In December, electric vehicle (EV) registrations saw a significant 25% increase amidst uncertainty about the future of the $7,500 tax credit, according to S&P Global Mobility. This growth brought total battery-electric registrations to 144,070, comprising 9.9% of the light vehicle market, up from 8.5% the year prior. The spike was fueled by year-end incentives from manufacturers and consumer concerns related to potential tax credit elimination under the incoming Trump administration. Analysts expressed optimism about EV growth, noting Tesla's strong brand reputation despite facing challenges.
According to data from S&P Global Mobility, EV registrations increased 25 percent in December, with total battery-electric registrations rising to 144,070 from 115,217 in 2023.
Tom Libby, S&P Global Mobility analyst said, "There's so much discussion about how EVs have slowed down - and they have - but they certainly have not stopped growing."
Ed Kim noted that "December was indeed an abnormal month," pointing to year-end deals and uncertainty over the EV tax credit as catalysts for growth.
Kim commented on Tesla's brand reputation, stating, "But there is a strong level of equity that is built into the brand and a strong reputation."
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