According to Bank of America’s (BofA) annual “Car Wars” report, “The next four+ years could be some of the most uncertain and volatile for product strategy ever,” with EV launches accelerating, uncertainty regarding ICE vehicles, and the possible last-minute product cancellations.
BofA says, “ICE dominance is over,” with electric cars expected to account for a larger portion of new model launches from 2024 to 2027 (46% EV vs. 35% ICE) with another 18% hybrid.
Electric vehicle sales broke another record in the first quarter of 2023, claiming over 7% of the US auto market for the first time, and the trend is only expected to accelerate from here.
The Car Wars analysis points to EVs representing as much as 26% of total US auto sales by 2026, fueled by the Inflation Reduction Act and growing demand for electric vehicles.
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