Slower EV adoption predicted, with internal combustion engine vehicles resurging

From Investing.com: 2024-06-22 05:01:04

Bank of America analysts project a slower electric vehicle (EV) adoption, with EVs and hybrids making up 60% of new car offerings by 2028, down from 64% last year. Internal combustion engine (ICE) vehicles are also making a resurgence, nearly matching EV offerings over the next four years.

EV penetration is expected to reach 25% by 2027, with US EV sales projected to be 1.8 million in 2024 and 4.5 million by 2028. Tesla is expected to maintain its lead in the EV market, but traditional automakers like GM are expected to capture a larger share, increasing from 40% to 65% market share by 2027.



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