Cox expects EVs to hit 10% U.S. market share this year, which it’s dubbed the 'Year of More' for EVs.  -  IMAGE: Pixabay/stanvpetersen

Cox expects EVs to hit 10% U.S. market share this year, which it’s dubbed the 'Year of More' for EVs.

IMAGE: Pixabay/stanvpetersen

More American consumers opted for an electric vehicle last year as the segment’s share of sales continued its gradual climb.

EVs made up about 8% of new-vehicle sales in the U.S. to a record of about 1.2 million units, up from 6% in 2022, Cox Automotive said.

The fourth quarter saw EVs also hit volume and sales records at over 317,000 units and 8% market share, but growth slowed, said Cox, which predicts continued growth slowing. It suspects there may be a quarterly decrease this year for the first time in over three years.

Fourth-quarter sales were up 40% year-over-year for the quarter, down from 49% in the third quarter and 52% in the fourth quarter of 2022 in a year-over-year comparison.

Cox expects EVs to hit 10% U.S. market share this year, which it’s dubbed the “Year of More” for EVs – more new products, incentives, inventory, leasing and charging infrastructure – all of which it expects to increase EV sales even more.

It said price parity with gas-powered models appears attainable in “coming years,” though it didn’t specify a target year. High prices are one of the main factors U.S. consumers cite for avoiding EVs. Cox said the average price for a new one was about $51,000 in December and that there were just two models under $40,000.

Tesla still easily led the U.S. EV market last year with a 55% share. Though its advantage shrank by 10 percentage points, it gained strength with price cuts, Cox said.

LEARN MORE: Global EV Sales to Keep Rising This Year

Originally posted on Auto Dealer Today

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