Auto makers’ efforts to put more electric vehicles on the road appears to be shorting out. For many major car makers, sales volumes are declining as gas prices stabilize and more U.S. buyers return to buying large cars and sport-utility vehicles.
Despite a booming U.S. auto market, sales of electric and hybrid cars have stalled this year, capturing 3.6% of the market through August, slightly down from last year’s 3.7% share, says research firm Edmunds.com.
The leveling off comes as surprise. Many auto industry executives and analysts predicted that hybrid and electric car sales would continue to grow incrementally as car makers expanded new offerings and public awareness increased.
In 2011, the Obama administration put forth the lofty goal of putting one million electric vehicles on the road by 2015. Last year, a total of 581,240 electric and hybrid cars were sold in the U.S., said Edmunds.com.
“As the summer months wind down, we’re approaching the time of the year when sales of these vehicles tend to be slower, so a late-year surge isn’t very likely,” said Jessica Caldwell, an Edmunds.com analyst.
For many major car makers, sales volumes are declining as gas prices stabilize and more U.S. buyers return to buying large cars and sport-utility vehicles.