In the years since the introduction of electric vehicles, electric vehicle technology has advanced rapidly, and today there are various options available, including plug-in hybrids and battery electric vehicles. According to the U.S. Department of energy, "Electric vehicles (E.V.s) use electricity as their primary fuel or to improve the efficiency of conventional vehicle designs. E.V.s include all-electric vehicles, also referred to as battery electric vehicles (BEVs), and plug-in hybrid electric vehicles (PHEVs). In colloquial references, these vehicles are called electric cars, or simply E.V.s, even though some of these vehicles still use liquid fuels in conjunction with electricity. E.V.s are known for providing instant torque and a quiet driver experience" (U.S. Department of Energy).
As gas prices rise, especially this summer, more households are considering electric cars. According to the latest data from the U.S. Department of Energy Alternative Fuels Data Center, electric vehicle registrations have jumped by 23.1% over the past four years (Lendingtree). By 2030, CNN reported, the United States will have 500,000 new electric vehicle chargers to keep up with the demand as electric vehicle sales have tripled since 2014.
Despite the recent drop in gasoline prices, electric power is the future of transportation for consumers, businesses, and local governments. New York and California are looking to restrict sales of gas-powered vehicles by 2035. It is reasonable to conclude that more states will follow.
Electric vehicles are more energy efficient because over 77% of electrical energy is converted into power at the wheel. Compared to gasoline-powered cars, which convert 12% to 30% of the energy stored in gasoline to kinetic power. EVs are eco-friendly, limiting the impact of driving on the environment, and according to the U.S. Department of Energy, electric motors create a smoother ride with greater acceleration. As an added benefit, owners of electric vehicles have fewer maintenance requirements than owners of gasoline-powered cars. (Forbes)
In September, the Biden Administration announced it had approved Electric Vehicle Infrastructure Plans for all 50 States, the District of Columbia, and Puerto Rico under the National Electric Vehicle Infrastructure (NEVI) Formula Program. This new program will fund states to install EV charging stations and establish an interconnected network. It is established and funded by President Biden's Bipartisan Infrastructure Law U.S. Department of Transportation.
In his remarks, U.S. Transportation Secretary Pete Buttigieg said, "America led the original automotive revolution in the last century, and today, thanks to the historic resources in the President's Bipartisan Infrastructure Law, we're poised to lead in the 21st century with electric vehicles," U.S. Department of Transportation.
Sales of electric vehicles are at an all-time high making the rise of electric cars a new opportunity for convenience retailers with its increase in popularity and now available government funding.
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