ULI

Electric vehicle (EV) sales are gaining a larger share of the automobile market. A majority of automakers have detailed plans to electrify large portions of their fleets over the next decade, with some announcing goals for fully electrified lineups within five years. It is predicted that 58 percent of cars sold by 2040 will be electric. In addition, the Infrastructure Investment and Jobs Act (IIJA) includes $7.5 billion to help accelerate EV adoption and build a nationwide network of EV charging stations to accommodate this staggering growth. Implementing EV charging stations is a visible indication of developers’ and public entities’ commitment to sustainability efforts. Charging stations also provide a competitive edge for developments since EV owners tend to stay, spend, and buy where they can recharge. Studies show that EV chargers attract shoppers to retail locations; professionals and businesses to office buildings/business parks; and residents to multifamily developments. The conversation will focus on the impact of EV demand, challenges and benefits of implementing EV, emerging technology, and ways to save costs.