No, electric vehicle sales aren’t dropping. Here’s what’s really going on | CNN Business
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Tesla’s slashing prices. Ford just cut the price of its Mustang Mach-E, too, plus it cut back production of its electric pickup. And General Motors is thinking about bringing back plug-in hybrids.

You’d be forgiven for thinking the American market for EVs is collapsing. But in the last quarter of 2023, EV sales were up 40% from the same quarter a year before, according to Cox Automotive. In fact, EV sales in the United States hit a record last year, topping 1 million for the first time.

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“Between $50,000 and $60,000 now we get Kia and we get Cadillac,” said Tyson Jominy, an industry analyst with J.D. Power, referring to the Kia EV9 and Cadillac Lyriq electric vehicles. “Those two don’t normally face each other.”

Besides being too expensive for the average buyer, selection is limited in terms of body style, said Corey Cantor, an industry analyst with Bloomberg New Energy Finance. The vast majority are relatively expensive SUVs, and there are few sedans or compact cars for customers who want something different.