California is set to vote Thursday on a policy that will ban the sale of new gas-powered cars by 2035
This means residents will have to pay at least $66,000 for a new EV
The cost is about $20,000 more than the average gas-powered vehicle
Another issue state officials still need to tackle is adding more charging stations
Data shows the state needs to implement 2.1 million stations by 2030
Although it has the most in the US, it currently has just 73,000
California’s air regulators are set to vote on a policy Thursday that would ban the sale of new gasoline-powered vehicles by 2035 and although this an effort to fight climate change, the plan means consumers will have to spend around $20,000 more to purchase a new electric vehicle – an amount that could be out of reach for more than half of the state’s residents who are in the middle to low income brackets.
The average price for a new electric vehicle in the US recently rose to $66,000, a more than 13 percent increase year over year, compared to the $43,338 for one that runs on petroleum.
According to Kelley Blue Book, the cost of EVs is ‘well above industry average and more aligned with luxury prices versus mainstream prices.’
Along with costs, the state is still lacking in charging stations – it has 73,000 and will need 1.2 million by 2030, according to a report from the California Energy Commission (CEC).
Global motor vehicle production was 79 million in 2021.
There is not even remotely enough lithium and graphite to reach 20 million cars per year and that is assuming all of those metals were dedicated to cars and nothing else. pic.twitter.com/Kg204DwJ3t
— Wall Street Silver (@WallStreetSilv) August 26, 2022