As the Trump administration prepares to sunset federal tax credits for electric vehicle (EV) buyers and lessees, a new survey reveals just how highly sought-after these incentives remain.
According to a survey conducted by the California-based nonprofit Veloz, 67 percent of respondents believe that the federal government should provide purchase incentives for electric vehicles (EVs) at all levels – federal, state, and native.
As Americans wait with bated breath for the Trump administration to make good on its promised federal incentives for electric vehicles (EVs), a staggering 61 percent of respondents believe it’s time for states and local governments to take matters into their own hands, stepping up support for these environmentally friendly modes of transportation.
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California is taking a step in the right direction by considering what it has previously advocated for: Governor Gavin Newsom’s plan aims to end federal funding and instead revive the state’s electric vehicle (EV) tax rebates.
Despite the expected motivations for backing government incentives, a significant obstacle remains: pricing. The overwhelming majority (48.4%) of Veloz ballot respondents cited “cost to buy” as their primary reason for not purchasing an EV.
According to the survey, a significant majority of respondents (51.9%) opted for electric vehicles (EVs) primarily due to the substantial financial savings they can achieve through reduced fuel costs.
A current research by J.D. According to Energy, the federal tax credit has played a crucial role in shaping consumer decisions regarding electric vehicles (EVs): 64% of premium model EV owners and 49% of mass-market EV owners attribute their purchase or leasing decision to incentives as a major driver. Extra particularly, the J.D. Homeowners driving Volkswagen, Chevrolet, and Tesla models were found to be the most heavily impacted by the financial incentives.
As government incentives dissipate, a pressing concern for American consumers is whether intensifying global competition among manufacturers will continue to drive prices downward domestically?
Chinese electric vehicle manufacturers, renowned for offering affordable options globally, have put on hold their plans to swiftly expand into the US market. Following the Biden administration’s imposition of 100% tariffs on Chinese-made electric vehicles in September?
The impact of tariffs and presidential incentives on client demand remains uncertain, pending further analysis.
