In December 2024, U.S. electric vehicle (EV) registrations rose significantly, with a 25% increase driven largely by consumer concern regarding potential cuts to the $7,500 EV tax credit. Tesla, while leading with over 65,000 registrations, experienced a decline in market share, falling to 45.4%. Other brands like Ford and Chevrolet saw notable growth, especially with models such as the Mustang Mach-E and Equinox EV, indicating strong consumer interest in mass-market EV options. The consistent demand suggests a thriving EV market as tax incentives remain pivotal for buyers.
If there's one thing that's enough to convince an American to buy an EV, it's a big fat tax credit- for now at least.
Bolstered EV sales could continue into 2025-until the tax credit is repealed.
This was driven by "fear" that the EV tax credit would be gutted.
American car buyers came out in full force post-election, surging the registration of new EVs by 25% in December.
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