Once a unique mode of transportation for the environmentally responsible, electric vehicles (EVs) are now a booming industry that is attracting attention and investment. More than 50 models of EVs and Plug-in Hybrid Electric Vehicles (PHEVs) are available on the market, in multiple vehicle classes, according to the Environmental Protection Agency.
EVs are still a small percentage of total cars on the road, but are gaining popularity. There were 285.2 million U.S. cars and light-duty trucks in operation, as of fourth-quarter 2022 data, according to the Experian Automotive 2022 Year in Review. Less than 1% of vehicles on the road were electric. However, of the 12.3 million new vehicle retail registrations over the 12 months, more than 6% were for electric vehicles.
