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US EV Market Only Started to Grow When More Models Better Suited to Consumer Needs Were Introduced EV sales flourished after 2021 as e-SUVs and higher range vehicles were introduced, but the end of the tax credit has slowed market momentum:
Uncertainty surrounding state incentives and OEM product planning will continue to hurt EV sales well into 2026
Q3 BEV sales grew ∽30% YoY as consumers took advantage of the tax credit → 69% of BEV sales were eligible vehicles
Q4 EV sales were down -37% YoY, but will rebound like other markets that removed incentives (e.g., Germany) starting in 2027
OEMs are retooling their EV strategies with an eye on local battery production, supply chain security, and reducing assembly costs
Low cost mainstream EV options are needed in this market for the industry grow past niche status in many states
1) EV adoption only started to gain traction when EV variety and availability increased - Especially new offerings from GM (e.g. Equinox) 2) Chinese auto brands will not be entering the U.S. market given the 100% baseline tariffs placed on EVs produced in China 3) Estimated EV sales for the U.S. are only released on a quarterly basis and subject to revisions
Source: Pivot Research, Kelly Blue Book
Extracted from the PDF; charts and images may read imperfectly.
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