EV Sales Pace Is Running Short Of Power Going Into 2024
Sales of battery-electric vehicles (EVs) in the U.S. may have climbed above the one million unit mark this year but there’s evidence they’re stalled at base camp rather than sprinting to new sales summits.
The proof is a combination of hard numbers and harder decisions by some of the major automakers. Those decisions include General Motors Co. slowing plans for new EV introductions and delaying the rollout of a new generation Chevrolet Bolt EV and EUV until 2025 and Ford Motor Co. cutting production of its F-150 Lightning electric pickup truck by 50% at the start of 2024.
“If you can get the price down to where the price between an EV versus a hybrid or internal combustion engine is almost at parity, or at parity, then a lot of the benefits of EVs can really help to take over,” said Kevin Roberts, director of industry insights and analytics at vehicle sales and research site CarGurus.com in an interview. “But at that kind of price premium as it stands right now, I think it’s pretty difficult for consumers to make that choice. So that’s why I think you’re seeing that little bit of kind of reassessment there. EV sales are up year over year and they’re going to surpass over a million units of new EV sales in 2023, which is record volume. It’s just not growing as fast as they had initially anticipated.”
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