Despite slowing sales, automakers are expanding electric vehicle models, including family haulers

Even though sales of electric vehicles aren't growing as fast as in past years and President-elect Donald Trump may ditch tax credits for EV buyers, automakers are moving ahead with new models that should appeal to mainstream buyers.

Even though sales of electric vehicles aren't growing as fast as in past years and President-elect Donald Trump may ditch tax credits for EV buyers, automakers are moving ahead with new models that should appeal to mainstream buyers.

Family haulers are the latest to see a new entry, with Hyundai unveiling the Ioniq 9 electric SUV on Wednesday night ahead of the Los Angeles Auto Show, where it will be displayed. The show's press day is Thursday, and it runs until Dec. 1.

The large SUV has three rows of seats for as many as seven passengers, aiming at families who have to transport kids and goods all over town or even on road trips.

Through September, U.S. new EV sales were up 7.2 per cent to about 936,000, according to Motorintelligence.com. That’s slower growth than the 47 per cent increase in 2023. But EV sales this year still are likely to surpass last year’s record of 1.19 million. The EV share of new vehicle sales this year is 7.9 per cent, up from 7.6 per cent last year.

Analysts say sales are slowing because early adopters have bought EVs and mainstream buyers are worried about limited range and a lack of chargers on longer trips.

Still, automakers are adding segments of the markets, and with more models arriving, buyers have more choices, said Stephanie Brinley, an associate director with S&P Global Mobility.

“We're starting to see some of that proliferation throughout (market) segments,” she said. “That's part of advancing electric vehicle sales.”