Thomas Libby of S&P Global Mobility, a manager focused on the U.S. new and used vehicle industries, explains that the San Francisco buyer and the EV buyer share similarities. The area’s overall wealth also encourages EV penetration. Interestingly, the wealthiest suburbs have higher EV penetration rates than San Francisco’s city limits, according to S&P Global Mobility. In March, nearly 50% of new-vehicle buyers in the area had household incomes of $200,000 or more, and over 75% had household incomes of $75,000 or more.
The West Coast, particularly the San Francisco, San Diego, Seattle, Sacramento, and Los Angeles metropolitan areas, are the top areas in terms of EV market share, thanks to Tesla’s influence and the region’s openness to trends and technology. Libby believes that as automakers invest in EVs, the rest of the country will follow suit.
Libby also notes that the San Francisco area reaching a 50% milestone in EV market share is not only a reflection of the growing market share but also the awareness and acceptance of the concept of EVs.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.