Electric vehicle sales growth overtakes the automotive industry as a whole – .

Electric vehicle sales growth overtakes the automotive industry as a whole – .

The auto industry’s push into electric vehicles has gained momentum this year, with sales of these models growing at a faster rate than the entire US auto industry.
Although still only a fraction of the overall market, sales of plug-in vehicles more than doubled in the first half of 2021 compared to last year, when the pandemic sapped sales. That far exceeded the 29% increase in total vehicle sales, according to research firm Wards Intelligence.
The main factor behind the gains was Tesla Inc.’s continued dominance in electricity. Tesla’s sales in the United States rose 78% through June of this year, according to an estimate by research firm Motor Intelligence. The increase was aided by Tesla’s Model Y crossover SUV, which has quickly become the company’s top seller since its introduction last year. Tesla is expected to release its second quarter financial results on Monday.
Other new offerings from traditional automakers, such as Ford Motor Co.’s Mustang Mach-E SUV and Volkswagen AG’s ID.4, have also helped push sales of plug-in electric vehicles to over 3% of the market. US market total in May and June, the highest on record, according to industry data.
Automakers are collectively spending $ 330 billion over the next five years to bring more plug-in models to showrooms, according to consulting firm AlixPartners LLP.


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