Make Hydrogen Happen

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By Kate Morgan 8th November 2023

US consumers are buying electric vehicles – just not at the pace some analysts predicted. A few core reasons keep the average consumer from moving past petrol.

Throughout the past few years, analysts have touted electric vehicles as the future of transport – one Americans would dive into, eagerly and rapidly. The EV market is indeed expanding, but the US’s electric vehicle ‘revolution’ appears to be happening much slower than some analysts and car manufacturers expected.

Since 2016, sales of EVs in the US have grown – from nearly 65,000 vehicles sold in 2017, to more than 800,000 vehicles in 2022. Data from auto analytics firm Motor Intelligence showed EV sales rose 51% in the first half of 2023, following the upwards trend. However, those gains are still a drop from last year’s 71% growth in the same timeframe. And Tesla, which leads the market with more than half of all EV sales, recently reported its lowest quarterly earnings in two years, leading to a $138bn (£111.4bn) drop in the company’s stock value.

Some American car manufacturers are taking new business decisions based on these signals.

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