The Edison Electric Institute (EEI) predicts that in 2030 there will be over 26% more EVs than conventional cars on U.S. roads. This is a considerable increase from the EEI’s 2018 forecast, which predicted that only 18.7 million EVs would drive around the U.S. in 2030.
According to the EEI’s projections, electric vehicles will account for 32% of annual light-duty vehicle sales by 2030.
19FortyFive notes that not everything in the EV world is peachy keen. The first issue is that the size and capacity of the batteries used to power EVs are inherently limited. Second, the growing popularity of EVs in the United States will strain the country’s already-weak electricity infrastructure.
The fact that EV batteries require rare earth minerals is yet another monkey wrench in the works. These items, which might be pretty pricey, can only be obtained in certain regions, like Africa. The difficulty in retrieving them from the Earth’s depths is what gives them their rarity, not their scarcity.
China’s rise to dominance in the market for rare earth minerals has interesting ramifications for the United States increasing reliance on electric vehicles.
Many of the nation’s most powerful politicians and corporate moguls have a lot riding on the success of climate change “solutions,” and they’ll profit significantly from the electric vehicle subsidy program that the Biden administration has been pushing.
However, the question of whether this is the best and most feasible solution for average Americans is rarely raised.
The unfortunate reality is a resounding “no.”
The average price of an EV in the US is far greater than that of a comparable mid-size vehicle fueled by fossil fuels.
We were informed that the Inflation Reduction Act would benefit the middle class by lowering prices. What good is a paltry $7,500 tax credit do for a Middle-Class family that hasn’t seen a reasonable raise in income in years and is being squeezed by high inflation and high borrowing rates at the moment?
Until the essential infrastructure is in place to support these vehicles, mandating that Americans move to more expensive, less efficient, and more limited range automobiles could be a recipe for national disaster.