Electric Vehicle Sales Shorting Out

By Paul Riegler on 3 September 2014
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A BMW i3 at BMW of Tenafly

A BMW i3 at BMW of Tenafly

At a time when automakers are bringing more electric vehicles onto the market, buyer enthusiasm for them seems to be running out of gas.

While car sales have been higher than at any time in the past decade (August topped out at 1.6 million vehicles), electric and hybrid vehicles only comprised 3.6% of that for the year to date, down one .01 percentage point from 3.7% for the same period in 2013, according to the automotive website Edmunds.com.

The decline in electric-vehicle sales comes amidst an increase in charging stations as well as in buyer awareness, while fuel prices have stabilized and even declined and conventionally-powered vehicles have become more fuel efficient.

Sales of electric vehicles at General Motors and Toyota were down 12% and 11.5% respectively through August.  Honda also reported a significant decline.

Nissan reported a 34% increase through August and Tesla, a U.S. carmaker that only produces electric vehicles, said that second-quarter sales were up 47% this year.

(Photo: Accura Media Group)