Medium- and heavy-duty vehicle electrification is a promising and emerging opportunity to reduce emissions, improve health, and save money. EV Hub has a variety of content on electric trucks and buses and this page serves as a summary of all the highlights, including top line statistics on public funding, private investment, and electric utility support for electric trucks and buses.
Statistics shared on this will be updated on a quarterly basis so you’ll always know the latest progress in this sector. This page also shares the latest research and media coverage on trucks and buses to help identify trends and key developments.
This page was last updated on April 1, 2022.
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Key Findings from Our Research
Increasing investment from the private sector continues to expand the range of models available and encourage innovation in the market.
Greater public and electric utility investment is still needed to advance commercialization and push new technologies beyond the pilot phase.
62 percent of the $4 billion in public investment for transportation electrification tracked by the EV Hub has gone towards electric trucks and buses.
An increasing number of electric utilities are offering reduced off-peak charging rates for electric bus and truck fleet operators.
The total cost of ownership and competitiveness of these vehicles varies by category and use. Electric transit buses can already cost less on a lifetime basis than diesel buses without subsidies. The following are estimates for the year in which the electric models are expected to reach price parity with diesel models:
- Electric Transit Buses: 2020
- Electric School Buses: 2025-2030
- Electric Trucks: 2025
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Public and Private Investment
Public and private investment in electric trucks and buses is on the rise. See below for key stats on public, private, and utility investments in medium- and heavy-duty electrification through March 2022. The business case for electric buses and trucks is improving and private investment in the sector is increasing. Public funding will remain essential, however, for increased deployment of electric buses and trucks in the near term. Electric utilities will also play a major role in supporting the deployment of electric trucks and buses, primarily through charging infrastructure investment.
Public Funding
VW Settlement awards account for 22% of all public funding for electric trucks and buses
Electric transit buses funding is dominated by the Federal Low or No Emission Vehicle Program (Low-No), which accounts for 50% of the funding for this vehicle category.
Electric school buses continue to see large increases in funding, increasing from $42 million at the end of 2018 to $480 million through the end of 2021
Public Funding in Electric Trucks in Buses (million $)
This chart draws on data from the State Policy Dashboard. Units are represented in million dollars.
Voucher Programs in California, New York, and New Jersey
- California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP): $1 billion
- New York Truck Voucher Incentive Program (NYTVIP): $58 million
- New Jersey Zero Emission Incentive Program (ZIP): $44.25 million
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Global Private Investment
Private investment announcements in electric trucks and buses surges in late 2020 and early 2021.
Electric trucks lead other vehicle categories in terms of announced investment, accounting for at least $13 billion of the private funding recorded in the EV Hub.
Both startups and established manufacturers commit new investment for electric trucks and buses in 2021.
Global Private Investment in Electric Trucks and Buses
This chart draws on data from the Global Private Investment Dashboard. This includes funding outside of the United States.
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Electric Utility Investment
Electric utility programs with a focus on electric truck and bus electrification have an 80% approval rating.
75% of all approved investment including a focus on electric trucks and buses comes from three major California utilities: Pacific Gas & Electric, Southern California Edison, and San Diego Gas & Electric.
Of the three major vehicle categories, electric utilities are investing more the most money in electric trucks. The estimated funding breakdown is as follows:
- Electric transit buses: $267 million
- Electric school buses: $105 million
- Electric trucks: $220 million
*This is based on research conducted in December 2019.
Approved
Filed/Pending
Denied/Withdrawn
These data draws from the Electric Utility Filings Dashboard. The numbers above reflect programs with an electric bus and truck focus only.
