US EV Sales Rebound 14% to 247,226 in Q2 as $5 Gas Lifts Demand
Updated
Updated · Business Insider · Jul 10
US EV Sales Rebound 14% to 247,226 in Q2 as $5 Gas Lifts Demand
3 articles · Updated · Business Insider · Jul 10
Summary
247,226 EVs were sold in the US in the second quarter, up from about 216,000 in Q1 and marking the first sequential gain since federal incentives ended last year.
Higher gasoline prices — reaching about $5 a gallon in some cases — improved EV ownership economics, helping revive demand after the tax-credit-driven slump.
Tesla kept its lead with 124,800 deliveries and a 50.5% market share; the Model Y remained the top-selling EV at 84,863 units, down 1.5% year over year.
Automakers that pulled back on EVs after incentives expired were hit as gas-powered vehicles became costlier to run: Ford's EV sales fell 41%, Chevrolet's 48%, Mercedes' 59%, and Nissan's 88%.
Brands that stayed invested benefited, with Toyota's EV sales jumping 225% to 11,826, Subaru more than doubling to 7,023, Kia rising 46%, and Rivian gaining 7.6%.