New Report Reveals Growing EV Sales While Gasoline Car Sales Slump

A new report reveals that more Americans are purchasing electric vehicles while sales of gas cars continue to dwindle. Electric vehicles are firmly dominating their market share, accounting for about 4% of total car sales in 2020 to 6% last year.

The adoption of electric vehicles has received support from the Biden administration. The administration introduced a tax credit of $7,500 on all electric and plug-in hybrids bought new or used after 2010. The credit amount differs depending on the vehicle’s battery capacity.

Many Americans are switching from gas-powered cars as shown in the report released by Alliance for Automotive Innovation. It revealed that electric vehicles accounted for 6% of all light-duty car sales between October and December 2021, the highest volume to be recorded for any quarter.

Findings from the report show that more than 187,500 electric vehicles were purchased in the fourth quarter across the United States. This was an 11% increase in the total volume in comparison to the third quarter. Within the same period, the sale figures of internal combustion engine (ICE) vehicles dropped by 13% in the third quarter.

The reason for the increasing EV market share is because of the variety of EV models available for purchase. Alliance noted that more than 55% of the electric car market is made up of crossover utility vehicles, minivans, SUVs and pickups.

Numerous car makers have made announcements of their plans to release electric vehicle models. Last week, Maserati announced that it will make its first electric SUV known as Grecale Folgore available next year. At the same time, the Italian brand is looking to electrify its model lineup by 2025. Stellantis, another carmaker, will start selling its electric Jeep SUV model in 2023. Meanwhile, Ford is investing almost $20 billion over the next decade into the production of electric vehicles.

Electric vehicles are a key part of the president’s infrastructure plan. Released last month, the bipartisan infrastructure plan will provide $5 billion to states to develop a charging network for electric vehicles. The goal is to set up 500,000 electric vehicle charging stations across the country as a way to achieve his 2030 goal of getting electric vehicle sales up to 50% of all car sales.

According to the report, California is the leading state in electric vehicle adoption. Last year, it accounted for 40% of all registrations of light-duty electric vehicles. Florida came in second with almost 6%, and Texas came in third with 5% and New York at around 4.4%. While these figures are still on the lower side, EV manufacturers such as Kandi Technologies Group Inc. (NASDAQ: KNDI) are hopeful that electric vehicle uptake is set to grow exponentially over the coming years as emission controls take effect around the world.

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