Americans bought over one million electric vehicles in 2023
U.S. consumers bought more electric vehicles than ever this year.
TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Wednesday, December 6th.
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin - reporting from the New York Stock Exchange.
Stocks were in the red to close out today's session. The Dow closed down 69 points, the Nasdaq closed down five tenths of a percent, and the S&P closed three tenths of a percent lower. This comes as investors continue to react to recent data that showed continued signs of slowing in the labor market.
This, coupled with low job openings, is giving investors hope that the Fed could cut interest rates in the near future. Wall Street is waiting on two more key employment reports – jobless claims on Thursday and the November jobs report on Friday.
Meanwhile, Wall Street is also paying close attention to oil – oil prices fell below 70 dollars a barrel, marking the lowest level since January.
In other news - Americans are buying more electric vehicles than ever. According to a new report from Bloomberg New Energy Finance, more than one million EVs were purchased in the United States in 2023.
A big reason for the bump in sales is the sheer amount of electric vehicles now on the market. There are currently 95 EV models available in the U.S., a 40% increase from 2022. Another reason for the jump is the Inflation Reduction Act, which provides customers with tax credits for EV purchases.
Electric vehicles accounted for about 8 percent of all new vehicle sales in the United States. However, while sales are on the rise, it’s still far lower than in China - where EVs accounted for 19% of all vehicle sales.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet."
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