(Our Auto Expert) -- According to Cox Automotive, for the first time ever, sales of new EVs are projected to surpass 1M units sold in a single year. The same research also indicates that EVs account for nearly 7% of the total U.S. auto market.
The looming question is, why are Americans looking more closely at EVs now more than ever, despite the need for more charging infrastructure? One factor driving interest is that post-pandemic, EV availability has increased. As a result, EV automakers are ramping up production to meet the growing demand to supply enough consumers with options. As EV automakers start to roll out more affordable options, consumers are considering those options more closely.
Tesla's Model 3 was the best-selling EV until the Model Y was released during the pandemic, taking its spot. But in terms of EV affordability, a new 'king of the hill' may be on the horizon.
Fisker recently announced a handful of all-new EVs. Most notably, the Fisker Pear, an electric crossover with a starting price under $30,000. The Fisker Pear is eligible for a federal tax credit, bringing the cost into the lower $20,000 range. In our recent interview with Henrik Fisker, president of Fisker Automotive, Fisker mentions affordability, technology, and sustainability rank among some of the most important factors consumers are considering when purchasing a new vehicle, especially EVs.
Ford has had great success in the EV market thus far thanks to vehicles like its Mustang Mach-E and F-150 Lightning, both of which are fully electric vehicles. The Mustang Mach-E sits in the top 5 best-selling EVs so far this year, and the demand has been so great that production has tripled this year to meet sales.
Ford's president, Jim Farley, says we are in a new era of EV sales.
"There's a big transition, and we're going into the mainstream customers now in the second ending," Farley told us. "It's not the early adopters anymore on the coast; we're getting into the meat, heart and soul of people saying 'I'm interested in EV, but I'm skeptical.'"
As many automakers continue to roll out new EV models, affordability, and availability could increase. Competition from automakers like Ford, Fisker, and Tesla, also opens the door for consumers' options for new, safe, and exciting vehicles to come.