US EV sales top 1 million in a year for the first time ever

Electric vehicles have crossed 1 million sales in a year in the US for the first time ever. According to the National Automotive Dealer Association (NADA), through 11 months (January - November 2023), battery electric vehicle sales are 1,007,984 - a 50.7% increase year-over-year. And, the year's not done yet, which will push the record further.

Per NADA's report, 51.2% of all new vehicles sold in November were Crossover utility vehicles.

According to the Zero-Emission Vehicles Factbook's annual report, the Biden administration's Inflation Reduction Act has brought $103 billion in new investments. Those include $72.4 billion in battery production, $11.7 billion in the manufacturing of EVs, as well as $9.8 billion in battery components, and $3.5 billion in recycling.

The trend is set to continue. NADA's data shows that EV demand is accelerating when you look at the monthly data - 6.4% in January to 7.2% in October.

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