![]() Overall, the trend is up, even in this article, but the headline implies it is down. There is one mention of Tesla sales (+74%) but perhaps the author is focussed on all the other brands which are playing catch up to the leader of the pack. ![]() I find the headline doesn't dovetail with the body of this article. “Typically it does well when the new generation comes out,” she said, adding that it’s probably too early to tell exactly what the trajectory for electric vehicles might look like. One factor, said Schweinsberg, is that cars often see a decline in sales within a year or two of a new model being introduced - a threshold that some EVs are reaching. But, for now, both Schweinsberg and Krebs say the growing inventory indicates that the growth of electric vehicle sales could start to drop. This would make more models eligible for federal tax credits in the future. In the wake of the Inflation Reduction Act, Hyundai and other companies have announced plans to produce more electric vehicles in the United States and source more battery components domestically. Hyundai has been particularly aggressive about promoting leases, which Stewart says have gone from accounting for around five per cent of the cars the company moves off the lot to about 30 per cent. ![]() Manufacturers have also utilized a loophole in the Inflation Reduction Act that allows them to claim a credit on vehicles they lease rather than sell. Market leader Tesla benefited from having recently regained access to tax credits and saw a 76 per cent jump in sales of its popular Model Y.Ĭompanies have combated the gaining EV headwinds in part by lowering prices – the average cost of an electric vehicle has dropped almost 20 per cent, to $53,438, in the last year alone. Still, the Hyundai Kona and BMW i4, which also does not qualify for federal tax credits, saw sales nearly triple. ![]()
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