The electric vehicle (EV) industry’s growth is being harnessed by favorable government and private spending. For instance, the Bipartisan Infrastructure Law introduced the National Electric Vehicle Infrastructure (NEVI) Formula Program, which made $5 billion available over five years. This is expected to boost EV adoption.
Even after the incentives, EV prices still remain high, making them unaffordable for many. According to Kelley Blue Book estimates, the average price of a new EV is $66,000, up 4% from the previous month and up 14% from last year.
