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Electric Vehicle Sales Accelerating

By Rick Laezman | Feb 16, 2024
Parking lot full of cars. Image by Pixabay.

According to a January 2024 report from automotive industry expert Kelly Blue Book, EV sales are the fastest growing car sales category. They are putting up impressive numbers in many categories.

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Clean technology is catching on, and Americans are willing to use energy that doesn't pollute almost as much as they love new gadgets. When it comes to automobiles, they also love their independence.

Enter electric vehicles. Harnessing electromagnetic energy inside a four-wheeled chassis has allowed American motorists to continue their affair with the single-occupancy vehicle and leave fossil fuels behind. Recent sales figures show the trend is gaining momentum.

According to a January 2024 report from automotive industry expert Kelly Blue Book, EV sales are the fastest growing car sales category. They are putting up impressive numbers in many categories.

Last year, Americans bought 1,189,051 EVs. Sales exceeded predictions.

Sales of EVs also gained market share. They made up 7.6% of all new vehicles sold in 2023, which was increased by nearly two percentage points from 5.8% the year before. Market share was also up more than four percentage points from 3.2% in 2021.

The fourth quarter of last year was especially strong for EVs. They broke records for volume and market share, and Americans bought 317,168 electric cars between October and the end of the year. This represented 8.1% of all new cars sold, which was 52% higher than the same quarter of 2022.

Cox Automotive, which is the parent company of Kelly Blue Book, projects the trend to continue. The company forecasts EV sales in the United States to surpass 1.1 million in 2024, which is more than 10% of total sales.

Helping boost sales will be an increase in the number of EV models being offered by car companies. According to Kelly Blue Book, virtually every major automaker introduced at least one new electric car last year.

Dropping prices will also make EVs more accessible and enticing to average buyers. Kelly Blue Book notes that in December 2023, the average price paid for a new EV was $50,789. This was 17% lower than the average price paid for EVs in December 2022.

About The Author

LAEZMAN is a Los Angeles-based freelance writer who has been covering renewable power for more than 10 years. He may be reached at [email protected]

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