Electric vehicle registrations are ticking up in Tampa Bay
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.
More Tampa Bay stories
No stories could be found
Get a free daily digest of the most important news in your backyard with Axios Tampa Bay.