Electric vehicle registrations are ticking up in Tampa Bay
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Electric vehicles (EVs) accounted for 4.8% of monthly new vehicle registrations in the Tampa Bay area in January 2023 — up from 1.5% in January 2022, Axios' Joann Muller reports.
- Tesla Model Y and Chevrolet Bolt were the most popular, followed by the Tesla Model 3, Ford F Series and Volkswagen ID.4.
Why it matters: EVs aren't just for early adopters anymore.
- With a broader selection and some signs of moderating prices, mainstream car buyers are increasingly turning their EV curiosity into purchases.
Zoom out: Nationally, EVs accounted for 7% of new vehicle registrations in January, up from 4.1% in January 2022.
- The growth is another sign that the EV transition is gaining momentum.
Of note: While the EV pie is growing, Tesla's nationwide market share continues to shrink — from 72% in January 2022 to 54% a year later — as rivals introduce new models.
Axios has been tracking the historic shift away from gasoline using vehicle registration data from S&P Global Mobility.
- In 2022, electric vehicles made up 5.6% of all new U.S. car registrations.
- That's up from 3.1% in 2021 and 1.8% in 2020, but still way behind China and Europe.
Reality check: Less than 1% of the 279 million cars and light trucks on American roads are electric.
- It will take a couple of decades for the slow transition from gasoline to electric vehicles to be complete.
Driving the news: Existing consumer tax credits for EV purchases are being reworked — again — in part to bolster U.S. manufacturing and reduce reliance on China.
- Changes to the existing $7,500 tax credit will likely affect the pace of adoption.
- The U.S. Treasury Department on March 31 spelled out how new sourcing requirements for battery components and critical minerals under the Inflation Reduction Act will be implemented — rules that affect which vehicles will qualify for tax credits moving forward.
- A list of qualifying vehicles was released last week, and fewer of today's EVs meet the new standards.
The intrigue: Anyone racing to snag the $7,500 tax break before the rules get stricter is likely to find EVs in short supply.
- Inventories are tight because of ongoing supply chain issues and a price war triggered by Tesla price cuts in January.
The bottom line: EV-curious consumers have more choices than ever.
- There were 47 electric models available for sale in the U.S. at the end of January, up from 33 the prior year.