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The Benefits of EVs and Why They’re Here to Stay

Posted 08/23/2023

The market is here, the market is now and it’s electric. The electric vehicle (EV) industry has not only experienced exponential growth in the past decade but has also yielded remarkable economic benefits. Giving rise to an entire culture, EVs have surpassed mere trends and evolved into a comprehensive lifestyle that prioritizes a sustainable future. Whether you're an experienced EV enthusiast or new to the scene, a multitude of innovative EV solutions awaits your exploration. While there is a world of advantages, here are three reasons why EVs are here to stay.

Cut Costs, Time, and Effort with EVs

Cost competitiveness, heightened convenience, and streamlined maintenance, accompanied by amplified fuel savings – these are the undeniable benefits awaiting those who make the decision to invest in EVs.

EVs Help You Save

Many people ask whether electric cars are worth it due to the upfront expense. However, when you factor in federal tax incentives, electric cars actually end up costing about the same as regular cars. And here's the cool part: electric cars need less maintenance and are cheaper to power, so you save money over the life of the vehicle. Government policies are giving a big boost to EV adoption. The Inflation Reduction Act expanded the previous EV tax credit to lower costs for qualified buyers. These credits offer up to $7,500 for new vehicles, up to $4,000 for used EVs, and even up to 30% for commercial vehicles and buses. And the good news doesn't stop there – the support for EV charging infrastructure at businesses will continue until 2032, with the maximum tax credit raised from $30,000 to $100,000. This all adds up to more electric vehicles on the road, more savings for drivers, and a healthier environment. But it’s not just about initial costs. Electric cars also save you money on fuel. EV drivers have the potential to reduce fuel expenses by up to $14,500 over a 15-year period of owning an electric car. This translates to nearly $1,000 saved annually throughout the driving experience. And thanks to their technology, they can go hundreds of miles without needing more power, making them reliable for commuting, running your daily errands or even road trips. And thanks to the NEVI Program and national expansion of DC fast chargers, owning an EV is even more accessible in all parts of the United States.

Convenient EV Charging

Electric cars also make life easier. The number of EV charging ports and station locations has been consistently on the rise. Between 2015 and 2020, EV charging ports more than doubled. In just 2021, the International Energy Agency writes that they grew by over 55%. Blink is helping to lead this initiative by facilitating the worldwide transition to EVs with our user-friendly L2 chargers and extensive charging station infrastructure. EV owners can find our L2 chargers at convenient locations that they frequent everyday such as parks, grocery stores, and parking lots, making it simple to charge on the go and not have to worry about going out of your way simply to charge your EV. And guess what? You can even charge your electric car at home. With over 80% of EV drivers choosing this method, Blink offers the HQ 200 charger, designed to simplify your home charging experience. We offer a multitude of charging options for single-family and multifamily residential charging, ensuring that charging your EV is the least of your worries. Electric cars aren't just beneficial for your finances; they also bring remarkable convenience to your ownership experience.

The EV Network

The EV market is booming. In 2022 alone, a whopping 10 million EVs were sold, showing how people are choosing greener transportation as their primary source of transportation. Considering all the real advantages we've talked about, such as government support and more charging stations, there's one more reason why EVs are here to stay: the strong EV community. EVs have become more than just cars, they're a movement. People and communities are adopting sustainable transport, creating an eco-friendly mindset. Big car companies are also jumping on board, making better batteries and more efficient EVs. In 2020, the SUV segment experienced the most extensive diversification of models and witnessed significant growth. SUVs and pick-ups accounted for over 55% of the total newly announced vehicle models globally. Prominent car manufacturers are actively adopting EV technology, pushing forward improvements in battery efficiency, extended driving ranges, and overall performance standards. This dedicated and strategic engagement plays a crucial role in shaping the direction of the automotive industry. This commitment is shaping the future of cars, offering a variety of impressive EV models for smart consumers. The EV culture is here to stay too. There are EV car sharing, EV chat groups, EV car shows, all showcasing a community of growing eco-mobility drivers that have enthusiastically adopted and endorsed sustainable transportation practices. This shift in thinking extends beyond simple vehicle choices, contributing to the development of a societal understanding profoundly anchored in environmentally friendly transportation.

Benefits to Economy

Finally, EVs contribute significantly to the economy. They slash fuel costs and pivot spending from imported oil to local electricity sources. This saved money gets pumped back into the local economy, generating more jobs. An electric car can save about $1,000 in fuel yearly. Duke Energy calculates that charging a 60 kWh EV with over 230 miles range at home costs less than $8. Plus, energy prices are steadier than oil, making EV budgeting more consistent. This year, global electric car sales are predicted to reach a new all-time high, making up almost one-fifth of all car sales. This remarkable growth is reshaping the car industry and has important implications for the energy sector, particularly oil. According to the IEA's annual Global Electric Vehicle Outlook, over 10 million electric cars were bought worldwide in 2022. Sales are anticipated to rise by 35% this year, hitting 14 million. This rapid expansion means that electric cars' portion of total car sales has grown from about 4% in 2020 to 14% in 2022. It's expected to further increase to 18% this year, according to the latest projections from IEA.

Blink Expands to Charge More EVs

At Blink, we've seen firsthand how the EV industry is growing (and thriving). Our recent performance has been exceptional, with our highest earnings quarter to date. We achieved a staggering 186% increase in revenue and a remarkable 528% rise in gross profit. This success has prompted us to adjust our 2023 revenue target to a range of $110 to $120 million, and we're determined to reach an adjusted EBITDA break-even run rate by December 2024. The standout growth was in our gross profit, which skyrocketed to $12.3 million in Q2 2023, a remarkable 528% increase from the $2.0 million reported in Q2 2022. This surge in profits also led to an improvement in our gross margin, which jumped to 37% in Q2 2023, up from the 17% recorded in Q2 2022. Our progress isn't just financial – during Q2 2023, we successfully contracted, deployed, or sold a total of 5,830 charging stations, showcasing the widespread adoption of our offerings. What does that mean? To date, Blink has now contracted, sold, or deployed more than 78,000 EV charging stations, and we continue to increase our footprint in the United States, Latin America, Europe, and Asia Pacific. In simple terms, EVs are here and they’re here to stay. Ready to join the EV movement? Click here to connect with our friendly Blink representatives.

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