EV Sales Rose Last Year
But mix of pressures limit U.S. adoption, though J.D. Power sees EVs passing 50% market share by 2031.
One factor limiting EV growth is availability of electric models comparable to gas-powered options, particularly for mass-market buyers.
IMAGE: Pexels/Kindel Media
U.S. electric-vehicle sales jumped by 50% last year, making up 37% of overall sales growth, according to J.D. Power data.
About a million EVs sold or leased in the states. It’s no surprise that market leader Tesla accounted for 56% of the growth, followed by German automakers BMW, with 8%, and Mercedes, with 7%.
J.D. Power predicts that 2024 EV sales will achieve 12.4% market share, down 0.8 percentage points due to delayed vehicle launches, production snags, federal tax credit restrictions, and continued public doubt about charger availability. EV adoption has also slowed in some states. It says that at that rate, new EVs would still exceed 50% market share in 2031.
One factor limiting EV growth is availability of electric models comparable to gas-powered options, J.D. Power said. Availability of comparable premium models grew last year to 75% of premium buyers having comparable EV options but fell to about a third of mass-market buyers due to production delays.
More Dealer Ops
Dealer Debrief: Defection Data & EV Updates
In this week's debrief, host Lauren Lawrence discusses how to use defection data to your advantage and the latest on EV sales and charging infrastructure.
Read More →
How Defection Data is Bridging the Dealership Conversion Gap
Lead volume is flat, cross-shopping is up and brand loyalty is in retreat. As confident sales teams keep losing buyers they thought they had, daily industry sales data is showing dealers exactly where their funnel is breaking and how to fix it without buying a single new lead.
Read More →
Dealer Debrief: Where are you losing customers?
In this week's debrief, host Lauren Lawrence discusses the hidden leaks in dealerships where you might be losing customers without even realizing it.
Read More →
Dealer Debrief: Improving Your Inventory Management
In this week's debrief, host Lauren Lawrence covers a new survey that shows what service technicians really want and two launches that could help improve your inventory and vehicle life cycle management.
Read More →
Ladies and Gentlemen, This Is a Dealership: Why the Fundamentals Still Decide Who Wins
A teaching moment by a legendary football coach happens to apply perfectly in the auto retail space. Learn what it is and how to use it to your store’s advantage.
Read More →
What Market Timing Mistakes Mean for Your Reinsurance Program
When volatility hits, dealer-owned reinsurance programs face a familiar temptation: pull back and wait for calmer waters. New data from BOK Financial shows why that instinct can quietly cost you years of surplus growth.
Read More →
Dealer Ads and the FTC
The agency has made it clear in recent enforcement actions and warnings, in auto retail and other industries, that advertised prices must include all nonoptional costs to the consumer.
Read More →
Used Autos Supply Dwindles
The March shopping surge, despite high prices, cut into inventory by the most since the thick of the pandemic, Cox Automotive analysts calculated.
Read More →
Managing Risk Effectively Through Changing Times
The variables influencing risk pricing have changed significantly over the past five years. Being proactive and responsive to emerging trends is not optional but essential.
Read More →
Survey Reveals What Won't Fix What's Breaking Car Sales
AutoPayPlus says extra-long auto loans are trapping consumers and threatening the dealer trade-in cycle, and that the industry is leveraging the wrong tools to combat high MSRPs.
Read More →