Unpredictable gas prices and new tax credits have meant that EV car sales are increasing.
Consumers are looking to save money by avoiding buying gas, and that means more and more electric vehicles are entering the mainstream and onramps.
Now, battery-powered cars compose the fastest-growing segment of the auto market, with sales jumping 70 percent in the first nine months of the year from the same period in 2021, according to Cox Automotive, a research and consulting firm. On the flip side, sales of conventional cars and trucks fell 15 percent during the same time.
Also spurring sales has been the new tax credit for EV cars. However, the new tax credit for EV cars comes with some strings. The new eligibility criteria says that by 2024 that 40 percent of battery materials will need to be sourced from North America or a country in a free-trade agreement with the United States. By 2029, the legislation calls for 100 percent of battery components be made in North America. Of the 72 models of electric cars on the market today, 70 percent would be ineligible.