US electric vehicles sales are poised to rise a lot in 2024, despite what you may have heard

(Inside Climate News, 8 Feb 2024) We examine forecasts to get an idea of how much EV sales will grow, and what factors are driving growth.

Talk of an implosion of the U.S. electric vehicle market is verging on ridiculous.

While there are some serious challenges surrounding EVs—such as the need to build out the nation’s charging infrastructure—automakers are on track to continue on a path of substantial growth.

Leading forecasters agree that sales and market share will continue to grow in 2024. But they disagree on the rate of growth, and give different weights to some of the main factors that affect the market, from gasoline prices to the availability of low-cost models.

First, some context: 

Pessimism about the EV market gained momentum last year when Ford and General Motors said demand for the vehicles was falling short of expectations and pared back aspects of their EV plans. At the same time, Tesla warned investors of “enormous challenges” related to the production and rollout of the Cybertruck. Some auto dealers raised concerns about difficulty selling EVs, including a coalition of more than 4,700 dealers who wrote to President Joe Biden asking him to slow down on rules that encourage the shift away from gasoline.

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Inside Climate News, 8 Feb 2024: US electric vehicles sales are poised to rise a lot in 2024, despite what you may have heard