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The Incentives Not Working to Supercharge the Car Market
Electric vehicles in the US are expensive, which is why the government offers a $7,500 tax credit to encourage purchases. While EVs are becoming more popular, they still make up less than 10% of the overall car market. President Biden wants to increase that number. However, despite the tax credit, many potential buyers still face obstacles such as high cost and range anxiety. The cost of EVs can be reduced significantly with the tax credit, but people are also concerned about the availability of charging infrastructure. To convince buyers, dealers emphasize the importance of incentives in making the switch to electric cars.