US electric vehicle sales fall 27% in first quarter
Updated
Updated · Barron's · May 8
US electric vehicle sales fall 27% in first quarter
8 articles · Updated · Barron's · May 8
Despite US petrol at about $4.50 a gallon, EVs averaged roughly $55,000 after a $7,500 federal purchase tax credit expired in September.
The report said fuel prices would need to approach $20 a gallon to offset that lost incentive within a year, leaving EVs at only 5% to 6% of US new-car sales.
Europe’s EV share is near 20% and China’s about 30%, with charging networks, policy, affordability, driving habits and politics all shaping weaker US adoption.
High gas prices should boost EV sales, so why are American buyers turning away from new electric cars in record numbers?
As America’s new EV sales falter, is the booming used market the only viable path for drivers to go electric?
While Europe and China lead the EV race, are US policy shifts causing its auto industry to fall permanently behind?