We've known for a while that EV sales in the US have been struggling, particularly due to the expiration of an important tax rebate, but the drop-off in January has been... well, significant.
New registration data (via InsideEVs) shows that EV registrations dropped dramatically. According to data from S&P Global Mobility cited by industry reports, 59,802 electric vehicles were registered in the U.S. in January. That represents a 41% drop compared with the same month a year earlier, marking one of the steepest year-over-year declines the sector has seen recently.
The slowdown also reduced EV's share of the overall car market. Electric vehicles accounted for just 5.1% of all new vehicle registrations, down significantly from 8.3% in January of the previous year. At the same time, traditional petrol cars increased their share of the market, reaching 76.6%, while hybrids continued to grow modestly to 14.7%.
While the January slump highlights ongoing uncertainty in the U.S. electric car market, analysts note that the sector is still evolving rapidly. New models, changing incentives, and shifting consumer demand could quickly reshape the market again over the coming months.