Record-Breaking Electric Vehicle Sales Surge in the U.S.

Electric vehicle (EV) sales in the US are on track to reach nearly 2 million units this year, representing a 50% increase from 2022 and accounting for about 9% of the new car market. Globally, passenger EV sales are projected to reach 14 million units, a 36% increase from the previous year. The growth in EV adoption is not limited to developed countries, as emerging economies like India, Thailand, and Indonesia are also experiencing rising demand for low-cost EV models. While some legacy automakers have struggled to compete on price, range, and features, pure-play EV makers like Tesla, BYD, and Li Auto are capturing a larger share of the global vehicle market. However, concerns remain about a potential slowdown in EV demand and the need for more competitive offerings from automakers.