![]() ![]() This year’s top-selling EVs – the Tesla Model 3, Tesla Model Y, Chevrolet Bolt, Rivian R1T and Volkswagen ID.4 – qualify for at least some of the IRA tax credit, Valdez-Streaty said. ![]() Only 18 EV models out of the 97 on the market currently qualify for this tax credit, according to the Alliance for Automotive Innovation, a nonprofit trade association. Through the IRA, the federal government began offering tax credits of up to $7,500 on EVs at the beginning of the year, partially based on where the cars and their electrical components were sourced and assembled. The Inflation Reduction Act is also driving sales growth, Valdez-Streaty told CNN. “It’s just this perfect storm of all these things coming together,” said Stephanie Valdez-Streaty, the director of industry insights at Cox Automotive. More than 557,000 BEVs have already been sold so far this year through the end of the second quarter.Įxperts say EV sales are being propelled by a number of compounding factors, such as price cuts, a wider variety of available vehicles and more government and manufacturing investments. That’s not even counting sales of plug-in hybrid electric vehicles (PHEVs), which can run on gas or electricity and a battery that can be recharged with either a charging cable or a generator powered by the engine.Ĭox Automotive now predicts sales of fully electric vehicles in the US will break the 1 million vehicle barrier in 2023 for the first time ever. Not only is that more than 48% higher than last year, it’s more EVs than were sold in all of 2019.
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