This article is excerpted from Equipment Leasing and Finance Association and should be referenced as such
By Marcia Doyle
It’s not easy being an electric vehicle.
People look askance at your upfront costs, wonder about the charging infrastructure you need, and shake their heads over the time it takes you to fully charge. EV inventory ramp ups are slower than anticipated, connecting to the grid can be problematic, and there are big questions around residual value. And now you’re battling headlines about bursting into flames.
Yet your popularity is growing. Several governmental incentives are in place, and EVs continue to evolve. OEMs, for example, debuted a raft of EV announcements at May’s ACT Expo 2024, a trade event devoted to clean transportation technologies. And a 2024 report by the Equipment Leasing & Finance Foundation noted a dramatic rise in 2023 EV sales, from 4% to 18%.
Above all, your greatest proponent—climate change—remains urgent and front of mind.
So, what’s the best way to get EVs into owners’ fleets? That’s a question equipment finance companies are addressing as they partner with clean energy experts to create tools that give clients the handhold they need to get EVs on the road.
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