The Official Business Publication of Seton Hall University
An already red-hot Electric Vehicle (EV) market was given another nudge of momentum when the U.S. Treasury recently updated their standards for what qualifies for a tax credit… These are specifically potent as EV makers focus more resources on developing different types of electric cars. Gone are the days of the one ton, shoebox SMART cars as SUVs, crossovers, vans, and pick up trucks litter the market.
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A little more than a decade ago, the transportation industry was changed forever when Tesla released their first iteration of the now famous Roadster. By no means was Tesla the first electric car company, as talks of a switch from combustion engines have been around for years before the Roadster’s tires ever hit the pavement.
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Hybrid and electric vehicles hit a stumbling block as 2020 brought annual growth of the industry below zero to -4%. In a year defined by the pandemic and economic shutdowns, it is no surprise that a rapidly growing industry would falter.
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By 2035, California will ban the sales of gas-powered cars statewide. This executive order was signed by Californian Governor Gavin Newsom on Wednesday, September 23rd as an effort to curb the ongoing climate crisis.
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