US electric vehicle sales have declined, with a 20% drop in the second quarter compared to last year, according to Cox Automotive. Despite this, the international market for electric vehicles continues to grow, with sales rising in countries like China.
International Demand
Chinese automaker BYD has surpassed Tesla as the world’s largest electric vehicle maker, with 55% of Chinese auto sales being some form of electric vehicle. The international market is driven by government incentives and higher gas prices, making electric vehicles more attractive to consumers.
In the US, the elimination of tax incentives and a spike in gas prices have not significantly boosted electric vehicle sales. However, legacy automakers like Ford are still committed to developing electric vehicles, with plans to offer new models in the future.
US Market
While US demand for electric vehicles has softened, the market is not entirely grim. Second-quarter sales rose 15% compared to the first quarter, and used electric vehicle sales have hit a record high, according to Cox Automotive. This suggests that there is still a natural demand for electric vehicles in the US market.
Original reporting: KEYT (Ventura/Santa Barbara) — read the source article.
