Last year, Electric car sales (EVs) in the United States set a record for both total volume and their share of overall new-car sales. This year, they’re expected to do even better, with a variety of factors working in their favor.
But the news isn’t all good. Hertz is selling off its stock of EVs because they’re “no longer profitable,” Ford slashed production of the Mach-E SUV, and GM cut back on its near-term investment in its electric car lineup. In the meantime, dealers and automakers are piling on discounts and incentives to clear out their EV inventories. Some industry experts have been sounding the alarm, arguing that demand is waning and that the EV market is in a period of transition that could last years or even decades.
Electric Car Sale: Finding the Right Deal
Whether that pessimism is warranted or not, there’s no doubt that 2024 will be another banner year for EVs. Wards Intelligence projects a global total of around 14 million battery-electric and plug-in hybrid vehicle sales, which would be a significant increase over the past four years. And if we see fewer of the supply constraints that hampered availability in recent years, that figure could rise further.
But it’s important to note that the growth in EV sales won’t be uniform, and not all models will experience the same level of success. Those that will be most successful are the ones that meet the needs of a broad range of customers, not just a core group of knowledgeable enthusiasts.
