The growth of electric car sales exceeds that of the rest of the automotive industry
In this story
Electric car sales are a hot topic here in America right now. Some welcome its growth in recent years and other Warning that sales are not increasing as fast as they should be. Now, new analyses of new car registrations across America show that Sales of electric cars are actually increasing and at a much faster pace than the rest of the automotive industry.
Accordingly a new report from Automotive NewsSales of battery-powered models across America have risen relative to the rest of the industry. The uptick has been fueled by price cuts, tax breaks and other incentives designed to encourage Americans to switch to electric cars:
“The numbers for June were good for electric vehicles,” said Kent Chiu, analyst at S&P Global (SPGI) Mobility. “But there were pretty strong incentives behind it as motivators.”
New electric vehicle registrations rose 3.1 percent year-on-year to 108,026 vehicles in June, compared with an 8.8 percent decline in the broader light-duty vehicle market to just over 1.2 million, S&P Global (SPGI) said Mobility.
The relatively strong performance pushed the market share of electric vehicles up from 7.9 percent in June 2023 to 8.9 percent in June. The registration data, which is the most recent available, does not include gasoline-electric hybrids or used vehicles.
While the growing share of American car sales is good news for electric vehicle advocates, recent sales figures contain a warning. Experts pointed out that the proliferation of Tax relief and other incentives for electric vehicles could be the only reason why sales of electric vehicles are increasing compared to petrol models. These offers, they claim, are essential to convincing some buyers to switch to electric.
Without these price cuts, which can be as much as $18,000 on some models, hesitant buyers may be less likely to make the switch. These offers obviously work Registrations of electric vehicles increased dramatically in the first half of 2024, reports Automotive NewsAccording to the website, registrations are up 7% compared to 2023.
A version of this article originally appeared on Jalopnik’s The Morning Shift.
