For several years, the demand for electric cars, or EVs, has been steadily increasing. However, there has been a little change in this pattern after 2024.
In the first half of the year, the market share of completely electric cars in the U.S. market decreased slightly, which was the first reduction in EV sales ever recorded, according to statistics from the Alliance for Automotive Innovation.
Despite the 0.1% decrease, it nonetheless caused Lucid and other firms to cut employees.
While sales of conventional internal combustion engine (ICE) vehicles have decreased, other manufacturers, such as Ford, have seen rise in EV sales. Even while the EV industry is still robust, it is getting harder to compete in as demand declines.
Over time, electric cars have advanced significantly. Less than 1% of new cars sold in the US were electric vehicles (EVs) in 2016, but by 2023, that percentage had increased to about 8%.
The first half of 2024 saw a minor decline in the overall market share of EVs, which put a stop to this continuous increase.
