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Electric Vehicles are Rapidly Becoming More Economical

Electric Vehicles are Rapidly Becoming More Economical

Electric Cars Becoming More Affordable and Accessible

Salt Lake City-based dealer, Alex Lawrence, has seen a shift in his clientele over the last year. Rather than affluent professionals able to afford a $70,000 Rivian luxury pickup truck, he has noticed an influx of younger, more budget-conscious customers. Used Teslas, drifitng around $20,000 after a $4,000 federal tax credit, are becoming a popular choice.

Changing Perceptions and Falling Prices

Once seen primarily as status symbols for the liberal elite, electric vehicles (EVs) are becoming more accessible. Prices are dropping due to increased competition, lower raw material costs, and improved manufacturing efficiency. Federal tax credits of up to $7,500 for new electric cars, often supplemented with state incentives, are also making EVs more affordable.

Technological Advancements and the EV Market

Improvements in technology are making EVs more practical. Cars that can travel over 300 miles on fully charged batteries are increasingly commonplace, and charging times are dropping below 30 minutes. The number of fast chargers, which can fully charge a battery in less than 30 minutes, increased by 36 percent between April 2023 and April 2024. Carmakers such as Tesla, Ford, General Motors, and Stellantis (owners of Jeep) have plans to produce electric vehicles with starting prices as low as $25,000.

“The EV market has hit an inflection point,” said Randy Parker, CEO of Hyundai Motor America, which will start producing its own EVs at a Georgia factory later this year. The potential disruption of EV subsidies, even under a Republican government, may not be able to halt the market forces driving down prices.

Electric Vehicles Still More Expensive

Despite promising trends, EVs, which averaged $55,252 in the U.S. in April, still cost more than their gasoline counterparts. However, these calculations don’t include lower fuel and maintenance costs associated with EVs, which may already make them a better deal for frequent drivers. Automakers are also offering considerable discounts on EV models to attract buyers.

Costs could rise with the Biden administration’s decision to raise tariffs on lithium-ion batteries from China to 25 percent from 7.5 percent, as over half of these batteries used in US-sold cars come from China. While companies are building battery factories in the US and Canada, it will take several years before they can replace Chinese supply.

Market Forces Pushing Down Prices

Despite these challenges, manufacturing costs are dropping as traditional carmakers start applying their decades of experience with mass production to EV technology. For example, General Motors (GM) plans to sell an electric version of its Chevrolet Equinox for under $30,000 after the federal tax credit later this year, and a cheaper model, the Chevrolet Bolt, next year. These newer models will be built with GM’s Ultium platform, which uses the same batteries and parts for different vehicles, reducing costs.

Competition is also heating up as Japanese automakers like Toyota move into the EV market, with Honda planning to start producing EVs at an Ohio factory next year. According to Cars.com, more than 100 fully electric models will be for sale in the U.S. by next year, making it possible for anyone to find an EV within their budget.

Used EV Market Expanding

Used EV prices are a crucial consideration, as most people buy used cars. A strong used market dramatically increases the number of people who can consider buying EVs. More than half of the used EVs available sell for under $30,000 according to Recurrent, a research firm that focuses on the used EV market.

For instance, Jesse Lore, owner of Green Wave Electric Vehicles in North Hampton, N.H., recently sold a used Chevy Bolt for $15,000. After applying a federal tax credit for used EVs, the price was $11,000. Lore noted that in addition to affordable prices, customers appreciate the quietness, eco-friendliness, and speed of EVs.

Original Story at www.nytimes.com

Trending News

Mississippi River Faces Persistent Saltwater Intrusion, Region Seeks Long-Term Solutions



For the third consecutive year, the Mississippi River is experiencing significant saltwater intrusion, prompting local communities and environmental experts to search for sustainable solutions. This recurring issue arises as the river’s flow decreases, allowing saltwater to move upstream and threaten drinking water supplies. The U.S. Army Corps of Engineers is actively involved in addressing this problem, employing temporary measures like saltwater barriers to mitigate the impact on affected areas.



Saltwater infiltration poses serious risks to public health and agriculture, as freshwater sources become compromised. The situation is exacerbated by prolonged periods of drought, which have reduced freshwater flow in the Mississippi River. According to the National Weather Service, drought conditions have worsened due to climate change, increasing the frequency and severity of saltwater intrusion events.



Local authorities are collaborating with federal agencies to explore permanent solutions. Among the proposed strategies are enhanced levee systems and improved water management techniques. The U.S. Army Corps of Engineers is evaluating the feasibility of long-term infrastructure projects to prevent further saltwater encroachment. Additionally, community leaders are advocating for increased funding to support these initiatives and safeguard the region’s water resources.



The impact of saltwater intrusion extends beyond drinking water concerns, affecting local ecosystems and agricultural productivity. Farmers in the region have reported crop damage due to elevated salinity levels in irrigation water. The Natural Resources Conservation Service is working with farmers to implement adaptive practices, such as planting salt-tolerant crops and improving soil management techniques.



As the Mississippi River continues to face challenges from saltwater intrusion, stakeholders emphasize the importance of collaborative efforts and innovative solutions. The ongoing threat underscores the need for comprehensive planning and investment to protect one of America’s most vital waterways from the impacts of climate change and environmental stressors.

November 19, 2024



Environmental activists have raised concerns over the fossil fuel sector’s significant impact on COP29, the latest United Nations Climate Change Conference. Activists argue that the industry’s presence diverts focus from critical climate actions.



The conference, designed to promote global climate agreements, faces criticism for allowing fossil fuel companies to participate extensively. Environmental groups claim these companies undermine efforts to reduce carbon emissions and transition to renewable energy sources.



According to Climate Action Network, fossil fuel representatives have increased their lobbying activities, aiming to weaken climate policies. These industries allegedly influence negotiations, leading to watered-down commitments that fail to address the urgency of climate change effectively.



Experts suggest that the influence of these companies stems from financial contributions and longstanding relationships with decision-makers. Critics argue that this affects the conference’s ability to enforce meaningful climate change regulations.



During the event, several protests highlighted the need for transparency and a stronger focus on sustainable energy solutions. Activists are calling for increased participation of renewable energy stakeholders in future conferences.



The controversy surrounding fossil fuel involvement at COP29 underscores the ongoing challenge of balancing industrial interests with the global imperative to combat climate change.



November 19, 2024