J.D. Power Cuts 2024 EV Sales Forecast in US by More Than 3%
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As mainstream car buyers continue to shun electric vehicles, automotive researcher J.D. Power said Aug. 28 that battery-powered models will account for just 9% of sales in the U.S. this year, down from its previous forecast of 12.4%.
The revised projection comes a week after Ford Motor Co. retrenched its EV strategy, canceling an electric sport-utility vehicle and delaying a new plug-in pickup truck by almost two years. Other automakers, such as Volkswagen AG, have also pushed back production of EVs in response to slowing demand.
“One major driver of the slower-than-expected EV growth rate in the first half of this year has been increased competition in the market for gasoline-powered vehicle alternatives,” such as gas-electric hybrids, J.D. Power said in a statement. “The other headwind on EV sales has been ongoing consumer concerns with public charging infrastructure.”
These factors have led to EV sales growing “in a less predictable, more volatile fashion,” J.D. Power said.
J.D. Power data shows that EV sales were 7.6% of U.S. vehicle sales last year. The researchers said it sees EVs accounting for 36% of U.S. sales by 2030, well below the target of 50% set by President Joe Biden.
Bloomberg New Energy Finance projects that EVs will account for 10% of U.S. vehicle sales this year.
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