There were 70,871 electric vehicles — both fully electric and plug-in hybrids — sold in the United States in August, a 43% increase from August 2021, according to the U.S. Department of Energy.
Electric vehicle sales are swiftly rising in the United States, and the recently passed Inflation Reduction Act, which offers subsidies to consumers, is expected to boost them even further.on Twitter. “Every electric vehicle sold is a win against climate change.”
The administration has indeed worked with Congress to pass some investments in EVs and their related infrastructure that will help the industry expand. The Infrastructure Investment and Jobs Act of 2021 included $7.5 billion for a network of 500,000 EV chargers, $7 billion for securing critical minerals for domestic manufacturers of the batteries EVs need, and $10 billion in subsidies for jurisdictions buying electric public buses and school buses.
“I don’t think the IRA is going to have an immediate, near-term impact on EV adoption,” Robbie Orvis, senior director of modeling and analysis at Energy Innovation, a think tank, told Yahoo News. “Some of the more popular models are not going to qualify for the credits in the next two years.” “Foreign entities of concern” refers to companies in hostile countries such as Russia and China. The problem is that China currently hasof the world’s capacity for processing some of the “critical minerals” in EV batteries, such as cobalt and lithium.
According to a study by Bloomberg New Energy Finance, only between 30% and 50% of EVs on the U.S. market will qualify for the full tax credit by 2032. Nonetheless, after the IRA passed, BloombergNEF increased from 43% to 52%To avoid subsidizing luxury cars for rich people, an oft-repeated Republican criticism of the new law, there are other restrictions on its tax credits.
sold in California were fully electric, the most of any state, while in Louisiana, the state with the lowest proportion, it was only 0.7%, according to the website EVAdoption.“It’s pretty wide-ranging, and there are a variety of reasons behind that: demographics, economics, political affiliation and the vehicle make and model and their use case,” Fitzgerald said.
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