Home Business News How Retailers Can Capitalize on the Inflation Reduction Act

How Retailers Can Capitalize on the Inflation Reduction Act

How Retailers Can Capitalize on the Inflation Reduction Act

In 2021, EV sales totaled 6.6 million or 8.6 percent of all new car sales and that number is only expected to increase over the coming years after the Inflation Reduction Act was signed into law earlier this month. The new measure features funding for over 500,000 new EV chargers and provides a slew of incentives for customers and manufacturers alike. The target of the new legislature is to get more low-income consumers into electric vehicles to increase mass adoption of the cars and to buck the image of EVs as unobtainable luxury vehicles. California, one of the states on the forefront of pushing for EV adaptation has a program awarding low-income customers nearly $17,500 towards purchasing a used EV. 

The Inflation Reduction Act is the first step in the Biden administration’s goal of reaching half of all new cars sold being electric by 2030. While EVs are becoming increasingly popular in states such as California and Massachusetts, progress is lacking across much of middle America. EVs and the accompanying infrastructure needed for them to become mainstream provide a ripe opportunity for retailers to increase foot traffic into their stores. All users must charge their cars on the road, an endeavor which often takes upwards of 20 minutes. Opportunistically placed chargers carry with them the upside of bringing in first-time customers and increasing familiarity with independent brands. 

In other news, Sony has revealed upgraded PlayStation 5 controllers: The DualSense Edge. Players will be able to fully customize the controllers from five unique profiles and can remap buttons and controls to fit their gaming preferences. The sleek-looking controllers come with a USB-C cable and a hard-shell controller case.


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