USA: EVs clock 1 million sales in 1 year for the first time

The Inflation Reduction Act from President Biden's administration has helped attract $103 billion in new investment

According to reports, the USA has, for the first time, registered over one million EV sales in a single year.

In the last 11 months of 2023, USA registered 1,007,984 units of EV sales - translating to a 50.7% year-on-year increase.

Reports stated, "Sales might be less than some manufacturers were hoping for, but they are in line [with] BNEF’s forecast from the beginning of the year, and most industries would be very happy with that kind of growth rate." The report further mentioned, "In the US, where most of the concerns on demand have been raised, sales are growing even faster and will be up 50% this year."

The outlet states that the Inflation Reduction Act from President Biden's administration has helped attract $103 billion in new investment announcements. These include the manufacture of EVs, batteries, battery components & recycling.

Source: BloombergNEF