Key takeaways
Under new Environmental Protection Agency (EPA) emission standards, a projected 56% of new vehicle sales will be electric by 2032. Electric vehicle (EV) sales accounted for less than 8% of sales in 2023, according to Cox Automotive.
Car insurance for EVs costs about 20% more than for traditional vehicles. Full coverage for gas-powered vehicles costs an average of $210 per month, compared to $251 for EVs.
EVs cost an average of $55,353 — 14% more than the average transaction price for all new vehicles, according to Kelley Blue Book (KBB).
Consumers rate high transaction prices as the top barrier to EV adoption, followed by insufficient public charging infrastructure and battery replacement costs, according to a 2023 survey from the University of Texas at Arlington (UTA).
Reaching 100% EV sales by 2035 and using clean energy could prevent more than 89,000 premature deaths by 2050, according to the American Lung Association.
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