Fully Electric Vehicles (EVs) are on the rise and are now accounting for 6% of new car sales in the USA. These cars are not cheap compared to gasoline-powered cars, but they are definitely a smart investment. Let’s take a look at some of the exciting new models.
EV sales increase 60 percent
EV sales have increased dramatically in the last three months of this year. The number of EVs sold increased by 60 percent from the same quarter last year. Overall, EVs account for 10.4 percent of new vehicle sales in the U.S., according to automaker data. The number of EVs sold in the third quarter is the largest since March 2011. Sales of hybrids and fully electric cars both increased by a combined 51.3 percent.
Tesla, Kia, Ford, and Hyundai led the OEM EV rankings, with each manufacturer selling more than 50,000 vehicles. Those manufacturers also made significant progress in the third quarter by releasing new models. Ford also announced that it would be producing an electric version of the F-150 pickup truck.
EVs reach 6% of new-car sales
The 3rd quarter of 2018 saw more than 6,000 fully electric vehicles sold in the USA. The numbers are encouraging. GM, the maker of Chevrolet, Buick and GMC, has long been involved in the development of electric vehicles, introducing the EV1 in the 1990s and then the Volt plug-in hybrid and then the all-electric Bolt. By the end of this year, GM hopes to sell over a million electric vehicles, with electric truck sales set to double that number.
The US has long lagged behind the rest of the world, but the first six months of 2022 saw the largest growth in NEV sales of all three major regions. By 2022, BEVs and PHEVs will make up 5.5% of new passenger car sales in the USA, up from just 1.4% in the first half of 2020. Although the regulatory signal from the U.S. is to sell 50% electric cars by 2030, recent actions are likely to impact future sales.
EVs are more expensive than gasoline-powered cars
Even though EVs are usually more expensive than gas-powered vehicles, they have a number of advantages. For starters, they’re better for the environment and the air quality. They also cost less to maintain and can lower your overall monthly expenses. Depending on where you live, the savings can be substantial.
However, there are many factors to consider before purchasing an EV. For example, you’ll want to make sure you’ll have access to a home charging outlet. Also, some states are more generous than others when it comes to EV incentives. Some models even qualify for federal tax credits.
EVs are a good investment
If you’re looking for an investment opportunity, fully electric vehicles are a great choice. The total cost of ownership for an EV is far lower than for a gasoline-powered vehicle. In fact, a AAA study found that nearly 96 percent of EV owners are satisfied with their purchase, and 43 percent of EV owners report that they drive their EVs more often than their ICE counterparts.
Investing in EVs can be done through exchange-traded funds (ETFs). While ETFs are not direct investments in individual EVs, they can provide a diversified portfolio exposure to the electric car market. These ETFs can be purchased through your brokerage account, and it takes just 15 minutes to set up.
EVs could strain aftermarket profits
Some experts are worried that the growth of EVs will strain electricity grids. EVs use less energy than other vehicles, but their demand for electricity will skyrocket. Some estimates show that EVs will consume as much as 25 percent of the grid’s total load during peak hours. The demand for electric power could rise as EVs increase in popularity, leading to increased carbon emissions and a need for more batteries in the grid.
The problem is that electric vehicles have a limited range before they need to be recharged. The aftermarket will have to develop systems for extending mileage. One solution is to install colored panels on the vehicle’s outside. These panels would act as solar cells.
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