Topic Brief Market Trends – Model Year 2024 - Electric Vehicles

The transition to EVs and the need for new plants to produce the necessary batteries was an undercurrent to the strike and negotiations. [...] California is allowed to set vehicle standards stronger than those at the federal level, and other states are allowed to adopt the same standards, a major incentive in the market to improve efficiency and lower emissions. [...] The Ohio station will be the first in a network of 500,000 chargers around the country that will make it easier for drivers to recharge away from home and help support the EV market. [...] Automakers continue to invest in EVs to varying degrees, evident in the wide range in the share of their sales that are EVs. [...] However, this is partially due to the change in the mix of ICEVs sold—sales of SUVs and trucks (usually the least efficient in an automaker’s lineup) are increasingly outpacing sales of sedans.