Headlines can be misleading. Some have touted a drop in electric vehicles sales but it’s a drop in the RATE of growth. True, hybrids are also becoming more popular but that’s at the expense of traditional internal combustion vehicles, not EVs.
It is true that Tesla has seen a drop in sales, as a result of other competitors and chaos in the company. The transition to cleaner cars is well underway.
Over the course of the last year or so, sales of battery electric vehicles, while continuing to grow, have posted lower year-over-year percentage growth rates than they had in previous years.
This alone is not particularly remarkable – it is inevitable that any growing product or category will show slower percentage growth rates as sales rise, particularly one that has been growing at such a fast rate for so long.
In some recent years, we’ve even seen year-over-year doublings in EV market share (though one of those was 2020->2021, which was anomalous). To expect improvement at that level perpetually would be close to impossible – after 3 years of doubling market share from 2023’s 18% number, EVs would account for more than 100% of the global automotive market, which cannot happen.
Darcy Hitchcock 
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