While facing a slowdown, the electric vehicle (EV) market is still poised for growth in 2024. In the United States, EV sales are anticipated to increase year-over-year by a modest 16% in 2024, a notable decrease from the approximately 64% growth seen in 2023. Similarly, in China, year-over-year growth in 2024 is projected at 11.1%, down from 36.5% in 2023. Several factors contribute to this deceleration, including reduced incentives, insufficient charging infrastructure, and a saturation of early adopters. To appeal to the broader market, industry leaders such as Elon Musk are adjusting pricing strategies, a step I believe is heading in the right direction. Nonetheless, this slowdown is prompting significant players like GM, VW, and Ford to reevaluate their approaches, with some opting to reduce prices and postpone the release of new models.
