Tomorrow Investor

Californians Ride the Crest of the US EV Wave


If you want a preview of how rapidly electric vehicles (EVs) may be adopted by the American motoring public, look to California.

From a measly 2% five years ago, EVs now make up 22%of the total vehicle sales in the state. 

One contributing factor for this is the way EV sales hit the critical 5% mark in the state as early as 2018 – a sign that encouraged potential buyers to make the shift from combustion engine vehicles to more sustainable modes of transportation.

Not Everyone Just Yet

However, such is not the case in other parts of the United States. In recent weeks, traditional dealerships throughout the country reported the growing number of unsold EVs in their respective inventories.

But this has not fazed market watchers at all. The results of industry think-tank Cox Automotive show proof of that: over 50% of American motorists feel that EVs are the way to go. 

Customer preferences will, however, dictate the market’s overall direction. Today’s market-savvy consumers are turning up their noses at the low-range / high-cost EVs that dominated the market not too long ago. Many are waiting on the major players – Chevy and Tesla, for example – to come up with newer, more innovative, and more affordable models.

That may come soon enough. The US EV production sector is in much better shape now, thanks to the infusion of around $200 billion in investments for manufacturers, assembly plants, and battery producers. That said, the US stands on the threshold of a major EV boom.

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