Top EV Trends for 2024 and Beyond

1. Expanding Charging Infrastructure:

The industry is tackling the charging gap head-on. A collaboration between major automakers (Hyundai, GM, BMW, Mercedes-Benz, Honda, Kia, and Stellantis) will install 30,000 high-powered charge points across the U.S., offering CCS and NACS compatibility. This summer rollout will significantly improve charging accessibility.

2. Policy Enhancements:

The U.S. EV market is projected to double by 2030, partly driven by supportive policies. Recent changes include:

• Tax Credit Extension: The Biden administration extended the EV tax credit by two years, allowing more vehicles to qualify and providing OEMs with time to adjust supply chains.

• Focus on Critical Materials: The new policy prioritizes vehicles using specific graphite and raw materials sourced from non-free trade agreement countries.

3. Battery Technology Advancements:

Leading OEs are heavily invested in improving battery performance and exploring technologies like Ultium, solid-state, and lithium-metal. These advancements will enhance battery health, performance, and residual values, benefiting consumers, dealers, and lenders.