The first is that electric vehicle sales are continuing to rise, and will reach record levels this year. The second is the rate of EV sales growth is slowing, at least temporarily. That means those record highs won’t be as high as they would have been had sales growth continued at the same high rate as it had in, say, 2023. The EV market is not collapsing, experts say, it’s just entering a new phase.
The Cadillac Lyriq is selling well – first quarter sales this year up more than 50% as it outsold European luxury EVs – and production has restarted for the Blazer EV after an earlier stoppage. The less expensive Equinox EV is about to hit the market, too. The China problem Of course, one country, China, is making products that could meet the demand for affordable EVs.