A slow start to this year’s U.S. electric vehicle sales led to speculation that the EV revolution may be tapering off. Flat sales in the first quarter combined with Tesla laying off ten percent of its global workforce and Ford dramatically pulling back on electric vehicle expansion plans. While none of this was good news for the EV market, a closer look at the data shows a brighter picture.Six of the ten biggest electric vehicle makers in the U.S. saw sales grow at a blistering pace in the first quarter compared to a year ago. In the U.S. and worldwide, electric vehicle sales are estimated to increase by about 20 percent this year. That’s less than the 46 percent growth rate in America last year, but a torrid rate like that can’t be sustained over the long term. Even if the global electric vehicle market continues at this slower pace indefinitely, virtually all cars will be electric within a decade...
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- - Volume: 24 - WEEK: 23 Date: 6/4/2024 2:23:06 PM -