The electric vehicle (EV) market is experiencing significant growth, with BloombergNEF projecting a 21% increase in plug-in vehicle sales in 2024, reaching 16.7 million units, 70% of which are expected to be pure battery electric vehicles. In 2023, the market expanded by approximately 33%. In the United States, EV sales saw a 29% rise in the fourth quarter. Despite some automakers reducing EV production towards the end of last year, there is an anticipation of 24 all-new all-battery-powered vehicle launches in the US in 2024, marking a nearly 50% increase in model availability. A study of EV sales in 20 key markets showed a 28% increase in 2023. Electric vehicles and hybrids accounted for over 16% of total 2023 U.S. light-duty vehicle sales. In a notable industry development, Kia's market value has surpassed that of Hyundai, attributed to Kia's affordable EVs and expectations of 50% annual growth in global EV sales, bolstered by three new electric models soon to be released.
Kia, which says it's expects 50% annual growth in global EV sales this year with three new more afford electric models coming soon, sees its market value surpass Hyundai for first time. https://t.co/xcuFOFUazO
Kia surprisingly tops Hyundai in market value with affordable EVs rolling out https://t.co/M1OP6myIrt by @EVPeteJohnson
Electric vehicles and hybrids surpass 16% of total 2023 U.S. light-duty vehicle sales › #oott https://t.co/CldOnRtuAv
Meanwhile, in the real world. Study of EV sales in 20 key markets shows sales rose 28% in 2023 https://t.co/zx1za7LAHL
🗞️ Despite some carmakers trimming production of EVs at the end of last year, 24 all-new all-battery-powered vehicles are expected to launch in the US in 2024, representing a nearly 50% increase in available models. https://t.co/LBTWRSbcte https://t.co/wqq8RnGRXt
US EV Sales Climbed 29% In Q4 https://t.co/gqCDhGfYrs
BloombergNEF expects plug in vehicle sales to grow 21% in 2024 to 16.7 million units with 70% of that number being pure battery electric vehicles. In 2023 the market expended by about 33%