This fall, the Club will once again exhibit at the annual NJ School Boards Association Workshop in Atlantic City. We’ll be there for two days of the event, October 22 and 23. If you are a member of a local school board or know someone who is, stop by our booth and find out how your school board can help with the transition to clean, emission-free transportation for school children.
A July 18 New York Times’ article, “More Gas Cars and Trucks, Fewer EVs as Automakers Change Plans,” was one more story based on the false impression that the market for EVs is declining when the market is, in fact, continuing to realize strong year-over-year growth in terms of both market share and actual sales. What is happening is that the auto industry was overly optimistic about sales growth potential, and what we are seeing is a cutback in planned production, although sales growth is still strong.
For example, the article states that GM has reduced its 2024 forecast for battery electric, zero emission vehicle sales by 50,000 to between 200,000 and 250,000 cars and trucks. What the article does not state is that GM’s sales of EVs in 2023 were only 75,386.
So, yes, GM overestimated the market when they originally had a goal of building 400,000 EVs by the end of 2024, but the focus of reporting should be on the real growth in EV market share and sales. Total EV sales in 2023 made up 7.6% of the entire US market, up from 5.9% in 2022, according to the Electric Drive Transportation Association and the US Department of Energy.
Actual sales growth in 2024 may not be as dramatic as the 200,000-250,000 target mentioned in the article, but GM’s EV sales for the first half of 2024 are up 17% over the first half of 2023, which outpaced the industry average sales increase of 10% for all vehicle types. And if GM actually succeeds in meeting the 200,000-plus EV total, that’s a huge win for electrification of our auto fleet. It’s worth noting here that the EV Cadillac Lyriq is Cadillac’s second best-selling model.
Ford’s EV sales grew 65% in May vs May 2023, and their percentage growth in EV sales outpaced growth in both their hybrid and gasoline models.
Doomsday stories about the market for EVs evaporating may make for click-bait worthy headlines, but the real story is the steadily growing market for EVs in the United States.