Power & Pipes

In the last 10 years, annual electric vehicle (EV) sales in the US have increased by nearly 1,100%. While approximately 115,000 new EVs were sold in US markets in 2015, calendar year 2025 sales were substantially larger—nearly 1.3 million new EVs were sold in US markets. Despite strong sales numbers, the state of the EV industry in the US at the conclusion of 2025 could best be described as one of confusion. As sales numbers increased year over year, changes in various federal policy initiatives signaled potential trouble ahead for the EV market. 2025 concluded with a shifting tide in public perception about the state of the US EV market as some media narratives forecast a crash of the industry.

As 2025 approaches its last quarter, a look back at the electric vehicle (EV) market in the United States reveals an initially murky picture that is overshadowed by several recent developments boding well for EV market participants. Although the first several months of 2025 were littered with government actions that prompted some to predict the demise of the US EV market, more recent developments paint a different picture.

In November 2023, the Pennsylvania Public Utility Commission (PUC) issued a proposed policy statement to encourage Pennsylvania’s electric distribution companies (EDCs) to develop distribution and default service rate structures for electric vehicle (EV) charging customers. Following a review of comments submitted by stakeholders, on December 19, 2024, the PUC adopted a Final Policy Statement Order, which addressed those comments and included a final policy statement (Policy Statement). The Policy Statement became effective on February 15, 2025 following publication in the Pennsylvania Bulletin.

In our final dispatch from the CERAWeek conference by S&P Global, Felipe Alice shared some insights and key takeaways from a luncheon and dialogue session featuring tech entrepreneur, investor, and philanthropist Bill Gates.

Electric vehicle (EV) charging relies on a complex ecosystem involving multiple entities, including utility operators, third-party data network providers, charging infrastructure owners, and the EVs themselves. The high degree of digital interconnectivity required to run that ecosystem presents significant cybersecurity risks, including the potential for data theft, physical property damage, and electric grid disruptions.

The US Department of Treasury issued its long-awaited proposed guidance on March 31, 2023 to implement the critical mineral and battery component watershed requirements of the Inflation Reduction Act (IRA), which significantly revised the tax credit incentive mechanism of the Internal Revenue Code (Code) that relates to electric vehicles (EVs). Since the IRA’s enactment, the critical mineral and battery component requirements have generated tremendous interest and comment from virtually all segments of the automotive, mining, and component manufacturing industries.