🚗 US EV sales are set to soar. 📈 Despite a recent slowdown in sales growth, EVs could make up nearly a third of new car sales by 2027, reaching 4.5M units. Affordable models from Ford, Rivian, and Tesla, plus increased local manufacturing, are key drivers. California, leading with EVs nearly 25% of car sales in 2023, plans to phase out conventional cars by 2035. Nationwide, EVs are projected to hit 48% of new car sales by 2030, nearing President Biden’s 50% target. Dive into the full analysis: https://bloom.bg/3RVaPEk
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Semi-Retired Consultant: Specializing in EV and other high-voltage Manufacture & Remanufacture: Battery, Powertrain, DFM, Factory Layout, Logistics, Strategy
Some would have you believe that year-over-year EV sales are dropping. But these Bloomberg graphs below tell a whole different story. While there may be a natural flattening in the growth curve as volume increases, there is certainly no year-over-year sales slump. The second graph, in fact, shows that EV sales grew >50% in Q1 2024… with a few notable exceptions: 1) GM was down because they discontinued the very popular Bolt while transitioning production to their new Equinox EV. 2) Tesla claims that their slowing has to do with new Model 3 tooling… but I think it also says that Trump needs to get his sh*t together; stop fooling around and start focusing on building cars again. 3) Volkswagen? I’ve no clue. 🤷🏻♂️
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Great perspective on what is really happening in the EV market from Laurence Iliff of Automotive News. One takeaway: Auto sales act like other free markets and prices rise and fall with demand for EVs two. Incentives near $9k or more lower the price to attract buyers. OEMs at some point need to have vehicles that sell without such huge discounts.
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According to Bloomberg, "For every sign of an EV slowdown, another suggests an adolescent industry on the verge of its next growth spurt. In fact, for most automakers, even the first quarter was a blockbuster. Six of the 10 biggest EV makers in the US saw sales grow at a scorching pace compared to a year ago — up anywhere from 56% at Hyundai-Kia to 86% at Ford. A sampling of April sales similarly came in hot." The article concludes, "If the global market for EVs continued at this “slowdown” pace indefinitely, virtually all new cars sold would be electric in a decade."
The Slowdown in US Electric Vehicle Sales Looks More Like a Blip
bloomberg.com
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Record 1.2 Million EVs Were Sold in the U.S. in 2023 In 2023, Tesla continued its dominance in the U.S. electric vehicle (EV) market, capturing 55% of the sector, though slightly down from its 2022 share of 65%. Despite this dip, Tesla's strategic price adjustments bolstered its standing, particularly evidenced by the increased sales of the Model Y, which accounted for 33% of all EVs sold in the year. The company achieved a record-high share of the total U.S. vehicle market at 4.20% in 2023, outperforming competitors like VW and Subaru. Concurrently, German luxury brands such as BMW, Audi, and Mercedes, though losing share to Tesla over the past five years, are making strides with new EV offerings, with EVs representing a significant portion of their total brand sales. While Tesla maintained its lead, the broader EV market in the U.S. exhibited notable growth, with a record 1.2 million buyers opting for electric vehicles in 2023. Despite the overall positive trend, the pace of growth showed signs of moderation, particularly in the fourth quarter, where sales increased by 40% year-over-year, a significant drop from the industry's previous quarterly growth rates. Transaction price data indicates a narrowing gap between EVs and internal combustion engine vehicles, albeit with EVs still carrying a premium price tag. Looking ahead, shifts in tax incentives may impact buyer decisions, but the market is poised for further expansion, with most automakers expected to increase their share of EV sales in the coming year. Read more: https://lnkd.in/eWsGTmZE #electricvehicles #evmarket #tesla #germanluxury #evsales #evgrowth #evpricing #evmarketshare #automakers #evindustry
Record 1.2 Million EVs Were Sold in the U.S. in 2023
https://collisionweek.com
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Top Renewable Energy Voice || Top Writing Voice || Writing/speaking on the renewable energy and electric vehicle industries, sustainability, and energy transition
Tesla's Model Y continues to lead U.S. EV sales, capturing over a third of the market in Q1. With 96,729 units sold, it commands a 35.4% share, significantly outpacing its closest rivals. Meanwhile, overall EV market share dipped slightly to 7.3%. The industry faces fluctuations but looks towards increased growth with new incentives and infrastructure. #ElectricVehicles #TeslaModelY #EVMarketShare #AutoIndustryTrends https://lnkd.in/e6ajJTAk
Tesla's Model Y comprised over a third of all Q1 EV sales in the U.S.
https://www.teslarati.com
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North American sales of electric cars grew 14 percent in April versus the same month last year, according to S&P Global Mobility. Excluding Tesla’s dismal figures from the April data inflates EV growth to 69 percent. Despite a recent facelift, Model 3 sales were down 54 percent between January and April.
Non-Tesla EV Sales Have Ballooned, But Model 3 Registrations Sank 54% This Year
msn.com
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Interesting chart, showing EV Sales ARE growing! A lot of talk about EV vehicles not selling, but that is in fact not the case. 6 manufacturers gaining 60%+ year over year. Tesla still holds 51% market share but that is down from 61% last year, reflecting a 10% decrease. The non-Tesla Automakers are coming!! Reach out to SiteLogIQ to make sure you are prepared to charge these vehicles.
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EV adoption is increasing at an incredible rate. It took 10 years to get to 1 million vehicles on the road in the US , 2 years to get to 2 million and only one year to hit 3 million. In CA, Tesla knocked Toyota out of its pole position of total vehicles sold in the state. That includes all vehicles, not just EVs! With this continued surge, its incredibly important that energy is put into the infrastructure to charge, maintain and repair these vehicles. We are far from where we need to be today. That said, Caliber Collision, the worlds largest collision repair organization, is working hard to fill many of those gaps. Its an exciting thing to be a part of! Big thanks to my colleague Jamie Shackelford who shared this insightful article! #EV #infrastructure #automotive #changemanagment #thefutureisnow
US Electric Vehicle Sales Reach Breakthrough Pace
bloomberg.com
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WSJ: The auto industry’s push to boost sales of electric vehicles is running into a cold, hard reality: Buyers’ interest in these models is proving shallower than expected. While EV sales continue to grow—rising 51% this year through September—the rate has slowed from a year earlier and unsold inventory is starting to pile up. A bigger problem: Numerous OEM's are yet to enter the fray in the conversion to EV dominated production. https://lnkd.in/gVkSXt6s
Automakers Have Big Hopes for EVs; Buyers Aren’t Cooperating
wsj.com
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The Pace Slows: European Electric Car Sales Navigate Challenges After rapid growth, European electric car sales are entering a slower phase. Despite a 47% increase in full-electric sales in the first nine months of 2023, major automakers, including Tesla, Volkswagen Group, and Mercedes-Benz, are adopting a cautious tone. Challenges such as high-interest rates and a subdued market are dissuading customers, with VW's EV orders halving compared to last year. Insights from dealers in Germany and Italy and research from global data analysis firms indicate that beyond economic uncertainty, consumer reservations about safety, range, and pricing are key factors in the deceleration. As the industry navigates these challenges, stay tuned for updates on the evolving landscape of electric car adoption in Europe! Cox Automotive Europe Philip Nothard #InsightReport2023 Automotive News Europe Reuters Nick Carey #ElectricCars #AutomotiveIndustry #EVAdoption https://lnkd.in/eEhhBm84
EV sales slow down in Europe as buyers wait for better, cheaper models
europe.autonews.com
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