Cox Automotive has released a new white paper titled “Moving Beyond Wait and See With EVs” that explores the future of electric vehicles (EVs) in the United States. The white paper highlights the strong growth of EV sales in the US, with 2023 seeing the strongest growth in EV sales in US history. The future looks even brighter, with nearly 155 new EV models expected to be released over the next four years, and sales of new EVs expected to double from 1.4 million in 2023 to 2.8 million in 2025.
The white paper also discusses the need for a blended approach to used car sales and service for decades to come, as EVs are predicted to account for 80% of new car sales by 2040, but only 36% of all vehicles in operation.
Cox Automotive’s Economic and Industry Insights team is calling 2024 “the Year of More” for EVs, meaning more new products, more incentives, more inventory, more leasing, and more infrastructure.
The “Moving Beyond Wait and See With EVs” white paper is available now, download by filling out the form below!
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About Cox Automotive
Cox Automotive is the world’s largest automotive services and technology provider. Fueled by the largest breadth of first-party data fed by 2.3 billion online interactions a year, Cox Automotive tailors leading solutions for car shoppers, auto manufacturers, dealers, lenders and fleets. The company has 29,000+ employees on five continents and a portfolio of industry-leading brands that include Autotrader®, Kelley Blue Book®, Manheim®, vAuto®, Dealertrack®, NextGear Capital™, CentralDispatch® and FleetNet America®. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with $22 billion in annual revenue. Visit coxautoinc.com or connect via @CoxAutomotive on X, CoxAutoInc on Facebook or Cox-Automotive-Inc on LinkedIn.