If you base your opinions on recent news, you might think that the electric vehicle industry in the U.S. is in dire straits. Headlines tout that carmakers are worried about EV growth, consumer demand is waning, and President Biden’s tax breaks haven’t helped drive consumers towards EVs.
So this bit of news might come as a surprise: EV sales rose a whopping 50% in the third quarter compared to a year earlier. Electric vehicles are actually selling faster than any other automotive segment, and total sales are expected to exceed 1 million for the first time this year.
About 67% of U.S. citizens are open to buying an EV, according to S&P Global Mobility. Yes, you read that right. They recognize the value of EVs, both on a societal level (they create jobs, lower our reliance on foreign fossil fuels, and are important in the fight against climate change) and on a personal level (they require less maintenance, unlock freedom from gas prices, and are just incredibly fun to drive).
Does this look like a market with declining demand?
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