US EV sales are at record highs, but is a plateau coming?

The 2020s have seen the US car market take a significant leap forward in embracing electric vehicles (EVs), propelled by a growing range of EV products from different automakers and a purchase incentive scheme laid out in the Inflation Reduction Act (IRA). In 2018, EVs accounted for 2.1% of all passenger vehicles, increasing to 7.2% by Q2 2023. Business consultancy Atlas Public Policy estimated in an EV Hub report the following October that this number would surpass 9% before the end of the year and that EVs would exceed one million annual US sales for the first time, for a total of 1.4 million.