Apr 27, 2023 - Transit

Electric vehicle registrations are ticking up in Tampa Bay

Data: S&P Global Mobility; Chart: Axios Visuals
Data: S&P Global Mobility; Chart: Axios Visuals

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.

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.

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