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Electric vehicle market share hit a new record


AmericaSales of electric vehicles in the US hit a record in 2020, but only reach 1.8% of the market capacity, based on registration.

Data provided by market research firm IHS Markit shows that the monthly market share of electric vehicles in the US market reached the highest level in December 2020, at 2.5%, based on new vehicle registrations. In terms of retail sales, the market share of electric vehicles was 2.8% in December, more than three times the retail market share of electric vehicles three years ago.

Bolt electric model of Cheverolet. Image: Cheverolet

This trend is expected to continue to increase in 2021 with a market share of 3.5% and will exceed 10% by 2025.

Electric vehicle users also became loyal customers when “more than half of the households used electric cars, bought another electric vehicle”. This figure is up significantly from previous years and it shows that the majority of owners are satisfied with their electric cars and do not want to return to cars powered by internal combustion engines.

In a statement, IHS Markit Deputy Director of Vehicle Analysis Tom Libby said: “Consumer adoption of electric vehicles is growing, albeit at a low rate and is now at a century level. “We continue to see significant contrasts in the adoption of electric vehicles across different regions of the country.”

While the Central American region is slow to embrace electric cars, they will become more popular as automakers prepare to launch a host of new models. Among them are the Audi e-tron GT, Cadillac Lyriq, GMC Hummer EV, Porsche Taycan Cross Turismo and the entire Jaguar lineup.

Sunshineg (according Carscoops)

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