EV sales are rising in the US and nearing an important turning point

Published On Oct 14, 2024, 2:42 PM

Electric vehicle (EV) sales in the U.S. have seen an 11% year-over-year increase, totaling over 346,000 units sold. The market share for EVs has risen to 8.9%, approaching the crucial 10% milestone that signifies broader adoption. The growth is partially attributed to increased incentives and price cuts implemented by manufacturers. Leasing of EVs has also surged, bolstered by favorable federal tax credits. Tesla maintains its position as the leading EV manufacturer, although its market share has dipped below 50%. Industry experts anticipate that the ongoing incentives and the introduction of more affordable models could accelerate EV adoption further in the coming years.

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Stock Forecasts

TSLAView TSLA chart on TradingView

Positive

The increasing EV sales indicate a growing acceptance and shift towards electric vehicles in the U.S. market, which could lead to sustained revenue growth for leading manufacturers. The continuation of federal incentives bodes well for future sales, particularly in a segment currently dominated by Tesla and growing players like GM and Ford.

GMView GM chart on TradingView

Positive

General Motors has reported a significant increase in EV sales by 60%, which suggests robust demand and effective strategies to compete in the EV market. This upward trend is likely to continue as the company launches more EV models and competes against Tesla.

FView F chart on TradingView

Positive

Ford is also projected to benefit from rising EV share, supported by new model releases and growing customer interest. The overall market environment looks favorable for automakers heavily investing in EV technology.

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