US On Track For 50% EV Sales By 2030 Despite Recent Slowdown, Says Energy Secretary: What’s Behind Her Optimism?

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Despite the recent slowdown in electric vehicle (EV) sales, Energy Secretary Jennifer Granholm is confident that the United States is still on course to achieve its ambitious EV targets.

What Happened: Granholm, while speaking at an EV battery plant in Moses Lake, Wash., on Thursday, stated that the U.S. is still on track to hit the target of 50% of all new vehicle sales being electric by 2030, reported Yahoo Finance.

Despite the recent deceleration in EV sales, Granholm projected a similar rate of EV uptake in 2024 as in the previous year, when EVs accounted for 7.6% of the US auto market.

She attributed the growth to the introduction of more affordable EV models by domestic manufacturers. Granholm mentioned that a record 1.2 million EVs were sold in 2023, marking a significant increase from previous years.

See Also: Best Electric Vehicle Stocks

However, the growth rate has started to slow, prompting concerns from industry leaders. Elon Musk, CEO of Tesla, warned of notably slower growth in 2024, leading to a plunge in Tesla’s stock. Ford CEO Jim Farley attributed the shift to smaller EVs to a “seismic change” in the market.

Granholm …

Full story available on Benzinga.com


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