Electric Vehicle (EV) purchases are increasing in popularity and sales every year. Bloomberg NEF (Markets and Stocks) released a detailed special video report, which includes the prediction how EVs will make up almost sixty percent of all auto sales by 2040. Many drivers looking for a new vehicle in 2020 still see the EVs as a collective mystery, however.
EVs provide multiple tax and money-saving benefits. Still, numerous questions remain among U.S. consumers nationwide. How do EVS work? What are the best EV companies and incoming models? Continue reading to learn all you need to know about the best electric vehicles for 2022.
New to Electric Vehicles? Here’s How They Work
The primary difference between electric vehicles (EVs) and traditional automobiles is the use of an electric motor instead of an internal combustion engine. EVs, also referred to as BEVs (battery electric vehicles), emit zero tailpipe exhaust fumes. None of the fuel-based components necessary for traditional automobiles are installed in EVs as well, such as fuel tanks, pumps, or lines. These latter two facts make EVs significantly more environmentally friendly than traditional vehicles.
This is How an EV Works
A sizable traction battery pack connects to the electric motor, supplying it with the power necessary to operate the EV. Each traction battery pack must be charged by an electricity-supplying unit. A typical wall outlet provides such charge, as does specialized electric vehicle supply equipment (EVSE). A charged electric motor is what initiates the EV’s wheels to turn.
Drive Range and Components
When comparing miles per gallon (MPG) to miles per charge (MPC), EVs ultimately have a shorter drive range than fuel-based autos. As technology advances, however, the gap between the two is lessening fast. According to the Energy.gov website, typical EVs experience a 250 MPC drive range. Outdoor temperatures, city vs. highway travel and multiple other driving conditions impact MPC ratings as well. For example, certain EVs do experience a 400+ MPC in ideal conditions.
EV components include an all-electric auxiliary battery and a charge port. A DC/ DC convertor is required. This unit converts the high-voltage DC supplied by the battery pack to the lower-voltage DC power needed to recharge the battery and vehicle accessories. In addition to the electric motor and traction battery pack, additional vital EV components include:
Thermal cooling system.
Power electronics controller.
Types of EVs - Comparing EVs, Electric Hybrids and Plug-in Hybrids
Three types of EVs are available. The first (a plug-in EV) was discussed above. The other two have similarities and differences as discussed directly below.
- Plug-in Hybrid EVs
This type of EV prioritizes the use of electricity but still contains a fuel-based engine. For its electric functions to work, its battery must be charged the same as the batteries in all-electric automobile. Emissions are produced when using the fuel-based engine, although no emissions are produced when operating on electricity alone.
- Hybrid Electric Vehicles
Hybrid electric vehicles also combine EV components and a fuel-based engine. Hybrid electric batteries are recharged via regenerative braking, however. Switching between EV and fuel modes in this EV type is possible with the simple push of a button. Please note: Hybrid EVs rely on liquid fuel for power and are not equipped with plug-in battery charging capabilities.
Top EV Companies and Stocks for 2022
Certain companies are at the forefront of the EV market for 2022. Tesla helped pioneer the EV market starting back in 2003. Today, Tesla is the most valuable EV manufacture in the world with a net worth of approximately $650 billion. General Motors (GM) is the top traditional automaker transitioning into the EV market today. The century-old company has plans to release approximately twenty new EV models in the future to help permanently stake its claim at the top of the ever-growing market. Several more of the top EV companies on the market today include:
Best and Most Anticipated Incoming Electric Vehicles for 2022
Tesla currently has four popular models on the market. The Tesla Model 3, Model Y, Model X and Model S sell for starting MSRPs of $47,490, $54,690, $99,690, and $129,990. Models S and 3 are both sedans, whereas models X and Y are full-size and crossover SUVs respectively. Tesla models X and Y are also custom-built all-wheel-drive (AWD) trims with options for dual/trimotors at different price points. The Model 3 was the best-selling EV for 2021 and is expected to repeat this accomplishment in 2022. Tesla is also known for pushing envelopes in each of its associated fields. Soon, Tesla plans to push the EV envelope by releasing a new Cybertruck. Custom builds and pricing specifications on this EV pickup truck are not yet available, although pre-orders are possible for a mere 100%-refundable $100 deposit.
Best and most Popular EV Models
Chevrolet has heard its customer’s demands for environmentally friendly, energy-efficient vehicles. The 2022 Bolt EV and Bolt EUV models start at $31,000 and $33,000 respectively. Both models hover north and south of median EV MPC ratings (250 MPC) and were highly popular choices for drivers in 2021. Several more popular EVs with incoming 2022 models include:
Audio A7 ($69,200; plug-in hybrid; turbocharged 2.0-liter 4-cylinder engine; 7-speed S Tronic automatic transmission).
Rivian R1T ($67,500; 314 MPC).
2022 Audi e-tron GT ($102,400; 469 HP or 522 HP in boost mode; 152 MPH top speed).
2022 Kia Niro EV ($33,990; 291 pound per feet torque; 329 approximate MPC).
Volkswagen ID.4 ($40,760 or $33,260 after possible federal tax credit; 64.2 cu ft cargo space; 3 years of 30-minute charging sessions included).
Hyundai KONA Electric ($34,000; possible tax credit up to $7,500; 258 approximate MPC; 201/150 hp/kW).
More Anticipated EV Breakthrough Models
GM has released a Hummer EV with a starting MSRP of $112,595 and a 350 MPC rating. Converting this massive vehicle into an EV model is bound to excite loyal Hummer drivers looking to conserve on gas. The 2023 Cadillac Lyriq will only be available starting the first half of 2022 but this has not dampened consumer anticipation for its upcoming release. Starting at only $57,795 with a 300+ MPC rating, this EV combines the class of a Cadillac with the environmentally friendly performance consumers desire going forward. The Lucid Air boasts an unrivaled 520 MPC and a sleek, classy design. This model starts at $77,400 (before tax credits) and is available now.
Tax and Money-Saving Benefits
According to the U.S. Department of Energy, any all-electric or plug-in hybrid EV purchased new in 2010 or later is potentially eligible for a maximum tax credit of $7,500. Tax credit amounts vary based on how well each battery powers its vehicle. State and/or local tax incentives also might apply. Additional benefits of purchasing an EV include:
Better for the environment.
Speed and acceleration are often better than those in traditional vehicles.
Less money spent on fuel is more money in your pocket.
The same styles available in traditional automobiles are also available in EVs. This means you do not have to sacrifice size or features to save money or go green.