🚗 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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Amidst EV Sales Slowdown, Ford & GM Focus Back On ICE Cars The EV plans and targets are being postponed as EV demand is not as high as anticipated. Ford and GM are backtracking on their ambitious EV plans as they get down to keep making ICE cars and trucks. The two American giants had their EV plans and targets set for the coming years. However, the global automobile industry is reeling under a slowdown in the growth and adoption of electric cars. This is particularly the case in the top three automobile markets on the planet – the U.S., China and Europe. Interestingly, the emerging nations, who are still at a nascent stage of the EV revolution, as posting some promising sales numbers. https://lnkd.in/ghKaqguF
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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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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."
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This is a very interesting information. How will be this same picture in 10 years from now ? 2034 One thing seems inevitable: EVs and Chinese brand auto sales will likely continue to grow along with those of Hyundai/Kia and Tesla, while all the others will likely continue to decline. As EV sales increase, the volume of ICE vehicles and parts will decline, likely resulting in price increases and decreased ICE vehicle profitability, which will further expedite transportations transition to electrification.
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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.
5 EV trends in latest U.S. registration data
autonews.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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It's crazy. Does anyone know if 9.6% growth is good or bad? At face value it's good but with incentives topping 15%-20% of MSRP, the growth is coming at a hefty cost. Plus, what about the rate of growth? Is the US moving fast enough? For example to have hit 50% market share this month, EVs would have had to have sold 7x the number of cars actually sold in May. 7x!! That's quite a chasm to cross. This point in time in the market is fascinating. You have to love being in automotive right now!!
U.S. EV registrations rose 9.6% in May on incentives, but Tesla fell for 4th month
autonews.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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"A great challenge of life: Knowing enough to think you're doing it right, but not enough to know you're doing it wrong."
And Q1 EV sales came in at ... what? 2%. The author tries to hide the fact by claiming that circumstantially the EV market is healthy except for Tesla and GM. Except that Tesla is 53% of the market or was 63% of the market in 2023, and the others have less than 10% each. So what happens to Tesla's sales have an outsized impact not because of its delta.
The Slowdown in US Electric Vehicle Sales Looks More Like a Blip
bloomberg.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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