Electric Vehicles

Co-op EVolution: Notable EV Trends to Watch

According to 2025 To Be Reset Year for EV Sales | J.D. Power:

• EV Retail Share Projection: The retail share of electric vehicles (EVs) is projected to hold steady at 9.1% in 2025. This stagnation is due to uncertainties about federal EV incentives, potential tariffs on both EV and gasoline-powered vehicles, and ongoing challenges with the public charging network.
• Mass Market EV Growth: The growth in the EV market is now coming from the mass market segment. Franchise EV sales in this segment rose by 58% in 2024, reaching a total of 376,000 units.
• New EV Hotspots: While California remains the state with the highest concentration of EV ownership, new hotspots have emerged. New York, Florida, and Colorado saw significant increases in EV sales in 2024.
• Federal Incentives Impact: The potential end of the $7,500 federal Clean Vehicle Tax Credit could significantly impact EV adoption. These tax credits have been a major incentive for current EV owners to purchase or lease an EV.
• Public Charging Challenges: Consumer frustration with the public charging network continues to be a significant barrier to EV adoption. Improvements in this area are crucial for future growth.