Cheddar News explains the ins and outs of electric vehicles, which make up 5 percent of all car sales in the United States.

Road Ahead for EVs as Share of Car Market Grows

well as electric vehicles are becoming more common around the U. S. As we drive to work school and run errands. Some of you might consider making the switch but of course still have questions. So we're gonna try to answer those throughout this week and our special series E. V. S throughout ahead right here on closing bell. So right now ensuring the US makes the lead to electrification is a a key goal of the biden administration, which says the sector will create high tech jobs and lower carbon emissions in the long haul. President biden signing the sweeping inflation reduction act into law last month and that subsidizes purchases while giving tax breaks to domestic manufacturing of the cars and batteries. And as it stands, many of the bills, any provisions are expected to go into effect for cars put into service after december 31st and they'll stay in place through 2032 according to consumer reports. Well for new electric vehicles, a $7500 tax credit could be applied at the point of sale. Use DVs could be eligible for up to a $4000 credit and couples who earn less than $300,000 a year. Or individuals who earn less than 100 and 50,000 would qualify. New E. V. S. Could become ineligible if they don't meet certain manufacturing requirements such as being assembled in north America or using minerals and components that are sourced domestically, fully electric vehicles already account for 5% of U. S. Auto sales in the second quarter of 2022. And right now, sales of electric SUVs and pickup trucks are the favorites while several sedan models are getting high marks to now despite legacy carmakers releasing E. V models, Tesla does reign supreme when it comes to sales outselling rivals like ford Kia and Hyundai now, besides Tesla, some best sellers include the Ford Mustang Mach, E handy's Ionics five and the Kia, E V six. We actually took to the street to ask you what your biggest questions are for purchasing an E. V. And want to answer a couple of those questions today. So our first question is about the price of an E. V. Take a listen, why are electric vehicles so much more expensive than regular vehicles? Okay, really good question. It is true that the average initial price of an E. V is much higher than a gas powered card, $65,000. They're less expensive over the course of their lifetime, primarily due to cheaper fuel. Consumer reports finding in a study that the lifetime ownership costs of an E. V. Were many thousands of dollars lower than all comparable gas vehicles with the most TVs offering savings between $16,000. Well, it also depends on the brand and model that you choose as there are some TVs available now that won't break the bank, like the Chevy bolt tv and the Nissan Leaf at all price below $30,000. So up next, we got a lot of questions about battery life. Also a very good question. Take a listen, how far can you actually go on one charge in an electric vehicle? That's my biggest concern. Great question. According to experts, the average figure for how far a single charge can get you is 250 miles. So some models will get less mileage, some can get 350 miles or more depending on the size of the battery and how new the vehicle is but driving behavior and whether also playing a big role in how much range you'll get out of an electric vehicle. So our final question, also an important one, is about charging stations. Let's take a listen. Will I be able to charge my my electric vehicle in any charging station? Okay. E. V. Owners actually have multiple options for replenishing their rides first is at home and it's the easiest way to keep an E. V. Charged all TVs come with basic charging units that allow them to plug into a standard 120 volt wall socket. But unfortunately a full charge can take eight hours or more using house current. Now the second option is to go to a public charging station now being installed across the U. S. Many are in or near areas having a higher con intr ation of E. V. S. Many do offer free charging now while others require a fee that varies depending on the operator. Tesla has established an extensive supercharger network of stations that is exclusively for Tesla owners. Finally, some companies have installed electric car chargers in their garages and parking lots for their employees to use our place. Charging is not very common, but some states now offer an incentive for having on site stations installed. Finally, we do want to end our E. V special today with some fun trivia. We love that while E V. S are gaining popularity in recent years, did you know that they've been around for a really long time? Get this? In fact, the first electric vehicle was produced in 18 32 by a british inventor, robert Anderson shocks me it was a crude electric carriage wasn't until the second half of the 19th century that french and english inventors built some of the first practical electric cars. Very cool and every conversation continuing tomorrow, we'll discuss what you need to know about taking a road trip in an electric vehicle and some of the unlikely places along the way while you find a charging station, E. V. S throughout. Ahead continues tomorrow. Right here on closing bell at 3:40 p.m. Eastern on cheddar news