The US electric vehicle (EV) market is booming, with a record one in five cars sold last year being either electric or hybrid. However, despite tax credits and discounts that have improved affordability, middle- and low-income households are largely missing out on this trend.
According to Thea Riofrancos, a professor of political science at Providence College, lawmakers aimed to expand EV sales to all income levels, not just high-income groups. Despite income limits for the EV tax credit and price caps, many middle-income Americans still cannot afford electric vehicles.
This is contrary to expectations that tax incentives would level the playing field. Riofrancos notes that “EV owners are more likely to be higher-income.” The data suggests that middle- and low-income households are struggling to access this growing market.
Source: https://www.marketwatch.com/story/how-the-hot-ev-market-left-middle-income-americans-out-in-the-cold-9861b08a