Consumer interest in EVs continues to slump in first quarter

The share of electric and hybrid vehicle sales fell to 18% of total new light-duty vehicle sales in the U.S. during the first quarter of 2024, the Energy Information Administration reports, down from 18.8% in the previous quarter.

The decline was entirely due to drop in EV sales. As a share of all vehicle sales, electric vehicles were 7% of the total in the first quarter, down from 8.1% of the market in the fourth quarter of 2023. This decline, according to the EIA, was the first decline since the second quarter of 2020, when the pandemic was impacting the economy.

The EIA notes that the light-duty vehicle market is highly seasonal, and total sales usually level off in the first quarter after an end-of-year sales increase.