A blogger live streams on two mobile phones standing by one of the EVE concept cars from Chinese automaker NIO during an event to launch the ES8 electric SUV in Beijing, China, Saturday, Dec. 16, 2017. (AP Photo/Ng Han Guan)
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Automakers with ambitious plans to roll out more than a hundred new battery-powered models in the next five years appear to be forgetting one little thing: Drivers aren't yet buzzed about the new technology. Electric cars – which today comprise only 1 percent of auto sales worldwide, and even less in the U.S. – will account for just 2.4 percent of U.S. demand and less than 10 percent globally by 2025, according to researcher LMC Automotive. Tesla CEO Elon Musk had been planning to build half a million electric cars in 2018, although that timeline could be jeopardized by missed production targets for the $35,000 Model 3 sedan.Tesla shares are up about 60 percent this year, while Ford has gained closer to 5 percent.The company predicts EVs will only grow to between 3 and 6 percent of global auto sales by 2025, said Jim Tobin, chief marketing officer at the Canadian company.Industry executives convinced drivers will abruptly exit their internal combustion engine vehicles in favor of electrics may find themselves too overzealous, with LMC forecasting gasoline-powered engines will still make up about 85 percent of U.S. new car sales in 2025 .
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