One factor limiting EV growth is availability of electric models comparable to gas-powered options, particularly for mass-market buyers.  -  IMAGE: Pexels/Kindel Media

One factor limiting EV growth is availability of electric models comparable to gas-powered options, particularly for mass-market buyers.

IMAGE: Pexels/Kindel Media

U.S. electric-vehicle sales jumped by 50% last year, making up 37% of overall sales growth, according to J.D. Power data.

About a million EVs sold or leased in the states. It’s no surprise that market leader Tesla accounted for 56% of the growth, followed by German automakers BMW, with 8%, and Mercedes, with 7%.

J.D. Power predicts that 2024 EV sales will achieve 12.4% market share, down 0.8 percentage points due to delayed vehicle launches, production snags, federal tax credit restrictions, and continued public doubt about charger availability. EV adoption has also slowed in some states. It says that at that rate, new EVs would still exceed 50% market share in 2031.

One factor limiting EV growth is availability of electric models comparable to gas-powered options, J.D. Power said. Availability of comparable premium models grew last year to 75% of premium buyers having comparable EV options but fell to about a third of mass-market buyers due to production delays.

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Originally posted on Auto Dealer Today

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