Electric cars lose market share in the U. S. U. S. Sales Decline

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Hybrids, plug-in hybrid cars, and battery-powered cars accounted for 18% of all new light-vehicle sales in the first quarter of 2024, up from 18. 8% in the fourth quarter of 2023. Sales of battery vehicles (BEVs) fell for the first time. time since Covid broke out in 2020, the Energy Information Administration (EIA) said on Tuesday, presenting estimates from Wards Intelligence.

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“This decline represents the first decline in the percentage of the BEV market since the economic effects of the COVID-19 pandemic began in 2Q20,” the EIA said in an investigation today.

Of all BEV sales in the U. S. in the first quarter of 2024, 8 out of 10 sales were luxury models, in part due to the continued wide availability of luxury BEV features and favorable pricing within the Tesla, Mercedes, Rivian, Cadillac segment. . , Audi and BMW.

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U. S. automakers, however, have been reporting a slowdown in consumer adoption of EVs since late last year.

Last month, Ford Motor Company announced it was delaying the planned launch of some of its next-generation electric cars as it expanded its hybrid vehicle offerings, the latest sign of a slowdown in customer adoption of electric cars.

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While the International Energy Agency (IEA) continues to have a very positive view of the global EV market, the auto industry is concerned about the slowdown in EV sales due to the phasing out of subsidies in key markets and consumers who are still convinced of affordability and range.

U. S. EV sales are stagnant and Tesla is suffering, while new car sales in Europe fell in March for the first time this year, driven by a drop in EV registrations and the timing of the Easter holiday.

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