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Electric Vehicle Market Share Plummets in First Quarter as Consumers Sour

Growth in sales for electric vehicles (EV) slowed in the first quarter of the year as

consumers remained wary of the product even though growth in sales of new vehicles remained strong, leading to a drop in EV market share. Sales for new vehicles grew 5 percent in the first three months, but EV sales grew only 2.7 percent as more consumers chose traditional vehicles due to cost and product concerns. The average sales price declined 3.6 percent year-over-year to $44,186 in March as dealers looked to offload built-up inventory.

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