- Bloomberg New Energy Finance expects EV sales to grow exponentially
- General Motors has criticized President Biden’s electric vehicle sales target as unrealistic.
- California aims to end sales of most ICE-powered vehicles by 2035
EV can make almost a one-third of new car sales in the United States by 2027, assuming current policies remain in place, according to a Bloomberg New Energy Finance The report was published in July.
Automakers sold 1.5 million new electric vehicles in the United States last year, accounting for 10% of the new car market, but BNEF expects sales to rise to 4.5 million by 2027, on the way to a 48% market share by 2030. That figure nearly meets President Biden’s goal is to increase electric vehicle sales by 50% BNEF notes that by the end of the decade, absent new policy interventions, the target General Motors has criticized is not realistic.
Hyundai Ioniq 5 2024
This would also put the United States on the right track. 7.7 million electric cars sold by 2030BNEF predicts that electric vehicle sales will grow to 67% by 2032, as the EPA predicts based on its latest round of emissions standards. That’s assuming 2024 presidential election not bring about policy change. Former President Trump’s overall EV policy is shaping up to be something that could gasoline car subsidyfrom some perspective
BNEF expects California to continue to lead the nation in electric vehicle sales. By 2023, one in four new vehicles sold in California will have a charging port, and electric vehicles are expected to account for 65% of new vehicle sales in the state by 2030 and 90% by 2040, after stricter emissions regulations take effect.
Volkswagen ID.4 2025
By 2035, California aims to final sales of most vehicles with internal combustion enginesbut with a split for plug-in hybrids with an electric range of at least 50 miles. Toyota is backing plug-in hybrids, BNEF notes, and is aiming to push its electric range to 120 miles. But BNEF doesn’t expect its U.S. market share of plug-in hybrids to expand beyond the 20% to 25% it has achieved in recent years, and predicts global plug-in hybrid sales will peak at 10% of the market by 2030.
Globally, BNEF expects EV sales to continue to grow. EV sales are forecast to increase 21% annually through 2027, after growing more than 60% on average from 2020 to 2023. The EV market share in the United States is likely to lag behind China and Europe, where BNEF expects EVs to account for 60% and 41% of the market, respectively, by 2027.
