Electric Vehicle Sales Skyrocket in the U.S., Nearing 1.4 Million Units

The Inflation Reduction Act (IRA) and a price discount war in the EV industry are driving the sales of electric vehicles (EVs) in the United States to a projected record high.

The Associated Press reported on the 3rd (local time) that EV sales in the U.S. this year are expected to set a new record, making up 9% of all passenger car sales. This increased from last year when they accounted for 7.3% of all new car sales.

Industry experts expect annual EV sales this year to reach between 1.3 million and 1.4 million units, surpassing 1 million units for the first time.

However, the proportion of EV sales in the U.S. falls short of that in China and other countries. In China, the proportion of EV sales approached 33% in the first half of this year. Germany recorded 35% during the same period. In Norway, EV sales accounted for 90% of all new car sales.

Tesla’s aggressive price discounting, which spurred a discount competition in the industry, and the IRA EV subsidy, offering consumers tax benefits of up to $7,500, have driven the surge in EV sales.

By. Yoon Ju Hae