While the UAW strike has slowed output at auto factories nationwide, the fallout has not fully hit consumers in dealer showrooms.
Total 2023 EV sales will likely surpass the milestone one million mark next month as the electric vehicle market transforms due to more product and supply and downward pricing pressure.
Sales in Q3 are expected to surpass 3.9 million, a jump of more than 15% from the same timeframe one year ago.
Tesla’s share fell below 60% for the first time, but the No. 2 seller of EVs in the U.S. – Chevrolet – is a distant second. Numbers will fuel the budding used EV market further.
Fleet sales have helped underpin the market improvement so far this year. Forecasts suggest fleet sales could increase by more than 40% year over year,
Vehicle shoppers now have a much better chance of finding something that fits their needs as improved supply relieves pent-up demand.
Twice as many vehicle shoppers considered hybrids instead of an EV and eight of 10 top selling electrified vehicles last quarter were hybrids.
Post-pandemic pent-up demand is moving into the automotive market. Strong sales growth into fleets strengthened April numbers.
Analysis: Consumers are repairing vehicles and holding them longer to avoid historically high used-car prices. The real question is: How long will used inventory remain tight and prices above normal?
Dealer lots are no longer empty, with far more selection for vehicle shoppers who may have been waiting to buy a particular model.
media brand
The secure and easy all-access connection to your content.
Bookmarked content can then be accessed anytime on all of your logged in devices!
Already a member? Log In
