EV Demand Slows, Stumps U.S. Carmakers And Dealers

Despite reaching a record in the US this year with electric vehicle (EV) market share and sales, the growth of EVs is beginning to slow, falling short of the auto industry's ambitious plans to transition away from combustion engines, as reported by Alexa At. John and Tom Krisher for the Associated Press (AP).

The US has achieved a crucial milestone in electrification efforts, with more than 1 million new EVs sold this year, accounting for 7.5% of total US sales through November.

The US has achieved a crucial milestone in electrification efforts, with more than 1 million new EVs sold this year, accounting for 7.5% of total US sales through November, according to Motorintelligence.com.

However, experts emphasize the need for a swift increase in this number to address climate change, given that a significant portion of greenhouse gases comes from the transportation sector.

While some automakers have reported positive growth in EV sales, such as Ford Motor Co. with a 43% increase year over year, and models like Hyundai’s Ioniq 5 and the Kia EV6 experiencing around 100% growth year over year, the overall growth rate falls short of the 90% year-over-year growth seen in the EV industry last summer.

During that period, even with models averaging over $65,000, there was high demand, low inventories, and optimistic sales prospects for automakers, according to Cox Automotive data.

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