EV Sales Increase, Consumers Want More EV Infrastructure
Monday, August 28, 2023
One expert says interest and sales of electric cars aren't stalling.
According to the U.S. Department of Energy, Nevada has one of the highest number of registered EVs - coming in at 1.3% of all cars in the Silver State.
Year-to-date, EV sales are up more than 50% year over year - which Chris Harto, senior policy analyst at Consumer Reports, said is impressive considering how much fuel prices have come down.
Harto added that affordability is top of mind for many in the market for an EV.
Consumer Reports found 70% of EV sales so far this year have been from just nine models, all of which start under $45,000 once you factor in incentives.
Harto said while some argue the EV inventory is high, it depends on the automaker.
"Companies like Tesla, Rivian, Polstar - their inventories are very low and well below the industry average," said Harto. "So, the inventory question is really specific to specific models and specific automakers."
He added that while interest rates have increased and could influence sales, Harto said that will impact the entire auto industry - not just EVs.
He said he suspects the market is still trying to "catch up," since there has been a limited supply of vehicles recently.
Harto said various new requirements have either limited or changed which EVs can qualify for tax credits.
While the state of Nevada does not currently have statewide tax credits for buying a new EV, the NV Energy utility company offers income-eligible residents a $2,500 rebate.
Nevada residents may also still qualify for the Federal Electric Car Tax Credit of up to $7,500.
"So you do see that in the sales data," said Harto, "the EVs that are eligible for the tax credits do seem to be selling better than many EVs that don't qualify yet for those tax credits."
Harto said he recognizes many are concerned about the lack of charging infrastructure.
Nevada currently has more than 1,000 charging stations, most of which are in the Las Vegas area, according to PlugShare. Harto said this will improve as the transition to electric vehicles gains more traction.
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