US EV Sales Surge Past 1.2M Amid Subsidy Expiry, Lag Behind China, UK
US EV Sales Surge Past 1.2M Amid Subsidy Expiry, Lag Behind China, UK

US EV Sales Surge Past 1.2M Amid Subsidy Expiry, Lag Behind China, UK

News summary

Electric vehicle (EV) sales in the United States reached over 1.2 million last year, accounting for 10% of total vehicle sales, marking a significant increase driven largely by consumers rushing to benefit from a government subsidy that expired in September. Despite this growth, U.S. EV adoption lags behind countries like the UK, Europe, and especially China, where EVs make up nearly 30%, 20%, and 50% of new car sales respectively. Analysts and industry leaders such as Ford CEO Jim Farley and GM CFO Paul Jacobson warn that EV demand in the U.S. is expected to decline sharply following the subsidy expiration and ongoing tariffs. The U.S. market faces challenges including higher EV prices compared to gasoline vehicles and political divisions influencing government support, with President Trump opposing Biden’s EV initiatives and calling climate change a "con job." In contrast, China has established a comprehensive, consistent industrial policy that supports EV production and adoption, including subsidies, infrastructure development, and export incentives, positioning it as a global leader controlling two-thirds of global EV production and 60% of battery capacity. Several U.S. automakers saw significant EV sales declines in specific models, illustrating that not all companies capitalized on the subsidy-driven boom, highlighting uneven progress in the American EV market.

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