Even Joe Biden hasn’t had as many conflicting parties in recent months as electric vehicles. New reports suggest that concerns earlier this year about falling EV sales, which all but wiped out the segment, may have been a premature burial.
Kelley Blue Book reports that 330,463 electric cars were sold in the United States in the second quarter of the year, which is an increase of 11. 3% compared to the same period in 2023 and 23% more than in the first quarter. They accounted for 8% of all new vehicle sales in the quarter, surpassing the previous record of 7. 2% set a year earlier.
And that goes against Tesla’s sales, which were once the barometer of the segment’s health, which fell 6. 3% in the second quarter, year-over-year. KBB Knowledge Tesla now accounts for 49. 7% of all EV sales in the U. S. The U. S. is up from 75% in 2022.
“EV sales beat expectations in a record quarter. “The rise of festivals creates continued pressure on prices, driving the adoption of electric vehicles,” according to Stephanie Valdez Streaty, director of industry research at Cox Automotive. “Automakers that offer the right product at the right price and deliver a great customer experience will lead the way in EV adoption. »
Although its sales have declined overall, Tesla’s Model Y electric crossover SUV remains the king of electric vehicles, with more than 101,000 units delivered to consumers in the second quarter. The best-selling electric vehicle right now is Tesla’s Model 3 sedan, with fewer than 43,000 units. The third best-selling model, according to KBB, is the Ford Mustang Mach-E, with 12,645 models sold in the second quarter. General Motors is second behind Tesla, with 12,645 total electric vehicle transactions.
Increased competition, dramatic price drops and one-time federal credits of up to $7,500 for certain models have clearly helped boost sales in the segment, despite the inherent limitations of electric vehicles, especially when it comes to autonomy. and public charge.
Additionally, cash rebates from automakers, which had still exhausted supply chain shortages caused by the pandemic, are now coming to fruition. % is being implemented on the hood of various models to boost sales. Lease offers are just as generous these days, and many automakers whose electric cars wouldn’t otherwise qualify for the aforementioned federal credit can offer the $7,500. incentives through their leasing programs.
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