The EV evolution is going to take longer than we thought
The U.S. electric vehicle market is slowing, with 1.2 million sales projected by 2024. High prices, depreciation, and inconsistent charging infrastructure hinder growth, while hybrids affect battery-electric vehicle sales.
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The electric vehicle (EV) market is experiencing a slower evolution than previously anticipated, despite an increase in sales. While Tesla's sales have declined and other automakers like Ford and General Motors are scaling back their EV initiatives, JD Power projects that 1.2 million EVs will be sold in the U.S. by the end of 2024, marking a 9% share of total vehicle sales. This is a decrease from earlier predictions of 12%. The market is currently characterized by volatility, with hybrids and plug-in hybrids gaining popularity, which is affecting pure battery-electric vehicle sales. High prices for EVs, averaging over $56,000, and rapid depreciation rates are also significant barriers for consumers. Charging infrastructure remains inconsistent, particularly for those living in multi-unit housing. Tesla continues to dominate the market, complicating discussions about overall EV trends. However, the introduction of more affordable models from various manufacturers may shift the landscape. The Biden administration's investments in public charging infrastructure could improve the charging experience. The industry faces challenges, including potential changes in tax incentives and the need for automakers to adapt their strategies to meet consumer demands for more affordable options.
- EV sales are projected to reach 1.2 million in the U.S. by the end of 2024.
- The popularity of hybrids is impacting pure battery-electric vehicle sales.
- High prices and rapid depreciation of EVs are significant consumer barriers.
- Charging infrastructure remains inconsistent, especially for apartment dwellers.
- Tesla's market dominance complicates the overall EV sales narrative.
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10 commentsThe US tariffs will delay that a bit, yet the writing is on the wall - nobody can go against such an economic paradigm shift.
It is strictly cheaper to make a car that can drive on a battery 30 km and then switch to gasoline than a pure EV that can drive 500 km and it will be so for few more years.
I've been wondering how we could ever handle everyone plugging in a 1-10kwh charger at home every night for potentially hours. Think about charging a fleet of Rivian delivery vans...
Not to mention the insane chargers required for semi-trucks.
I'm not complaining too much since I plan to keep this car until the wheels fall off anyways, but it does seem like the accelerated depreciation of EVs versus gasoline cars is a good reason not to buy at the moment.
EDIT: I should clarify, my vehicle is a PHEV. I couldn't commit to giving up gasoline given the added convenience of being able to quickly fill up on gas for long road trips. That being said, I drive less than 10K miles a year and probably only use ~1 tank of gas every 2 months.
Subsidizes will never work, cost is the main d river. Fossil Fuel vehicles are still looked as cheaper and always will be until the cost hits the pocket book.
Plus the cost of new EVs should be less than fossil fuel cars.
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