U.S. electric vehicle adoption has cooled after several years of rapid gains, with EVs now at roughly 8% of new vehicle sales. EV sales rose 7% to 1.3 million units in 2024, far below the 46% increase seen in 2023. Many new entrants have not materially expanded the market because consumers face limited attractive choices, especially under $50,000. The Tesla Model Y and Model 3 account for around half of the U.S. EV market, while the Hyundai Ioniq 5 and Kia EV6 are notable alternatives. Product desirability, range concerns, and charging infrastructure remain barriers, prompting automakers to rethink electrification plans.
"If you want to buy an electric vehicle for under $50,000 today, I would say in the United States there are well under five great choices," Scaringe said during a wide-ranging interview on InsideEVs' Plugged-In Podcast that airs Friday morning. "Until you start to have a number of choices, we're not going to see the market really expanding."
"Not in every case, but in a large number of cases, I would say the product's not that good. It's not that desirable," he said. "So you could say it's that people don't want to buy electric, but I don't think that's the case. I think the reality is they don't want to buy marginal, okay-ish, electric cars."
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