by Decline in Electric Vehicle Registrations in the USA
Electric vehicle sales in the USA have not only stalled but have also demonstrated a significant decline. According to registration data for May, the number of new electric cars decreased by 5.9% compared to the same period last year. This is already the second consecutive month that the electric vehicle market has shrunk, and their share of total passenger car sales has fallen to 7.1%.
Although some brands, such as Cadillac, Nissan, Honda, and Acura, have shown sales growth, others, including Tesla, Rivian, and BMW, have recorded serious losses. For example, Tesla registrations fell by 12%, despite the company remaining the market leader with 42,861 registered vehicles.
Reasons for Changes in the Market
Analysts indicate that the problem is not only in prices. According to Tom Libby from S&P Global Mobility:
“The fact that electric vehicles are not selling means there are other problems — range, charging infrastructure, and limited model choice.”
In addition, the dynamics have been influenced by political factors, particularly uncertainty regarding the federal tax credit for electric vehicles. After the confirmation of the program’s cancellation from October 1st, a new surge in demand for vehicles that can still receive the subsidy can be expected.
Interestingly, certain manufacturers, such as Honda and GMC, were able to counter the general trend thanks to new models and aggressive marketing. However, the overall picture suggests that the electric vehicle market needs time for further infrastructure development and expansion of the range of available models.
