Part 8/14:
The U.S. government has heavily promoted EVs through incentives, with over $100 billion invested in North American battery and vehicle manufacturing. While these figures are impressive, they somewhat overstate the direct impact, as some investments would have occurred without incentives. Nonetheless, the influx of capital has significantly advanced EV infrastructure and production capacities.
Charging technology has also seen remarkable improvements. The typical charging power of new EVs launched in 2023 averaged 186 kW—25% higher than models from 2022. Extrapolating these advancements suggests that charging times could drop from around 30 minutes to just 4-5 minutes in the coming years, revolutionizing convenience and making EV ownership comparable to refueling gas-powered vehicles.