The promise that electric vehicles (EVs) would soon dominate the auto industry has been a dream of auto industry innovators since 1914 when Henry Ford announced that he and Thomas Edison had been tinkering away at a car powered by electrical power. Ford promised that the vehicle would be “cheap and practicable” for the mass market, but after a slew of technical difficulties and some high-profile bickering, the project was ultimately scrapped.
Interest in pushing cars that run purely on electric power into the mainstream would spark periodically over the years before fizzling out for a number of reasons, one of which being the sheer impracticality of owning one with the lack of charging infrastructure. But recent announcements from both the Biden administration and prominent automakers could create the charging framework necessary for EVs to really thrive. These same investments are also paving a new opportunity for real estate owners interested in installing EV charging stations on their properties to enhance their investment.
All-electric vehicle sales have been gaining momentum in the U.S. within the past decade, but they surged in 2022, despite computer chip shortages and a hobbled supply chain. Five point eight percent of all vehicles sold last year were fully electric, almost double the amount from the previous year, and steep investments from the federal government are set to spur further adoption. The Biden administration wants EVs to account for 50 percent of cars sold in the U.S. by the end of this decade, and the recent passage of
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