U.S. Electric Vehicle Market is Heating Up

In case you haven’t heard:  the U.S. electric vehicle market is charged up and getting hotter.

What exactly does this mean? We’ll tell you.

  1. More than 45,000 electric vehicles were purchased in the third quarter of 2016. This is a 60% increase from the third quarter of 2015.

  2. Growth is happening despite low oil prices and the limited availability of EVs across the country. Even with low gas prices, it’s still cheaper to drive on electric fuel.

  3. Sales will likely increase with policy shifts on the horizon. On the whole, EVs are not readily available outside of California. Thanks to the California Zero Emission Vehicle program, automakers are required to sell electric cars and trucks within the state. Starting in 2018, nine other states will adopt similar policy: Connecticut, Maine, Maryland, Massachusetts, New Jersey, New York, Oregon, Rhode Island, and Vermont.

  4. Automakers are investing in and rolling out new electric models, big time. Here’s a short list of what’s in the pipeline: Tesla Model 3, Chevy Bolt, Toyota Prius Prime, Hyundai Ioniq, and Audi’s yet-to-be-named electric SUV.

The Union of Concerned Scientists have captured these developments in more depth and visually through some great charts. See them here: The State of the Electric Car Market in 4 Charts and Graphs

Image: Toyota Prius Prime