Posts Tagged ‘1M electric vehicles sold’

Plug-In Vehicle Sales Surge Past 1M for 1st Time as Demand Jumps in U.S.

Shrinking battery costs, longer range, more model choices bolster sales.

by on Jan.05, 2018

The Chevrolet Bolt is now one of the world's best-selling plug-based vehicles, and GM has more coming.

Motorists around the world are showing signs they’re getting charged up by a new wave of plug-based vehicles, global sales passing 1 million for the first time ever in 2017, and U.S. demand setting a new record during the final month of the year.

Though still making up only a small fraction of worldwide motor vehicles sold last year, demand for plug-in hybrid and pure battery-electric vehicles, or PHEVs and BEVs, has been rising rapidly, according to a new report from Navigant Research. A variety of reasons get credit, including declining prices and the availability of more products, especially longer-range models like the Chevrolet Bolt EV, Tesla Model 3 and second-generation Nissan Leaf. Rising oil prices are also playing a factor.

Electrifying News!

“Battery costs have shrunk dramatically in the last five years and promise to shrink further with the commercialization of solid-state batteries on the horizon,” says Scott Shepard, a senior research analyst with Navigant. “In addition, increasing regulatory pressure in Europe and China may well push the PEV (or plug-based vehicle) market to the aggressive end of the forecast range regardless of oil prices.”

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