In 2022, sales of electric vehicles increased globally by more than 60%, breaking previous records. More model options, longer-lasting automobile batteries, government incentives and high oil prices are only a few of the many variables that led to this expansion.
But besides this rapid development, the percentage of new electric vehicle sales is still a mere 14%. If this trend continues, it will take many decades before we see all vehicles on the roads entirely electric. Governments must take considerably more effort to promote and get ready for the adoption of electric vehicles.
According to the most recent Urban Mobility Readiness Index from the Oliver Wyman Forum and California University, Berkeley, more cities, including Los Angeles, Oslo and London, are investing in crucial networks of charging facilities and offering monetary benefits, such as tax breaks and life-quality benefits, including independent parking and exclusive road access, to inspire the adoption of electric vehicles.
Cities could significantly influence the adoption of EVs by making sure that the necessary infrastructure is present in all neighborhoods. Those street parkers must depend on publicly available chargers that are frequently in short supply and heavily used, and can be expensive compared to standard rates of electricity. Owners of garages can install the appropriate charging equipment.
Major cities are already requesting easy access. For instance, there are more than 18,000 commercial chargers in Los Angeles; 3,000 are open to the general public. In locations with residential units or that are close to facilities, the city has installed more than 450 chargers, as well as 50 chargers on streetlights and power poles, respectively, as part of an effort to increase such alternatives. Some 200 new EV pole chargers are planned to be installed yearly.
Amsterdam City offers a range of benefits and rules to promote the adoption of electric vehicles, including parking advantages for EV taxis and tax subsidies for commercial fleets and those privately owned; the city is also dramatically increasing its charging network.
New construction codes and zoning regulations are being used in cities such as Tucson, Arizona, to force developers to include or leave room for quick-charging points whenever they create a project. Other cities are offering financial incentives to promote the use of electric vehicles. Oslo, for example, offers numerous benefits, including lowering road taxes and fees for electric vehicle drivers as it aims to be the first emission-free city worldwide. In London, electric vehicles are exempt from paying Ultra Low Emission Zone (ULEZ) taxes, which are extending in 2023 to include all of the city’s boroughs, while cities in China are offering monetary subsidies and zero parking fees to entice citizens into exchanging their gas automobiles for electric ones.
As all these efforts yield the desired results, the roads across the world are likely to see EV models from startups such as ElectraMeccanica Vehicles Corp. Ltd. (NASDAQ: SOLO) becoming commonplace.
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