units in 2020, but could top 73 million by 2040. But it’s still too early to talk of “widespread adoption”. Of the 289 million cars registered on US roads, barely 2 million are electric. However, while EVs are still under-represented on the highway, they’re set to dominate on the sales forecourt.
Given that the average lifespan of a car is just 12 years, the proportion of EVs on the road will spike dramatically as new stock replaces gas-powered vehicles phased out of service. There’s a parallel with smartphones, which barely existed in 2010, but are now owned by 85% of American adults.
Driver Factors
The EV market is already evolving at a furious pace, but it’s still important to keep an eye on innovations and developments further down the pipeline. Watch out for the impact of these factors on EV adoption.
It’s not just individual drivers who are exploring the tax benefits (and navigating the legal changes) around EV ownership. Fleet managers too are increasingly likely to take the plunge – provided the financial incentives and logistic support are in place. These initiatives allow fleet operators to acquire and deploy zero-emission alternatives without the upfront cost.
