While the earliest purchases of electric vehicles were mostly in affluent areas, over the past two years there has been explosive growth in ownership in moderate-income counties around the city — including Orange County, N.Y., where Mr. Sibley, a sound engineer, found his Bolt for $21,000.
Various factors are propelling drivers in New York, New Jersey and Connecticut to convert to electric: more varied models, including trucks and S.U.V.s; more public charging stations; and significant government incentives. And for the first time, the prices of some electric cars are competitive with those of gas-powered vehicles — without the expense of gas.
Yet there is also hesitation. Some drivers have concerns over the vehicles’ range. It can be hard to lay hands on an electric vehicle because carmakers cannot keep up with demand. And while electric vehicles have become cheaper, they still cost about $60,000 on average.
Category: Economics (Page 1 of 3)
Michael Holder, Business Green ::
Such a prospect may be difficult to imagine right now, given the record profits being funnelled into the pockets of companies such as ExxonMobil, BP, Shell, and Centrica. A cursory look at your energy bill or the latest global greenhouse gas emissions stats is enough to make one wince at the firm grip fossil fuels still appear to have on all aspects of the global economy.
But growing numbers of respected energy policy wonks have been taking a peek under the bonnet of the global energy system, and finding cause for cautious optimism that – even if it is not happening at the speed global climate goals require – the decarbonisation of the global economy may start far sooner than many realise.
Jack Ewing of The New York Times, makes the case that increased competition, government incentives, and falling prices for lithium and other battery materials are making electric vehicles more affordable, and could soon be on a par with more internal combustion (ICE) cars. Perhaps even by the end of 2023.
The battery-powered version of GM’s Equinox crossover, for example, will start around $30,000 when it arrives this fall, the carmaker has said. That is $3,400 more than the least expensive gasoline-fueled Equinox. But factoring in government incentives, the electric Equinox should be cheaper. Like all electric vehicles, the car will need less maintenance, and the electricity to power it will cost less than the gasoline used by its combustion engine equivalent.
The article also makes the point that the EV will require less maintenance, and “the electricity to power it will cost less than the gasoline used by its combustion engine equivalent.”
Read More :: Seattle Times
Magna announced it is investing more than $470 million to expand its operations across Ontario. The growth includes a new battery enclosures facility in Brampton. The company is also expanding it’s operations in Guelph, Belleville, Newmarket, Windsor, and Penetanguishene.
These expansions follow new business awards from various automakers in key product areas.
Hyundai Motor Group, which owns both the Genesis, Hyundai, and Kia auto brands, made a significant investment in the US, purchasing a building in the in the Tribeca neighborhood of Manhattan to house offices and a showroom.
Source :: Bloomberg
EV prices have begun to fall, according to Kelly Blue Book.
While the average price of a new car rose in December, 2022 to US$49,507, the average price of electric vehicles (EV’s) fell 5.5% over the previous month, ending 2022 at US$61,448.
While that remains too high for the average American household, it is now lower than the cost of the average luxury car – which EV’s were commonly compared to – which stood at US$66,660 at the end of 2022.
As long as prices remain high, government incentives will play a large and necessary part of widespread EV adoption.
Giles Parkinson, founder and editor of The Driven, and Renew Economy tells us why Australians are having a difficult time finding and purchasing electric vehicles. He has been a journalist for some 40 years, is a former business and deputy editor of the Australian Financial Review. He also owns a Tesla Model 3.