Remember when you first discovered the magic of Spotify? The idea of having millions of songs at your fingertips was mind-boggling. Now, it's the norm. Just as we traded our CDs for streaming services, we're on the verge of swapping our combustion engines for alternative fuel - electricity and electric vehicles (EVs).

This isn't just about replacing gas with electricity; it's about a transformation in our lifestyle, our cities, and our impact on the planet. It's about vehicles that are not just modes of transport, but connected, intelligent machines that interact with us and the world in entirely new ways.

In this post, we'll dive into 6 key insights for the rise in EV global auto sales and forecast the future of green transportation. We'll also break down what these emerging trends mean for you. Let's go.

Insight 1: 2023 Cars for Sale - More EV Choices and Slightly Lower Prices 

Industry titans like General Motors (GM), Mercedes, Ford, and Volkswagen are revving up their engines to join the green transportation revolution. GM is adding two more electric models to their lineup, racing towards an ambitious goal of 30 new EVs by 2025. Not to be outdone, Volkswagen is planning to roll out seven new electric models in the US within the same timeline. These aren't just big promises - they're backed by serious investments. Ford, for instance, has received a record-breaking $9.2 billion government grant for battery plants, and GM has secured a cool $1 billion investment. 

But what does the future of the automotive hold? These traditional automakers are leveraging their extensive experience, production power, and brand recognition to challenge Tesla's dominance in the EV market. This competition is likely to result in a wider variety of electric cars and by 2025, we could see as many as 74 different EV models available in North America!

But here's the million-dollar question: Will electric vehicles get cheaper? It's a high possibility. Increased competition often leads to price reductions as manufacturers strive to attract consumers for global auto sales. However, it's not a guarantee. The cost of EVs, including hybrid cars, is influenced by a variety of factors, including the cost of batteries, technological advancements, and government incentives.

Insight 2: Supercharged Battery Tech, Charging Times, and Promising EV Battery News

The future of green transportation isn't just about shiny new models, it's all about what's under the hood - the batteries. Tesla's cooking up a 4680 cell battery with 6x more power and range, while GM's Ultium battery is boasting a 30% range increase. These aren't your grandpa's lithium-ion batteries, they're game-changers.

What's fueling this innovation? The government's Inflation Reduction Act (IRA), offering tax credits for homegrown battery production. This has sparked a gold-rush of sorts, with everyone from academics to startups joining the race. Picture a battery that charges in five minutes and takes you 300 miles without a pit stop - StoreDot's working on it. And with companies like Redwood Materials and Li-Cycle recycling battery metals, we're not just innovating, we're also eco-conscious.

Here's a fun fact: The government gave Ford a whopping $9.2 billion loan to build three battery factories. That's the biggest show of support for a US automaker since the 2009 financial crisis! As legacy automakers and startup organizations push battery tech boundaries, we're on the brink of EVs that charge faster and go further.

Insight 3: Biden's EV Tax Credit Fuels EV Adoption

The government's really stepping up to cut greenhouse gas emissions from public transit buses and cars. Back in April 2023, the Biden squad gave the federal EV tax credit a bit of a makeover to support the green transportation revolution—making going electric even more tempting. But, it's not all rainbows - there's some small print you need to know about, like certain models and income caps. And on the state level? California's out in front, waving around up to $7,500  in rebates for EV buys.

A Snapshot of Federal Incentives:

Up to $7,500 in incentives for new EVs. Sounds great, right? But there's a caveat: income and price caps, and restrictions based on whether you're getting a used versus new electric car.

New Electric Vehicles

• Income caps for new EVs: $300k for married couples filing jointly, $225k for head of household, $150k for all other filers.

• Price caps for new EVs: $80k for trucks and SUVs, $55k for other models.

Used Electric Vehicles

• Income caps for used EVs: $150k for married couples filing jointly, $112k for head of household, and $75k for all other filers

• Price caps for used EVs: If the sale price is under $25k, the credit is a maximum of $4k or 30% of the sale price. So, even if you're going second-hand, you can still get a piece of the EV pie.

Other things that matter for qualification include being made in North America, having a battery pack of 7kWh or more, and being 100% battery-electric or a plug-in hybrid

A Snapshot of State Incentives - California is Offering Grants to Buy an Electric Car :

• The Clean Vehicle Rebate Project and California Air Resources Board can get you up to $7,500 back on EVs. Eligibility for both programs is based on income.

• There are also various utility companies and nonprofits with their own rebate schemes. Like PG&E EV Charger Rebate and Southern California Edison - offers discounts off your utility bill and up to $4,000 in rebates for purchasing or leasing a used electric vehicle or installing home charging. Plus, some insurers like Liberty Mutual will knock a bit off your policy for having an EV in California, and some cities are even throwing in free parking or charging for electric vehicles.

• Click here to explore more incentives.

Government incentives are making EVs a whole lot more tempting. Tighter regulations on battery supply chains and fuel economy may impact global auto sales, limiting the EVs eligible for tax credits but hey, isn't that just firing up the competition? It's like a race now for manufacturers to come up with innovative ways to meet these tougher fuel economy and ethical battery standards. And all that's good for our planet, reducing air pollution, right? So, if you've been umming and ahhing over switching to an EV, now might be the perfect time. Just make sure to check if the EV you've been eyeing up is eligible for these perks!

Insight 4: Rapid Growth of the Commercial EV Charging Station Market

Imagine EV charging stations becoming as common as Starbucks on every corner. That's the future we're cruising towards. Remember back in 2021 when Uncle Sam coughed up a nifty $7.5 billion to boost the nationwide EV charging grid?

Tesla's taking the wheel on this one, turning heads by opening 7,500 of its exclusive Superchargers to other EV brands. By 2025, they're aiming to supercharge their network to a mind-blowing 30,000 stations and 200,000 charging points. And as the saying goes, if you can't beat 'em, join 'em. Tesla’s bold move is nudging other auto giants like Ford, GM, Rivian, and Volvo to make their cars fit in with Tesla stations. Even big players in public charging like ChargePoint are planning to adopt the Tesla style of charging.

Get this: local neighborhoods are also joining the green transportation revolution. Palo Alto, California, for one, has mandated that all new homes be EV-ready. How's that for being a trendsetter?

So why all the hype? It's simple: the boom and standardization of EV charging networks are making it not just easier, but also pretty rad to own an EV. With charging stations sprouting up everywhere and Tesla swinging open its Supercharger doors to all, range anxiety will soon be nothing more than an old joke.

Insight 5: Electric Vehicles Could Match Gasoline Cars On Price this Year

Remember the good ol' days when your buddy who drove a Tesla was the 'cool friend'? In 2023, that's not such a rare sight anymore. What's driving this change?

Again: It started with the Inflation Reduction Act. This legislation is pushing automakers to cut their EV prices to snag those sweet tax credits. Only EVs priced below $55,000 (or up to $80,000 for trucks, vans, and SUVs) get to qualify. But that's not all. The range of new, lower-cost EV models hitting the market is, quite frankly, electrifying.

And speaking of electrifying, let's not forget how leaps in battery technology are changing the transportation sector. Tesla's 4680 battery tech announcement was a biggie—it could cut their green vehicle costs by 30%! And General Motors isn't just sitting around, either. They've knocked a cool 20% off the price of their Chevrolet Bolt model, earning it the title of "America’s Most Affordable EV." Did I mention the Bolt EV and its sibling, the Bolt EUV, qualifies for the Clean Vehicle Federal Tax Credit of up to $7,500. And as of this moment, they're among a select group of just 6 EVs that qualify. Now, isn't that a tasty deal!

So what's the deal here? As more EV models roll out and their prices drop, we're looking at what Tech Crunch calls an "EV-plosion." Given the tech advancements, the government backing, and the automakers' drive to make green transportation options like EVs affordable, the auto industry is really shifting gears. If you've ever thought about going electric, now's your time to be the 'cool friend'!

Insight 6: The Rise of Popularity for Short-Term EV Leasing

You know that buzz you get when you unbox the latest smartphone? Now imagine feeling that same rush, but with your car! Amid an explosion of new models, cutting-edge tech, and increasing government support, a fresh trend is powering up the EV wave: leasing electric vehicles.

So, you're in your trusty old Chevy Bolt. Then, bam! General Motors drops their latest feature, Ultifi, into their newest models. You'd want to upgrade, right? But traditional leasing is costly and restrictive. That's where companies like Zevvy come in, offering affordable costs, 6-month minimum lease terms, and a chance to build equity in your EV. It's like having the latest iPhone, but for cars.

However, it's not all about having the newest tech at your fingertips. It's about learning a whole new way to drive. For first-timers, it can be a bit scary. You have to figure out charging stations, which aren't as common as gas stations. Plus, driving an EV feels different, too. Like when you lift your foot off the accelerator, the car slows down thanks to something called regenerative braking. That's not something you'd experience in a regular car. This unique aspect, although common in electric bikes or scooters, can require some getting used to. That's why short-term EV leasing is gaining popularity. It lets you 'try before you buy', giving drivers a chance to get comfortable with how EVs work and feel on the road.

And it seems like this approach is working! A whopping 86% of people who first leased an EV from Zevvy liked it so much, they stuck with electric even after their lease ended. That's a HUGE thumbs-up for EVs!

Closing Thoughts

Simply put, the future of our transportation system is electric, and it's happening at warp speed, fueled by cool tech, tons of investment, and a big push from Biden. Picture more modes of green transportation with a broader range of electric car models, faster charging times, and easy-on-the-pocket prices. Even EV charging stations are starting to become as commonplace as Starbucks on every corner. Plus, short-term leasing is like always having the latest iPhone, but for your wheels. Pretty soon, driving with fossil fuels might feel as old-school as listening to tunes on a CD. So strap in and join the green transportation revolution; check out Zevvy's selection of electric vehicles right here.