As electric vehicle (EV) sales surge, a conundrum emerges as automakers
appear apprehensive due to a slower growth pace, decreased prices, and
burgeoning inventories. General Motors and Ford Motor Co. recently
scaled back their plans for battery-electric vehicles, sparking concerns
over an impending slowdown in EV sales. However, experts caution
against overblown apprehensions.
Stephanie Brinley, principal
automotive analyst at S&P Global Mobility, noted, "Third-quarter
sales aren't as bleak." U.S. EV sales soared to a record-breaking
313,086 in Q3 2023, marking a 49.8% YoY surge, as per Kelley Blue Book
estimates.
This milestone marked the first time quarterly EV sales
surpassed 300,000, propelling the year's total to over 873,000,
predicting a landmark 1 million EV sales by Thanksgiving, according to
KBB. Cox reported a 13-quarter consecutive increase in U.S. EV sales.
Amidst
these record-breaking numbers, Q3 reports from major automakers such as
GM and Ford showcased robust EV sales, casting doubts on the concerns
surrounding the EV market's trajectory.
