TM - U.S. Electric Car Transition Awaits The Next Wave
2024-06-04 03:40:00 ET
Summary
- In the US, the uptake of electric cars has slowed while hybrids have gained ground.
- Battery EV prices resumed a downward trend, but remain high for the middle class. Meanwhile, charging concerns linger and production has been temporised.
- Policy support will be essential for next-level EV adoption, but upcoming elections could bring drastic changes.
By Coco Zhang & Rico Luman
US EV sales share in 2024: still going higher but at a slower pace
The electrification of new cars is still progressing in the US. The electric vehicle ((EV)) sales volume hit 1.4m units in 2023, illustrating nearly a 50% of increase from sales in 2022. Total sales of EVs - including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) - climbed to a 9.2% of all new car sales in the US in 2023, compared to 6.7% in the previous year....
U.S. Electric Car Transition Awaits The Next Wave