Why electric car sales could spike 10 times higher in a few years

“As of this writing, just under 1% of cars sold in the U.S. are plug-in electric. There is some precedent for much higher EV sales numbers, however. In California, electric vehicles now make up approximately 5% of all new car sales, a number that’s boosted in part by statewide incentives and utility companies eager to put vehicles on the electric grid. As electric vehicles and charging infrastructure become more commonplace, range-anxiety becomes less of a factor for auto consumer.. Instead, the key factor is price.

If just half of the consumers in the AAA poll (10% of those polled) actually followed through with purchasing an electric car in the next five years, U.S. demand for electric vehicles would ostensibly exceed 1.6 million vehicles. That’s a 10x increase in electric car sales in the next half-decade, assuming zero total U.S. market growth between now and then.”

Click here to read more from The Street.

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