An EV vehicle is a car, truck, van, or SUV that uses an electric motor to drive the wheels and can be recharged from an external source of electricity (such as a power outlet at home). It does not require oil or gas.

EVs are growing in popularity as battery technology improves, and they offer more of the features that many drivers want, such as quiet operation, performance, and style. In addition, recharging is cheaper than fueling up an internal combustion engine car, and they are eligible for federal tax credits that can offset the cost.

Electric Cars: Revolutionizing Transportation

McKinsy expects that the cost of ownership for EVs will continue to fall and reach price parity with comparable gasoline vehicles within the next few years. As battery and production costs decline, EVs can be expected to have the same driving range as traditional cars today and even exceed it shortly.

New EVs also have a more comfortable ride than conventional vehicles and can operate at higher speeds without generating the same vibration. In addition, they produce significantly fewer emissions.

The global shift toward EVs is well underway. In 2022, EVs accounted for 4% of light vehicle sales and 1% of medium- and heavy-duty vehicles worldwide. In addition, several countries have signed on to the Global Memorandum of Understanding on Zero-Emissions Medium- and Heavy-Duty Vehicles.

Whether you’re considering buying an EV or simply curious about the options, here are some of the key questions to consider: