EVs are still pulling more juice from the grid, but the pace cooled. The EIA said Wednesday that electricity consumption by light-duty electric vehicles, including passenger cars, rose 8% year over year in the first half of 2026. That is well below the 13% to 24% range seen in recent years, when the high point hit in late 2023.
The cooling lines up with weaker buyer interest after federal tax credits that lowered the cost to buy or lease expired in September 2025. In the same window, automakers such as Ford Motor Co. and Honda Motor Co. have trimmed electric models that were not finding customers. Pull those threads together, and the EIA's data show new EV sales slid by 19% in the opening half of 2026 compared with the previous six months.
A few minutes a day is enough to stay genuinely informed about your money. Join Market Briefs free and start tomorrow.
Battery-electric and plug-in hybrid vehicles both rely on the grid, so more of them still means more power demand. Translation: the EV load is becoming a more meaningful slice of overall demand, just not accelerating as fast as it was. For your wallet, that points to a steadier, slower buildout story in charging and power infrastructure rather than a breakneck boom.
Rates, prices and policy all end up in your budget eventually. Get the free Market Briefs daily newsletter and see it coming.
