Americans bought more than one million electric vehicles in 2023

The Street

TheStreet’s J.D. Durkin brings youth biggest news of the day including how the market fared and why Americans are buying more electric vehicles than ever.

Transcript

00:00 I'm J.D. Durkin reporting from the New York Stock Exchange.

00:03 Stocks were in the red to close out the day's session.

00:05 The Dow Jones Industrial Average closed down 69 points.

00:08 The tech-heavy NASDAQ closed down 0.5%, while the S&P 500 closed 0.3% lower.

00:15 This all comes as investors continue to react to recent data that showed continued signs

00:19 of slowing in the U.S. labor market.

00:22 This coupled with low job openings is giving investors at least a bit of hope that the

00:27 Fed could cut interest rates in the near future.

00:29 Wall Street is waiting on two more key employment reports, jobless claims on Thursday, as well

00:35 as the November jobs report set for Friday morning.

00:38 Meanwhile, Wall Street is also paying close attention to oil.

00:41 Oil prices are falling below $70 a barrel, marking the lowest level we've seen since

00:46 January.

00:48 In other news, Americans are buying more electric vehicles than ever.

00:51 According to a new report from Bloomberg New Energy Finance, more than one million EVs

00:56 were purchased in the United States in 2023.

01:00 A big reason for the bump in sales is the sheer volume of electric vehicles now on the

01:04 market.

01:05 There are currently 95 EV models available in the U.S., a 40% increase from 2022.

01:11 Another reason for the increase is the Inflation Reduction Act, which provides customers with

01:16 tax credits for EV purchases.

01:19 Electric vehicles accounted for about 8% of all new vehicle sales in the United States.

01:24 However, while sales are on the rise, it's still far lower than in China, where EVs accounted

01:29 for 19% of all vehicle sales.

01:33 That'll do it for your daily briefing.

01:34 From the floor of the New York Stock Exchange, I'm JD Durkin with The Street.

01:37 -

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