Electric vehicle sales saw a 12% increase in the fourth quarter of 2024, reaching a total of 1.3 million units sold for the year, according to Bloomberg. This surge was partially attributed to former President Trump's threat to end EV tax credits, which created a sense of urgency among buyers. However, experts predict a potential slowdown in 2025 as consumer interest in EVs slightly wanes.
At least for the time being, EV sales are still pushing higher. Helped along by Trump 's threat to end EV tax credits , sales of EVs were up12% in the fourth quarter of 2024, according to anew report from Bloomberg. Forecasts from researcher Cox Automotive put the year's total at 1.3 million EVs sold. Plug-in vehicles now make up about 8% of the US car market, only slightly more than last year, despite a rise in sales from the prior quarter's 8% growth rate.
' Donald Trump plans to dismantle federal EV incentives, including the $7,500 tax credit, calling Biden's EV policies 'insane.' Proposed tariffs on Canada and Mexico could also raise car prices. Improved interest rates, manufacturer incentives, and post-election confidence have boosted 2024 car sales forecasts, despite earlier setbacks from inflation and a dealership cyberattack. GM led US sales with 2.7 million vehicles, while Stellantis fell to sixth with a 15% decline.
EV Sales Electric Vehicles Trump Tax Credits Automobile Industry
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