Record Breaking EV Sales
In Q1 of 2022 the Electric Vehicle Industry saw a record breaking growth in sales at 60% - despite an 18% downturn in the overall market. EVs were flying off lots like toilet paper was off grocery store shelves in early 2020.?
This level of sales growth is unprecedented. Since mass market electric vehicles made their debut about a decade ago, we have, to this point, seen only marginal growth, but this new jump allowed EVs to hit a record high, surpassing 5% of all new auto sales in the United States.?
That said, the EV sales in the US are lightyears behind many other countries. For example, 86% of all new auto sales in March of this year in Norway were electric vehicles. While of course, there are very reasonable factors limiting even greater market growth - such as the state of the US charging infrastructure that has been discussed in a previous edition of this newsletter - this new growth illustrates the incredible potential the EV market holds.?
Some factors we suspect might be contributing to the major uptick in EV sales include decreasing EV sticker prices, limited long term maintenance, increased gas prices, greater EV range and performance. In short, EVs are more readily able to compete with your everyday gasoline powered vehicle now - and they have been given an even sharper edge through recent legislation that seeks to level the playing field even further with tax credit and charging infrastructure initiatives.?With these factors at play, now is a critical time to capitalize on this momentum and establish your platform in a rapidly growing market.
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Resource: As electric vehicles continue to gain a foothold in the auto market at record paces, anticipating potential bottlenecks and resource limitations will be crucial.?
Fun Fact: Did you know that electric vehicles actually produce “engine noise” through a speaker, as they do not create engine noise during normal function, in order to ensure pedestrian and cyclist safety?