2023-11-24 01:12:02
Electric vehicle sales are expected to reach a record 9% of all passenger vehicles sold in the United States this year, according to Atlas Public Policy, up from 7.3% in 2022.
It will be the first time that more than a million electric vehicles have been sold in the United States in a calendar year, likely reaching between 1.3 and 1.4 million cars sold, the research firm predicts.
Although the figures show significant progress in electrification, the United States is behind countries such as China, Germany and Norway.
Electric vehicles reached 33% of sales in China, 35% in Germany, and 90% in Norway during the first six months of 2023, according to a BloombergNEF analysis published in June. These figures include both battery electric vehicles and plug-in hybrids.
In these countries, ambitious government zero-emissions targets, tax incentives and vehicle subsidies, as well as affordable options influence the consumer’s decision to opt for a plug-in vehicle.
Several factors helped boost sales of electric vehicles in the United States this year, but a key one is that prices fell.
Tesla, the current leader in the electric vehicle market, reduced prices on its popular vehicles several times throughout the year, forcing other manufacturers to try to keep up.
The Inflation Reduction Act, which increased tax credits for the purchase of new and used electric vehicles, also helped reduce the costs of electric vehicles for buyers.
The cost of these car batteries is also falling, as crucial materials like lithium become cheaper.
But even as the share of electric vehicles in the U.S. market grows, some consumers considering purchasing such a car still see obstacles. Early buyers of electric vehicles were largely affluent, willing to try technology they were unfamiliar with, and more likely to be able to charge their vehicles at home. When addressing the next wave of electric vehicle buyers, the auto industry must address these disparities.
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Alexa St. John is on X, formerly Twitter, as: @alexa_stjohn.
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The Associated Press’ climate and environmental coverage is supported by several private foundations. The AP is solely responsible for all content.
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