WHAT YOU NEED TO KNOW:
- Alliance for Automotive Innovation reported that more Americans are now switching to electric vehicles.
- Electric cars made up 6 percent of all light-duty vehicle sales during the last quarter of 2021.
- The Biden administration has been pushing for electric vehicle adoption, creating a $7,500 tax credit for all electric and plug-in hybrid cars purchased new in or after 2010.
More Americans are ditching gas-powered cars for electric vehicles, according to report sales between October and December 2021. That’s the highest volume for any quarter on record, the Alliance for Automotive Innovation reported.
The Washington, D.C.-based trade association released a new report showing more than 187,490 electric vehicles were sold in the fourth quarter of 2021 across the country. This marked an 11 percent rise in the total sales of all electric vehicles compared to the third quarter. Sales of gas-powered cars decreased by 1.3 percent compared to the third quarter during the same period.
Sales of electric vehicles are steadily rising and now account for about 4 percent of all car sales in 2020. In 2021, it increased to about 6 percent.
Several automakers have already announced they are venturing into electric vehicles. Maserati, for one, announced its first all-electric SUV — the Grecale Folgore — on Tuesday. The e-vehicle will be available in 2023.
Automaker Stellantis will also begin selling its electric Jeep SUV series in early 2023. Ford is making additional investments of up to $20 billion over the next ten years to produce electric vehicles.
Last month, President Joe Biden unveiled the National Electric Vehicle Infrastructure Formula Program. The bipartisan infrastructure plan provides $5 billion to states to develop electric vehicle charging stations.
The program aims to establish a nationwide network of 500,000 electric vehicle charging stations. Biden hopes it will help support his goal of getting electric car sales up to 50 percent of all car sales by 2030.
The Biden administration has also implemented a federal tax credit of up to $7,500 for all electric and plug-in hybrid cars bought new in or after 2010. The credit amount varies based on the vehicle’s battery capacity.
California leads the U.S. in electric vehicle adoption. In 2021, the state accounted for almost 40 percent of all registered light-duty electric vehicles in the country. Florida comes in second at nearly 6 percent, Texas at about 5 percent and New York at 4.4 percent.
Source: The Hill