Some EV brands making gains despite cooling market
Headlines daily remind us that EVs aren't going to take over the world just yet, as they also tell us how automakers are responding to the next detour in the revolution. Electric vehicles aren't dead, though, and an S&P Global Mobility report shows some EV makers are making gains within the downturn. The big-print news is that whereas new EV registrations throughout the full 2023 calendar year were up 52% over 2022, new EV registrations in January 2024 were «only» up 15% over January 2023, accounting for 7.8% of the light-vehicle market in the U.S. compared to 7.1% in January 23. And the EV tide rose inside of a larger vehicle market, buyers taking home more than 1.1 million cars in January, 4.7% more than a year ago. Over the full 2023 calendar year, new EV registrations made up 7.7% of the light-duty market, so January's numbers are about holding steady, not losing ground. When the story for the past few years has been that EVs are the present, though, holding steady is doom.
