Sales of fully electric vehicles (EVs) around the world rose 31% in 2023, according to data from market research firm Rho Motion.
While the growth in 2023 might seem impressive, it is about half the 60% sales growth registered in 2022.
Fully electric vehicles accounted for 9.5 million of the 13.6 million EVs sold around the world in 2023, while gas-electric hybrid vehicles accounted for the rest.
After years of accelerating growth, electric vehicle sales are slowing as consumers wait for better and cheaper models to come to market.
During 2023, fully electric vehicle sales increased 50% in the U.S. and Canada, grew 27% in Europe, and rose 15% in China, according to Rho Motion.
Sales of electric vehicles have also been impacted by the decisions of several governments to end subsidies offered to consumers, including in the U.S. and Germany.
A lack of charging infrastructure on roads and highways, and high interest rates charged on automotive loans, have also led consumers to pause electric vehicle purchases, say analysts.
Tech Insider
