As automakers continue to transition from internal combustion-powered automobiles to EVs powered by batteries, customers are seeing more choice when it comes to electric vehicles. And now, a recent report by Bloomberg suggests that EVs could account for over 50 percent of new car sales by 2030.
The publication states that the Biden administration’s recent $374 billion allocation toward climate spending is directly responsible for gains in EV interest. Part of this plan includes a federal $7,500 EV tax credit for the purchase of a new electric vehicle, which bolsters interest in electric vehicles and steers consumers in the direction to achieve Biden’s goal for half of all new vehicles sold in the U.S. by the end of the decade to be either hybrid or battery electric.
The Cadillac Lyriq is one of GM’s first fully electric vehicles to use GM’s state-of-the-art Ultium batteries
But while choice and interest may be on the rise, electric vehicles accounted for only five percent of new car sales in the U.S., well below the global average of nine percent. Even so, Bloomberg indicates that sales of new electric vehicles in the U.S. could surpass the global average by 2026 instead of 2028, as initially projected.
The publication notes that the $7,500 federal incentive is exclusive to vehicles made in North America by automakers such as General Motors, Ford and Tesla. There are some incentives available for vehicles with batteries manufactured in the U.S. It also acknowledges that these requirements “will take some time to adjust to,” especially as vehicle manufacturers grapple with minerals and battery rules.
Upcoming 2024 Chevrolet Blazer EV will be a major driver of GM EV sales volume
“In the next year or so, there shouldn’t be too much of a difference [in new car sales],” said Bloomberg electric car analyst Corey Cantor. “Later in the decade, we expect not only the EV tax credit but the battery production tax credit to drive a steeper decline in EV costs.”
GM is at the forefront of the vehicle electrification movement, with plans to introduce 30 new EVs by the end of the decade.
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Comments
If that’s the case, expect major black outs throughout the country, especially California.
The sad truth is the California State Governor has already placed a limit as to when it’s citizens can recharge their vehicles, there’s our early prediction as to how things will be with that problem.
As someone who lives in California and drives a plug-in vehicle I can tell you that is 100% false.
If EVs were so wonderful, the government wouldn’t need to subsidize their purchase.
If it’s over 50%, it won’t be because of choice, it’s just mandate after mandate.
Took exactly what I was going to say.
Not in my garage.
Good luck, not me!
Hopefully I will have. Thriving business maintaining and restoring popular ICE vehicles.
“Later in the decade, we expect not only the EV tax credit but the battery production tax credit to drive a steeper decline in EV cost.” Another admission that EVs are not a realistic alternative to ICE using current technologies. Now this analyst is projecting that both a buyer subsidy as well as a manufacturing subsidy will be required to produce and sell EVs. This is recognition that both grid issues and BEV materials issues will limit EV adoption with current technologies and will result in a cry for more government help. Mandates? Taxpayer-funded subsidies? Both?
Unfortunately true. Just further proof that EV’s in their current form are not economically feasible. Paying people to manufacture something and then paying people to buy it tells the whole story, as un-American as it gets!
I thought having to “pay people to manufacture something” was allways true. Or do you manufacture for free in your business? And everyone gets paid to buy it is also true unless you give it away.
Companies manufacture based on customer demand….unless, of course, government intervenes.
Paying people to manufacture is code for government incentives.
Not for me , I not getting one either, I live in rural area on a farm ,
So how do you get gasoline on a farm? Many who have an EV can get free power even on a farm.
Ugh you buy your own tank it’s not the confusing.
Bloomberg? Really? Report was probably furnished by gm and the Biden administration. These folks are not listening. There are a few select people who want EV’s. But, the overwhelming majority want nothing to do with them.
Oldmechanic:
People are in general, going to do what is best for them….. Other than some hastles occasionally recharging the car, almost all evs are much more pleasurable to drive.
My former 2011 Chevy VOLT was defacto advertised (word of mouth) as ‘Smoother than a Rolls Royce”…
But poorer people will do what ever works for them…. A BIG VARIABLE is – what is the price of gasoline going to be compared to the price of electricity?
People who are high mileage, such as the poor people doing UBER, or DOOR-DASH work, will want the thing that gives them the cheapest per mile cost, since that is their bread and butter.
50% electric adoption to me seems high – but I’m not going to make a firm prediction since if electricity costs only go up moderately but gasoline prices skyrocket (most likely after election day when the Strategic Petroleum Reserve is no longer drained), then almost everyone will be anxious to purchase at minimum a plug-in hybrid.
UBER has already said they will be all EV by 2030…which really is unfortunate for the UBER drivers who will be forced to have an EV to continue working for UBER. Most full-time UBER drivers I know can barely afford the cars they have now, let alone be able to procure an EV to be able to keep driving. Plus, if they have to stop even twice a day for 40-60 minutes each time to charge, that either makes their workday even longer or they will have fewer jobs each day.
The UK is already reporting that EV drivers are paying almost the same for EV charging that they were paying for gasoline. This is the UK where gas was already expensive. Imagine what that will mean for them and the US by 2030. Someone will foot the bill to improve the EV charging infrastructure, and it will most likely be the consumer.
Arcee:
I doubt there will be any more car sales in EUROPE, since both petroleum and Electricity costs are skyrocketing.
If the avg US price of electricity is $0.14 per kilowatt-hour, then France’s $US DOLLAR equivalent cost has gone from around 14 cents to over a $1 a kwh and still rising…$0.85 / kwh in germany and still rising… 1,000 percent rise in Natural Gas (methane) cost… All prices still rising..
Meanwhile in the US my Natural gas cost has slightly more than tripled in the past year…. Still not that bad at a 8 cents / kwh cost by heat content. The reason the price is so dear is any excess Natural Gas is being liquified (at minus 260 degrees F) and shipped to Europe.
Since Russia’s state-owned GAZPROM is making the equivalent of $USD 1 billion / day. it sure looks like Europe is REALLY teaching ‘Putin a Lesson ! ‘.
One after another GERMAN INDUSTRIES are shutting down… No fertilizer, soon – no steel or aluminum, and no chemical products – which make modern society possible. And no winter heating requirement yet even.
Industrialists in Germany are warning of a “PERMANENT DE-INDUSTRIALIZATION” of Germany…
Chemical Giant BASF is about ready to shut down their GARGANTUAN operation that has worked 24/7/365 since the mid-1960’s, due to lack of Natural Gas.
Germany in its entire existence (started in the late 19th century) has never experienced what it is seeing now…. It will go back to Life as it was back in PRUSSIA – what they were formerly known as.
And that is if they are lucky. NATO in general looks like it is TOAST.
Isn’t the current administration doing a great job!
You won’t see me as one of them!
This is a pretty worthless report. Considering that by 2030 50% of the states will have banned the sale of new ICE cars, that pretty much indicates right there that 50% of new car sales will be EVs. The EV tax credit is kind of a moot point. It’s a non-refundable credit that gets applied to your tax liability for the year you purchase your eligible EV. For example, if your tax liability that year is $4,000 you can only use $4,000 of the $7,500 (or whatever the tax credit is at that point.) The credit doesn’t come off of the price of the EV. Sure, I could end up getting a refund of what was withheld that year if my tax liability ends up $0, but that isn’t enough to get me to run out and buy a $50K EV.
I will buy an EV *ONLY* when they are able to provide 500-600 miles of range on a charge, and can recharge from 10-80% in less than 20 minutes. There is also only a single public fast charging station within 30 miles of my home, so there need to be more charging stations installed. Until then, I will consider only ICE or hybrid vehicles.
First of all they aren’t electric they’re battery’s, and nobody wants them .
Glorified golf carts!
wishful thinking .. Not in my garage
We love our EV and would never go back.
And if some of the trolls here would learn the truth about them and actually (Gasp!) test drive some, there would be lots less crap to skip over here.
But tell me: did “the grid” collapse when electric stoves and electric clothes dryers caught on?
Or did responsible utilities and states plan ahead for the increasing electricity demand?
You do you, Blue. Nobody’s stopping you, or trying to tell you how to live your life. But you can’t seem to resist doing that to others.
You’ve obviously never experienced poor air quality. I live in Florida so I had no idea about it until I visited Phoenix a few years ago for a swim competition. Shortly after the competition began everyone developed sore throats and a local let us know it was the poor air quality (high ozone). The weather report actually recommended staying indoors and to limit running engines. Blows my mind that Americans still have to deal with that today. Everyone should have a right to clean air.
Too many trolls here. As the previous commenter said, go drive an EV before you trash them. And while you’re waiting, add up all you’ve spent on oil changes, fan belts, fuel pumps, mufflers, transmission repair, etc. not to mention the massive electrical demands made by oil refineries.
Funny haven’t paid one cent for any mufflers, belts, fuel pumps or transmission repairs on any of my cars from the past 25 or so years. Basically just a hair over 100 bucks per year for 2 oil changes using synthetic oil and getting my tires rotated. My past 3 cars cost me less than half of what an EV would have cost if made at the time, my insurance is exactly half of what my friends with Teslas are paying per year and i can buy a boatload of fuel for years and years before reaching the extra cost up front on that shiny new EV and the higher insurance rates. Good try though!
And add up all the extra money you have to spend on tires and replacement batteries for the EV. At $10000+ a pop for a replacement EV battery, the maintenance on an ICE vehicle looks like a bargain.
Every one of you guys says that a battery replacement will be necessary….I don’t quite see how since the battery is warranted between 8 and 10 years – and 100,000 miles minimum.
Chevys usually have transmission and/or engine trouble around that time – what with the lifter problems with Silverados, or blown Bosch diesel fuel pumps – and I have heard too many stories of properly maintained Impala transmissions failing at 104,000 miles.
Yes – some people get 300,000 miles out of their transmissions but then – some batteries also go 300,000 miles. I’m on my 7th ev (due to various reasons not having to do with them wearing out) and I’ve never even had to change out the 12 volt battery let alone the propulsion battery.
My friends southern dealership, that has been in business since the 70’s, just replaced a 2008 Impala 4 speed transmission that had 180K miles on the clock with a good low mileage used unit and charged the customer 2500 bucks out the door for the entire job! With the price of cars these days it was worth it to our customer to do this considering the car was still rust free and ran like new! Most 8 to 10 year old EV’s that do need a replacement battery can be looking at up to 15k to get a battery replacement depending of course on the manufacturer and the situation at hand. I for one do not want to take that kind of risk and can far more easily deal with an Impala transmission replacement. I avoid trucks like the Silverado that have had lifter issues since around 2008 and do that thing called research before buying my vehicle so that also stacks the deck in my favor compared to an EV
The question is – Joe Yoman – whether the batteries needing replacement are a Plug-in Hybrid or a Battery-Electric….
The VOLT – being a plug in hybrid, had a design life of 150,000 miles. But that is reasonable since at 40 miles per day – the battery underwent a full charge/discharge cycle 365 times/ year… That’s over 1000 times in only 3 years….
A battery electric – especially the upcoming models with 300 mile range – would only go through a charge / discharge cycle less than once per week. It would take almost 20 years to put the same trauma on the battery with the identical driver.
There are things a totally battery electric driver can do to lengthen the life of the battery beyond even that impressive figure, but most of you guys could care less about any new info.
Prefer to keep my ICE car and won’t be bullied into buying a battery car by the green weenies.
Lithium slush pits environmental disasters already happening
Well with the economy going stagnate sales will be down and if they get more cars out like the EV Nox many will buy them.
Just look at what most people buy today and seeing them buy an affordable EV is not out of the question.
There is a growing market for these models as prices come down and it will grow. I am not sure it will be 50% buy them but it will grow.
Might note GM has not set end dates on the ICE models at Chevy so they will live on for a bit.
Many people today see cars just as transportation and just a way to get around. They will like the no maintenance and other thing associated with EV models as they are not enthusiast. They will see them as easier to care for and will buy them.
EV is not for everyone but it is a fit for many so sales will in crease.
The real Trolls here are the one’s telling us we need to switch to EV’s…and that there’s obviously no way we did any research before we formed opinions on EV’s.
EV’s are a huge expense and inconvenient for charging and running in the cold. The Climate worriers will always say “it’s not that bad, do your research”. You don’t know me or my situations, so you cannot tell me EV’s will work perfect for me. They work for you and you can afford the cost, good for you.
I’m not anti-EV. But I don’t have car payments because I drive older vehicles. EV’s are very expensive compared to $0/month car payments.
I would happily drive an ev as my commuter car when I can buy a nice used one (that still has a functioning battery) for $5000, like i can an ICE vehicle.
My truck I’m not interested in replacing with battery. I use my truck a long ways from charging infrastructure, towing heavy loads, and I’m not dropping $100KCAD for one. (when my diesel is payed for)
The other thing nobody thinks about yet is what Electricity costs will do when they add the road tax they currently have on fuel to pay for road repairs. Buckle up for that.
I love how we get called “trolls” when these EVs are being forced on us and we just want to have ICE options in the future.
Mr. Trump still insists he is “The father of the vaccines.”…. Of course he says that…. How else would he get his tens of thousands at his ralleys to go get them otherwise?
The truth hurts huh? I’ve been a Conservative for 40 years, but Republicans lately have gotten me so mad that I’ve officially changed my voting Registration to Democratic…Mr. Trump also raised my federal income taxes… Thanks for nothing.
Is it the 4.4 million illegals that made you a Democrat? How about the student loan payoffs? Maybe the $5-8 dollars per gallon gas? How about the worst inflation in decades? How about the botched Afghanistan pullout? Maybe it’s the higher-than-ever crime everywhere, especially in blue cities? Could it be Joe’s mental deterioration or Kramala’s word salad of the day?
You complain about taxes and then sign up for the party of tax and spend?
And you have a problem with Trump? C’mon Bill…that’s absurd.
Did Trump have a tenth of the data that Biden has had? Does Biden have more Covid deaths under his watch, even with more of that data?
What did Trump mandate, Bill?
Here’s my statistics: Exactly 0% of my future purchases will be EV’s.
I see you walking after 2035 with no more gasoline csrs left.
You will be the one walking when your EV battery degrades and you suffer from range anxiety not able to charge your vehicle with all the lines from other EV owners also waiting for a charge.
Sooooo….. who paid for the report to reflect this?
Too bad the EV Blazer doesn’t have a 6.2 V8. It’s drop dead gorgeous. It would perfect for us older guys that don’t want to fall in and roll out of something. No plans to go EV at this point. Too many unknowns for me. Plenty of EV’s were around in the early 1900’s. Charging stations and EV’s are nothing new. They didn’t make it for reason. ICE just works better for most consumers.
“Trolls” Geez, sounds like one of our political parties. If you don’t agree with them, they call you a name. Last time I checked, we still have the right to choose and to speak in this country.
That’s comical considering the current admin does nothing but lie and flip flop on a regular basis with too many things to even list!
And somehow in your mind, Joe’s not two-faced on just about everything (not that he’s actually running his presidency)?
Good grief, Bill.
Morrisangelo:
Haha that’s funny…. My comment that you are responding to got deleted by the editor….Pretty dirty pool if you ask me….Guess that will limit my time here…………
But in answer to your question – don’t blame ME! I voted for Tulsi Gabbard since I felt she told the least lies.
Things will keep getting worse and worse in this country – and most people will never take action about it…I at least did something.
Bill, we’re in partial agreement on Tulsi Gabbard. One of the few Democrats left who makes any sense and doesn’t spout off what the DNC sends her in their daily 4am mass control emails.
haha Morrisangelo.
Someone else made a comment here THAT THE EDITOR HAS ALREADY DELETED. But in answer to that now missing comment – i’ll say I’d rather not be in such small a group that will easily be ‘made an example of’, for instance HER HONOR THE GOVERNOR (Ms. Hochul) has stated that “Conservatives are not welcome in NY State”.
I had already mentioned that I had thrown out the head of the conservative party who came to my house (since there were SO FEW of us) since his policies raised my taxes…
I obviously have much more germaine comments to make, but our Editor here is too quick to the draw with his delete button… Beyond rude if you want to know.
As far as your comment on Tulsi Gabbard – she lies too… But she lies the least of the Creeps.
Good news my fine brothers and sisters. This means 50% of new vehicles sold by 2030 will still be ICE vehicles!!!
I thought all ICE was going to be banned, but I guess we still have hope.
I will be buying ICE vehicles for as long as they’re available. I refuse to be stuck to a grid, or spending half an hour to an hour at charging stations. Sure electricity is cheaper than petroleum but electric cars are more expensive than ICE cars, so you’re really not saving anything.
I am 100% NOT in my garage