No, electric vehicle sales aren’t dropping. Here’s what’s really going on | CNN Business
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Tesla’s slashing prices. Ford just cut the price of its Mustang Mach-E, too, plus it cut back production of its electric pickup. And General Motors is thinking about bringing back plug-in hybrids.

Tesla has been slashing prices. Ford just cut the price of its Mustang Mach-E, too, plus it cut back production of its electric pickup. And General Motors is thinking about bringing back plug-in hybrids, possibly taking a step back from GM’s earlier commitment to shifting straight to pure EVs.

And now the EPA is considering slowing down requirements for automakers to sell more electric vehicles, dialing back what had been aggressive plans to move away from gas powered cars and SUVs.

You’d be forgiven for thinking the American market for EVs is collapsing. But in the last quarter of 2023, EV sales were up 40% from the same quarter a year before, according to Cox Automotive. In fact, EV sales in the United States hit a record last year, topping 1 million for the first time.

Still there is a troubling gap between expectations and reality. Bloomberg New Energy Finance, for instance, had projected sales of 1.7 million plug-in vehicles in 2023, but only 1.46 million ultimately sold. (BNEF’s figures include plug-in hybrids, but the large majority are fully electric vehicles.) The trend line isn’t slanting upward as sharply as many had predicted so the industry is lowering future estimates.

Industry experts cite a number of reasons for this, including vehicle price, lack of charging capacity and confusing tax credit rules.

  • FluffyPotato@lemm.ee
    28·
    4 months ago

    In my country the main issue with EVs is that they are just out of pretty much everyone’s price range. The vast majority here buy used cars because new ones are just too expensive and used EVs aren’t really a thing. Like seeing 20 year old cars is a common sight here while I have seen 1 EV in the capital over the last 5 years.

    • Psythik@lemmy.world
      11·
      4 months ago

      This is why I buy 10-20 year old cars. I can get something decent and within my budget ($10-15K), and it will generally still be safe enough in a crash (especially if you have side airbags).

      Let me know when I can buy a convertible sports car EV for under $15K, and I’ll trade my 350Z that same day.

      • FluffyPotato@lemm.ee
        7·
        4 months ago

        Around here most used cars go for around 5000 euros so, yea, EV mass adoption ain’t coming here in the next 2 decades.

        • Psythik@lemmy.world
          1·
          4 months ago

          Yes I’m aware and I am envious. Europe has excellent used car prices compared to the states. You have to pay $10K minimum here for anything that isn’t covered in rust. ~15 years ago you could buy a decent 5-6 year old car for $3000, but those days are long over.