EV sales slowed down in 2023. Will the trend reverse this year?
The recent headlines for electric vehicles have been brutal: Sales are dropping. Momentum is slipping. Consumers are souring on the technology.
Experts say, however, that 2024 may be the year to finally pull the plug on gasoline-powered cars and trucks.
"Five years ago we did not have the array of EVs we have now. They account for 10% of the market," John Voelcker, a contributing editor at Car and Driver, told ABC News. "The growth rate may flatten ... but the cost of EVs will continue to come down."
Price slashing by Tesla and its rivals has definitely juiced sales of battery-powered vehicles. In November, dealers increased the discounts on EVs, with the average transaction price (ATP) dropping 8.9%, according to Cox Automotive. EV incentives totaled less than 2% of ATP a year ago.
New models like the Kia EV9, Chevy Blazer EV and Volvo EX30 could also help convince Americans to permanently ditch their V6 and V8 engines.