EVs Poised to Become Commonplace

Although automakers have sold millions of electric cars at this point, EVs are still an oddity on American roads, especially in nonurbanized regions. They make up a small percentage of vehicle sales, with the bulk of EV sales happening in states such as California and urban areas with more high-income earners and a higher density of public chargers. This disparity is primarily because of range anxiety and the high costs associated with buying an electric car.

Even so, the U.S. government is keen on cutting emissions from the transportation sector by steadily phasing out internal combustion engine (ICE) cars via emission standards and a variety of EV incentives. Automakers are also poised to invest billions of dollars in electrification over the next few decades to develop new EVs and electrify their vehicle lineups.

This includes electric vehicles with greater range, electric SUVs and pick-up trucks to attract the American market, and even electric vans and trucks for deliveries and long-haul transportation. Electric vehicle sales have been on the rise in recent months as more people have turned away from fossil fuel cars, especially in the wake of the recent energy crisis that sent gas prices soaring. In Norway, a market that has been extremely receptive to electric cars, EVs made up 83% of new vehicle sales in July, with battery electric cars (BEVs) comprising 70.7% and plug-in hybrid vehicles making up 12.3%.

Electric vehicle sales in China reached a whopping 28% in June while plug-in electric vehicle sales in Germany were at 25.5% in July. On the global scale, battery electric vehicles made up 12% of total vehicle sales in June, breaking the record for the most electric vehicles sold in a single month. Although the EV market hasn’t grown as fast in the United States, BEV sales in the country recently reached 5% of new car sales, which Bloomberg believes is a crucial tipping point for mass electric vehicle adoption.

Bloomberg came to this conclusion after analyzing 19 countries that had introduced electric cars into their transportation infrastructure. According to a CleanTechnica report, the EV industry is growing steadily, with the author writing that they saw a plethora of EVs, including Teslas, Kia e Niros and Mustang Mach Es in New Jersey, Manhattan and Washington, DC. EV purchases are steadily growing in most major markets, and zero-emission vehicles may soon become so common that we will refer to them simply as “cars.”

When electric vehicles get to the point when they are simply referred to as cars, startups such as Fisker Inc. (NYSE: FSR) could have grown to the point of selling millions of EVs around the globe.

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