EV Sales Grew in 2024, But Was it Enough?

Sales of electric vehicles continued to grow throughout 2024, but the pace slowed sigificantly from earlier years, leading several major automakers to ease off the gas on new plant spending.

Startup Fisker went bankrupt, other startups slashed production targets, Tesla recalled its Cybertruck multiple times, charging station companies struggled to get federal cash to expand... It was a busy year, full of the sort of growing pains you'd expect from a dynamic market reaching some level of maturity.

So, we asked a bunch of editors for IndustryWeek parent company Endeavor Business Media what their biggest takeaways were for 2024 and how that will inform what to expect in 2025. Speaking on the topic are:

• Kevin Jones, editorial director of the commercial vehicle group that includes FleetOwner and Fleet Maintenance. Jones' biggest takeaway? The re-election of Donald J. Trump throws a lot of doubt on the future of the market.
• Sara Jensen, executive editor of Power & Motion, a publication that studies the hydraulics and pneumatics markets, primarily. Jensen notes a continued optimism for EVs in the industrial space, despite some challenges in 2024.
• Jay Sicht, editor-in-chief of FenderBender and ABRN. Sicht noted the rising portion of automotive repair claims coming from the EV sector.
• Robert Schoenberger, editor-in-chief of IndustryWeek. Despite its challenges, Schoenberger notes that EVs achieved record market share in 2024 as sales continued to grow during a weak overall market. However, that growth wasn't fast enough to immediately justify the massive investments automakers have made in EVs.