The Expert Podcast

So how prevalent are electric vehicles in the U.S and what does the future of the EV market look like for new and used vehicles? Well here's an article from Barrons which is a subsidiary of the Wall Street Journal their headline December 15 2021 EVs are taking over invasion arrives in the U.S in 22 so that's next year in about two weeks Toyota announced that they're going to have 30 new vehicles by 2030. 2030 might seem like a long ways away but it's only about seven eight years away.

A new crop of EVs is going to dilute the market it's not just Tesla and Prius anymore and most US car buyers today might be forgiven by failing to realize that EVs were the next big thing there's only three percent of sales or EVs but the reason why is because there's not a lot of options for buyers that mismatch between goals and products means that EVs are over hyped you hear about it a lot but you don't see them a lot the thing that's going to happen is once it gets to be ten percent it's gonna completely accelerate which that should happen in the next couple years.

It doesn't happen by accident it's going to happen because the manufacturers put that many in the marketplace and you know basically you sell more EVs and it's going to make more EVs available to the marketplace it does say that automakers need more models um GM wants to be all electric vehicle by 2035 in about 10 years Ford might be half that you have the new Mustang Machi which is an interesting vehicle but again you see the Maki you see the Prius you see the Tesla but once Toyota has 30 different vehicles available and all the other manufacturers have at least one or two Subaru has one coming out BMW has one uh that's going to be a new vehicle then you're going to start seeing EV as the norm not the exception to the rule.

Adding it all up U.S car buyers will have about 20 different vehicles next year to choose from that's double what it is in 2021 and then more on the way in 23. Keep in mind there's 300 different types of cars you can buy right now so even 20 is less than 10 percent but the changes are happening fast EVs have been around for 15 20 years having this type of volume having 20 different cars to pick from next year will make EVs more of a common selection for auto buyers and car shoppers and it'll make the process accelerate to where all manufacturers are going to have to have something to offer clients otherwise they're going to be left behind.