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Electric vehicles (EVs) are rapidly gaining popularity in the United States. Although the market here is still much smaller than China, 2023 is likely to be remembered as a significant year. Because in the first 11 months the country has seen the sales of such vehicles crossing the 10 lakh mark for the first time.
According to National Automobile Dealers Association (NADA) data, battery electric vehicles (BEV) sales stood at 1,007,984 units in the January to November period. This is a significant increase of 50.7 percent year-on-year.
Record sales of EVs in the United States in the first 11 months of 2023 have belied doubts that demand for such vehicles is slowing in major markets around the world. Instead, incentives and the introduction of new or updated models are increasing positive sentiment toward new purchases. In particular, the Joe Biden administration’s Inflation Reduction Act has boosted investment in EVs from manufacturers, while potentially boosting demand in the US.
Tesla remains a big player in the US and recently launched the Cybertruck model. It has also offered offers on its other offerings. Other companies like Hyundai, Kia, Rivian, Lucid, Mercedes-Benz, Ford and GM are also looking to expand their presence in the EV sector in the US.
But challenges also remain ahead. In particular, it is believed that more spending is still needed on support infrastructure. Purchasing power is also an important aspect. Because currently, the price difference between an EV and a comparable vehicle with an internal combustion engine is around $3,800 or around Rs 3.20 lakh.
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