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Tax Credits Could Speed Up Adoption Of Electric Vehicles

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Filed under Automotive, Editorial

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The US has reached the tipping point of mass adoption of electric cars after sales of new electric-powered vehicles in the region hit the 5% mark, according to Bloomberg’s Analysis. Cost and range anxiety among consumers have been the key obstacles towards the widespread adoption of EVs. Considering the US lacks a fully connected network of charging stations on its road system, range anxiety is an actual concern.

To eliminate these concerns, the government has proposed incentives, such as tax credits of $7,500 for buying new electric vehicles, $4,000 tax credits for used EVs, and installation of charging infrastructure. While these incentives will encourage people to buy more electrified cars, there are other factors in play like solid-state batteries being the future of EVs. Below are a few things influencing the adoption of electric cars.

Increased Public Awareness

Electric vehicles have been around for sometime, but consumers still lack knowledge about how they function. Without proper understanding of how electric vehicles operate and the benefits they offer, encouraging the adoption of electrified cars will remain difficult. To boost public awareness of EVs, automakers should leverage social marketing to promote the value of transitioning to electrified vehicles and create real EV experiences by hosting test drive events. Alternatively, car makers should create virtual EV experiences on mobile apps and websites, and engage the sales chain by providing dealer education and motivation programs.

Improved Range

One of the top considerations when buying electric vehicles is range. Whether shopping for two-seater or 7-seater electric cars, buyers want assurance they can travel far on a single charge while enjoying all the comfort and safety features in a car. Currently, automakers in the EV sector are improving battery capacity. For instance, a 7-seater electric SUV like the Tesla Model Y guarantees a range of up to 300 miles per charge. At the same time, commuters can use the infotainment system and built-in safety components. However, until range in EVs outperforms internal combustion engine cars, consumers will be hesitant to switch.

Charging Speed

The time it takes for EVs to charge is a major concern for many consumers. Hesitant adopters say that the speed at which cars charge affects their ability to buy an electric car. With that said, the perception of charge speed needs to change for the full-scale adoption of electrified vehicles. Automakers and governments can achieve this goal by investing in innovative EV charging infrastructure like wireless charging, roadside EV charging booths, pop-up pavement chargers, electric roads, and self-heating batteries.

The adoption of electrified automobiles is escalating, thanks to tax incentives and the development of charging infrastructure. However, automakers and state governments must take other steps to encourage hesitant adopters to make the switch. These steps include increasing public awareness of EVs, improving range, and enhancing charging speed.


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