Top 5 Best & Worst States for Electric Car Purchases

Sustainable Business Weekly Roundup

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Rapid EV Growth in the US

The sale of electric cars in the US in 2022 skyrocketed to over 800,000, almost twice as much as the previous year. The trajectory continues to ascend with over 300,000 EVs sold in the third quarter alone this year. Even though EVs are still priced higher than their gas-powered counterparts, with an average cost of $53,469 (approximately $5,000 more), the gap is gradually decreasing. A combination of the $7,500 tax credit from the Inflation Reduction Act and significantly lower maintenance costs over the vehicle’s lifetime can make an electric vehicle a cost-effective option.

State Incentives and Fees

State policies can greatly impact the affordability of EVs. Many states offer their own tax rebates and credits that can be combined with federal tax credits. However, over 30 states impose an additional annual fee on electric car owners to compensate for lost gas taxes, some of which are significantly higher than for gas-powered vehicles. Check Forbes’ full analysis on the best and worst states to buy an electric vehicle.

Major Study: Heat-Related Cardiovascular Deaths

A recent study indicates that, without stricter greenhouse gas emissions regulations, extreme heat-related cardiovascular deaths are projected to double by midcentury, with Black and older Americans at the highest risk. Read more on the study here.

Sustainability Deals of the Week

EV Batteries: As part of its drive towards electrification, Toyota is investing heavily in a battery plant in North Carolina, adding an extra $8 billion to produce batteries for both EVs and plug-in hybrids. This brings the total investment in the facility to nearly $14 billion.

Hydro Power: Malaysian infrastructure company Gamuda, co-founded by tycoon Lin Yun Ling, has taken the lead in building a 187.5-megawatt hydroelectric plant in Sabah, Malaysia as announced on Monday.

Green Chemicals: Solugen, a Houston-based company that uses a biological process to turn corn waste into industrial chemicals, has announced a partnership with agricultural giant ADM to build a new biomanufacturing facility in Minnesota.

Hazardous Waste: Environmental service provider Veolia North America has expanded its market share for the management and treatment of hazardous and recyclable waste through the acquisition of waste management company U.S. Industrial Technologies.

Industrial Motors: Infinitum, a company that manufactures high-efficiency motors for industrial applications, announced the completion of a $185 million series E funding round led by Just Climate.