Are Electric Cars For Sales Slowing?

Electric cars for sale were supposed to be the next big thing. By 2024, they were expected to account for 10% of all new cars sold in America, thanks to a host of technology and incentives. But the year started with dire headlines warning of a slowdown, including from one of the industry’s biggest names, Cox Automotive.

The slowdown is real, though perhaps not as bad as many feared. There are, indeed, a few signs that the EV revolution is losing steam, notably slower sales than last year. But experts say it’s still too early to hit the panic button. A major shift in consumer preferences typically happens in years, not quarters.

electric cars for sales

A few factors are at play, including concerns about price and charging convenience. Many buyers aren’t yet ready to make the jump, even when they are offered federal tax credits of up to $7,500 or state rebates in states like Colorado that offer up to $6,000. And many don’t have access to speedier Level 3 public chargers, which can juice an EV for hundreds of miles after only an hour of charge time.

Also, there are worries about a possible Trump Administration reversal of fuel economy standards that have helped propel the EV boom. The president is expected to scale back or remove those requirements if he’s reelected. That’s a serious concern, given that the transportation sector’s carbon dioxide emissions contribute the most to greenhouse gas emissions, and reducing them is key to curbing climate change.

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