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Tyson Jominy, VP of data and analytics for JD Power, discusses the state of EV sales in the US auto market, the role of charging, the profits in the industry, and the disappearance of affordable cars.
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Quick takeaways
- EV sales in the US are not meeting anticipated growth, highlighting the gap between expectations and reality.
- Price cuts in the EV market have not resulted in the same volume gains as ICE vehicles, indicating a lack of elasticity.
Deep dives
EV sales in the US are increasing every month
EVs in the US hit an all-time retail share in September and are expected to set another record by the end of November. However, expectations for EV sales were higher than the actual retail share, and the industry is not meeting the anticipated growth. The challenge lies in the gap between expectations and the reality of EV adoption. While there has been progress, with EVs hitting retail share milestones, the industry still needs to see continuous growth in EV sales to meet long-term expectations.
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