US Electric Vehicle Sales on the rise

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Electric vehicle sales are expected to hit a record 9% of all passenger vehicles in the U.S. this year, according to Atlas Public Policy. That will be up from 7.3% of new car sales in 2022.

It will be the first time more than 1 million EVs are sold in the United States in one calendar year, probably reaching between 1.3 million and 1.4 million cars, the research firm predicts.

Although the numbers show significant progress for electrification, the nation is lagging behind countries like China, Germany and Norway.

EVs reached 33% of sales in China, 35% in Germany, and 90% in Norway for the first six months of 2023, according to a BloombergNEF EV outlook published in June. These figures include both battery electric vehicles and plug-in hybrid EVs.

In those countries, ambitious government zero-emissions targets, vehicle tax incentives and subsidies, and affordable options play a role in a consumer's decision to adopt a plug-in vehicle.

Several factors helped boost U.S. EV adoption this year, but in a word, prices have gone down.

Tesla, the current EV market leader, dropped the prices for its popular vehicles multiple times throughout the year. This forced other automakers to try to keep up. Car companies are also now offering greater incentives on their electric models, and dealers are discounting more deeply as EV supply builds up at dealerships.

The Inflation Reduction Act, which increased tax credits for qualifying new and used EV purchases, also helped bring EV costs down for buyers, by $3,750 or $7,500, depending on certain requirements.