Manufacturers surfing the electric vehicle wave may be crashing out.
A new report from the Alliance for Automotive Innovation found that the overall market share of fully electric (EV) vehicles has retracted this year. Although 2024 isn’t over yet, data from the Alliance shows that this is the first year since they started collecting data in which EVs have actually lost overall market share.
Still, the decline in EV growth doesn’t mean consumers are returning to gas and diesel-powered vehicles. In fact, traditional internal combustion engine (ICE) vehicles saw the biggest market share loss of any of the vehicle categories in the report — 2.3% in 2024. In their place, consumers are striking a middle ground as they flock to purchase PHEVs and traditional hybrid vehicles.
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