EV sales in the United States cross one million mark for the first time ever
Electric vehicles (EVs) are gaining ground by leaps and bound in the United States and although the market here is still significantly smaller than in China, 2023 is likely to be remembered as a key year because in the first eleven months, the country has seen sales of such vehicles cross the one million mark for the first time ever.
As per data from National Automobile Dealer Association (NADA), sales of battery electric vehicles (BEVs) in the January to November period stood at 1,007,984 units. This is a significant rise by 50.7 per cent year-on-year.
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The record sales of EVs in the United States in the first 11 months of 2023 blunt suspicions that demand for such vehicles is slowing down in key markets across the world. Instead, incentives and introduction of new or updated models are bolstering a positive sentiment towards new purchases. In particular, Joe Biden administration's Inflation Reduction Act has bolstered investments into EVs from manufacturers while potentially spurring demand in the US.
Tesla remains the power player in the US and recently drove out the Cybertruck model while also rolling out offers on its other offerings. The likes of Hyundai, Kia, Rivian, Lucid, Mercedes-Benz, Ford and GM, among others, have also been looking to expand presence in the EV sphere in the US.
But challenges also remain on the horizon. In particular, it is believed that the support infrastructure needs to be expended further still. There is also the crucial aspect about affordability because at present, the price difference between an EV and its comparable counterpart with an internal combustion engine is at around $3,800 or approximately ₹3.20 lakh.