US EV market projected to increase by 20% thanks to recent climate initiatives
Are you noticing more electric vehicles driving by on your daily commute? It’s not just you. The US EV market just breached 6.7% in the first half of 2022, up from just 1.8% in 2019. And, new data suggests this is just the start as recent US climate initiatives put the US EV market into overdrive.
US EV market set to accelerate by 20% due to IRA bill
With an expected 1.64 gigatonnes of carbon dioxide (GtCO2) in 2022, North America has the highest emissions from transportation globally, according to a new study from BloombergNEF.
Over the past several years, the United States has been slower than China and Europe when it comes to zero-emission electric vehicle adoption. China was responsible for over half (56%) of global EV sales, while Europe accounted for 28% in the first half of 2022.
Several countries in Europe have experienced explosive growth in EV market share from 1H 2019 to 1H 2022. For example:
- Germany: 3% to 26%
- UK: 2.2% to 24%
- France: 2.8% to 21%
Why has the United States lagged, you ask? For one, the deployment of publicly available fast chargers (and EV chargers in general) has been much quicker in other countries. Furthermore, stricter policies and mandates have accelerated the transition.
Meanwhile, recent climate initiatives and updated fuel economy standards in the United States are pushing the EV market to new heights. The Inflation Reduction Act, passed in August, provides a tax credit of up to $7,500 for new light-duty EV purchases, $4,000 for used EVs, and $40,000 for heavy-duty commercial electric vehicle purchases.
BloombergNEF’s study notes that the US EV market outlook has changed drastically over the past year:
Recent regulatory changes in the US – the Inflation Reduction Act and revised fuel economy regulations – are expected to accelerate EV uptake in the country and bring it closer to the EV ‘leaders.
BNEF estimates 64% of EVs sold in the United States in the first half of the year qualify for at least a part of the new EV tax credit compared to 31% under the old policy.
On top of this, the IRA bill includes “powerful incentives” to speed up domestic battery manufacturing. The IRA bill has already attracted over $40 billion with 15 new EV battery plants or expansions.
Perhaps, more important, the National Electric Vehicle Infrastructure (NEVI) program, part of Biden’s Bipartisan Infrastructure Law, supplies $5 billion in funding to create a national EV charging network to promote EV adoption across the United States. All 50 states now have approved plans to build the network.
As a result of the recent US climate initiatives, BNEF predicts:
The US EV fleet will be over 20% larger by 2030 than previously forecasted.
Electrek’s Take
The data from BNEF confirms incentives and policy changes work to drive zero-emission EV adoption. The recent initiatives in the United States are already starting to pay off, with EV sales hitting new records each month.
Take California, for example, which has rolled out charging infrastructure much quicker than other states. The state has nearly 30% of the EV chargers in the United States and also holds an 18% EV share, almost triple that of the US average.
With new incentives and policy changes driving adoption, 2023 should be a big year for most US states in terms of EV adoption, and buy-in should progress even more toward the end of the decade.
FTC: We use income earning auto affiliate links. More.
Environment
Hyundai’s new Kona Electric is even cheaper to lease than the gas-powered model at $169/mo
The newly designed Hyundai Kona Electric is better in every way, with more range, faster charging, and a bold new style. Hyundai’s new 2024 Kona Electric is even cheaper to lease than the gas-powered model, starting at $169 per month.
Hyundai Kona Electric cheaper to lease than gas model
Hyundai revealed the 2024 Kona Electric at the NY Auto Show last April with a sleek new “EV-derived” design.
You can instantly see the upgrades with a modern style closer to its IONIQ 5 and 6 dedicated EVs. The inside is nearly 6″ longer, with an additional 3″ legroom in the second row. A flat floor design creates more head and shoulder space than the previous model.
Hyundai included its next-gen dual 12.3″ infotainment system with a faster, more intelligent user face. It also comes with Android Auto and Apple CarPlay as standard.
The 2024 Kona EV features a slightly bigger battery with faster charging and up to 261 miles range. Starting under $33,000, the 2024 Kona Electric is already one of the most affordable EVs in the US.
2024 Kona EV prices
It’s available in three trims: SE, SEL, and Limited. The base SE model includes a 48.6 kWh battery for up to 200 miles range. The SEL and Limited feature a 64.8 kWh battery, good for up to 261 miles range.
2024 Hyundai Kona electric trim |
Starting Price (not including a $1,335 delivery fee) |
| SE | $32,675 |
| SEL | $36,675 |
| Limited | $41,045 |
With an up to $7,500 featured cash offer, you can lease the 2024 Hyundai Kona Electric SE for as low as $169 per month.
The deal is for 24 months, with $1,999 due at signing. It also includes the $7,500 EV Lease Bonus for a net capitalized cost of $25,370.
If you’re looking for the higher-range SEL trim, it can be leased for as little as $199 per month. That’s also for 24 months, with $1,579 due at signing. With the EV credit, the net capitalized cost is $29,419.
However, you may have to act fast. Hyundai’s website shows the deal ends in five days on April 30, 2024.
Are you ready to drive off in your new Hyundai Kona Electric at some of the lowest prices yet? We can help you get started. You can use our link to find deals on the 2024 Hyundai Kona Electric near you today.
FTC: We use income earning auto affiliate links. More.
On the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss all the news coming out of Tesla’s earnings, Model 3 Performance, Mercedes-Benz electric G-Class, and more.
Sponsored by SplitVolt: The Splitvolt Splitter Switch automatically shares power from your existing 240V dryer socket with your Level 2 EV charger. Learn more here.
The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.
Here are a few of the articles that we will discuss during the podcast:
Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET):
FTC: We use income earning auto affiliate links. More.
Rivian has promised free NACS adapters will be sent out to its owners, and it’s starting that process now.
Rivian officially got access to Tesla’s Supercharger network last month, but in order to use it, non-Tesla cars need an adapter. Most other EVs come with a CCS plug, but Tesla’s plug is now called NACS, after it opened its charge standard in 2022.
Third party adapters have been available, but several of the automakers that have announced they’re switching to NACS have committed to sending out adapters to owners as soon as they’re available. We saw the Rivian adapter design leaked in February.
So far, Ford and Rivian have Supercharger access, with GM, Polestar and Volvo coming this spring, and others coming later. Tesla previously announced that GM would get access in February, so we imagine that is coming imminently (we heard reports on social media today that GM adapters are now available, but GM communications told us that those reports are not accurate, and that they will be available “later this year”).
In February, Ford did start sending out adapters, becoming the first automaker to do so. This is fitting, given that Ford was the first domino that led to basically the entire industry adopting NACS.
However, delivery of Ford adapters has been a little slow, with delivery estimates being pushed back by Ford.
Now, Rivian is becoming the second automaker to send out adapters.
Rivian owners have started to receive emails from the automaker asking for their shipping address, according to a thread on rivianforums.com. The original poster has a low VIN number, as do some other forum users who got the email, so we imagine they might be high on the list, with other owners with higher VINs getting their emails soon.
The email states:
Hi there,
Good news! Your complimentary NACS DC adapter is ready to be shipped. Please follow the link below to let us know your preferred delivery address within 60 days of receiving this email.
Please Note: Unfortunately, we cannot support shipping to PO Boxes or any addresses that are outside the United States or Canada at this time.
So – if you’re a Rivian owner, keep your eyes on your email, because it sounds like adapter shipping is imminent (and make sure you’ve responded to the April 4 email to opt-in to receiving the adapter).
FTC: We use income earning auto affiliate links. More.
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Environment11 months agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Sports3 years ago
Team Europe easily wins 4th straight Laver Cup
-
Sports6 months agoGame 1 of WS least-watched in recorded history
-
Environment1 year agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Technology3 years ago
Game consoles were once banned in China. Now Chinese developers want a slice of the $49 billion pie
-
Politics2 years ago
Have the last few wobbly weeks seen a turning point for Johnson as PM?