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Electric Vehicles Lose Market Share in the U.S. as Sales Decline

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Electric Vehicles,Sales,Automobiles

The US electric vehicle market share dipped for the first time since the pandemic, raising concerns about slowing consumer adoption despite a bullish global outlook.

Hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles made up 18% of all new light-duty vehicle sales in the first quarter of 2024, down from an 18.8% share in the fourth quarter of 2023. Battery electric vehicle BEV sales fell for the first time since the onset of Covid in 2020, the Energy Information Administration EIA said on Tuesday, citing estimates from Wards Intelligence.

automakers, however, have been flagging a slowdown in consumer uptake of EVs since the end of last year. Last month, Ford Motor Company said it is delaying the planned rollout of some of its next-generation electric vehicles as it is expanding hybrid vehicle offerings, in the latest sign that consumer uptake of EVs has slowed down.

 

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