Electric vehicle sales growth outpacing the broader auto industry

[ad_1]

The auto industry’s push toward electric cars has gained momentum this year with sales of these models growing at a faster rate than the broader US auto trade.

Although sales of additional vehicles still represent a segment of the overall market, they 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 auto sales, according to research firm Wars Intelligence.

The biggest factor behind the gains was the continued dominance of Tesla Inc. on the electricity sector. Tesla sales in the United States are up 78% through June of this year, according to an estimate by research firm Motor Intelligence. That increase was helped by Tesla’s Model Y crossover SUV, which quickly became the company’s best-selling since its introduction last year. Tesla is due to announce its second-quarter financial results on Monday.

Other new offerings from traditional automakers, such as Ford Motor Company’s Mustang Mach-E SUV and ID4 Volkswagen AG, also helped drive sales of plug-in electric vehicles to more than 3% of the total US market in May and June, It is the highest rate ever recorded, according to industry data.

Auto companies collectively spend $330 billion over the next five years to bring more and more models to showrooms, according to consultancy AlixPartners LLP.

.

[ad_2]