Electric Vehicle Market Share Plummets in First Quarter as Consumers Sour

Tesla Showroom

Growth in sales for electric vehicles (EV) slowed in the first quarter of the year as consumers remained wary of the product even though growth in sales of new vehicles remained strong, leading to a drop in EV market share, according to The Associated Press.

Sales for new vehicles grew 5 percent in the first three months of the year, but EV sales grew only 2.7 percent as more consumers chose traditional vehicles due to cost and product concerns, according to the AP. The average sales price declined 3.6 percent year-over-year to $44,186 in March as dealers looked to offload built-up inventory.

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Study: Most Partial Automation Driving Systems Need Work

Nissan Car

The Insurance Institute for Highway Safety says automakers should incorporate new rating programs into their partial driving automation systems to reduce traffic deaths.

The new IIHS ratings aim to encourage safeguards that can help reduce intentional misuse and prolonged attention lapses.

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Auto Executives: Chinese EVs Could ‘Demolish’ U.S. Production

BYD Electric Vehicle

Detroit placed the U.S. on wheels but if Motor City wants to go electric it faces fierce global competition.

Chinese electric vehicle maker BYD outsold Tesla in the fourth quarter of 2023. The foreign automaker said it produced more than 3 million new energy vehicles in 2023 compared to Tesla’s 1.8 million.

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Tesla Recalls over 2 Million Vehicles Due to Issues with Warning Lights: Report

Tesla in Parking Lot

Tesla is reportedly recalling over 2 million vehicles due to issues with warning lights on instrument panels, according to news reports.

The issue is expected to be resolved with “over-the-air” software, according to The Wall Street Journal. That means owners will not have to take their vehicles to a dealership to resolve the matter. 

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CCP-Tied EV Manufacturer Dethrones Tesla as Global Industry Leader

BYD

A Chinese Communist Party (CCP)-tied electric vehicle maker dethroned Tesla as the worldwide industry leader in the last quarter of 2023, according to stock exchange filings.

BYD and Tesla both posted record sales for battery electric vehicles in the final quarter, according to the filings. BYD sold 526,409 vehicles in the quarter while Tesla sold 484,507, with the Chinese company achieving its highest-ever car sales in 2023, according to The Wall Street Journal.

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