According to a study done a few years ago by Jonn Axsen, regulations would reduce the cost of electric vehicles by 20%. This is crucial to getting people to adopt EVs. As everyone knows, price is one of the biggest barriers to the adoption of electric vehicles.
I think we also have to educate people about how much money they can save throughout the life of the vehicle. People often look at the purchase price, but we have to convince them that they're going to get their money's worth fairly quickly. In fact, the more you drive, the more you save. I'm not just talking about the cost of gas, but also the maintenance costs. People can save several hundred dollars or several thousand dollars, depending on the financial incentives available. Financial incentives reduce vehicle operating costs by $2,000 to $3,000 per year.
The standard is essential to bringing sticker prices down and changing people's perceptions.