Results for: EV Sales

A recent analysis by AutoTrader has identified the slowest-selling used cars in the UK, with three fully electric vehicles making it into the top 10. The Fiat 500e, Volkswagen ID.3, and Volkswagen ID.5 were among the most challenging models to sell, taking an average of around three months to change hands. The data raises concerns about the transition to electric vehicles in the UK, as Plug-in hybrid vehicles also accounted for three positions in the top 10. In contrast, only one EV, the Jaguar I-Pace, made it onto AutoTrader’s list of the top 10 fastest-selling cars, ranking fifth. The BMW M2 Coupe emerged as the overall slowest-selling used car, with models up to one year old taking a staggering 104 days to find new owners. BMW had a second vehicle in the top 10 with the 2 Series Active Tourer Petrol Plug-In Hybrid, while the Volkswagen ID.5 SUV and Audi Q5 Petrol Plug-In Hybrid also faced sluggish sales. Land Rover’s Range Rover Sport, MG HS SUV Plug-In Hybrid, Ford Mondeo Hatchback, and Mercedes-Benz V-Class rounded out the top 10. The data suggests that petrol models are currently selling faster than any other fuel type in the used car market, while the average speed of sale for hybrids and diesel vehicles has declined. EVs have seen a slight improvement in their average sale time, but they still lag behind petrol models.

Global electric vehicle (EV) sales are expected to reach 17 million this year, with China continuing to dominate the market, according to the International Energy Agency (IEA). The IEA projects that by 2030, one in three cars sold in China will be electric, while one in five will be electric in Europe and the United States. This growth is driven by advancements in battery manufacturing technology and government incentives. However, challenges remain, including lower profit margins for automakers and the instability of raw material prices for batteries.

Tesla’s profits plunged by 55% to $1.13 billion in the first quarter of 2024, as a result of prolonged price cuts on electric vehicles (EVs) and supply chain challenges. Despite a slight increase in revenue to $21.3 billion, the company’s earnings per share fell below analysts’ expectations. Tesla’s quarterly report highlighted issues such as the Russia-Ukraine conflict, production delays in California, and ongoing pressure from the transition to hybrids from EVs. The company’s vehicle deliveries declined by 20% in the first quarter, marking a slowdown in sales growth.

General Motors has maintained its leadership position in American car sales for the first quarter of 2024, despite facing challenges in its electrification efforts. The company’s strong earnings performance has boosted its confidence in investing in its future, including strengthening its internal combustion engine (ICE) portfolio, scaling electric vehicles (EVs), and reinvesting in the business. GM’s CFO, Paul Jacobson, attributed the company’s success to its resilient customer base, despite concerns over high interest rates impacting consumer spending. The company reported an operating profit of $3.7 billion in the quarter, exceeding previous estimates of $3.12 billion.

The International Energy Agency (IEA) has released its annual Global EV Outlook 2024, which projects continued strong growth in the electric vehicle market. Global electric car sales are expected to reach 17 million in 2024, driven by strong demand in China, the United States, and Europe. The IEA believes that the EV revolution is entering a new phase of growth and that EVs will play a crucial role in reducing global oil demand.

Electric car sales are projected to surge by 21.4% this year, with over 17 million units sold globally. The International Energy Agency (IEA) predicts that by 2035, half of all cars sold worldwide will be electric. However, affordability and charging infrastructure availability remain key barriers to wider EV adoption.

The IEA expects electric vehicle demand to increase significantly, leading to a reduction in oil consumption for road transport. Ongoing policy support, investment in the EV supply chain, and declining battery prices are contributing to the growth trajectory. However, the pace of the EV transition will largely depend on affordability and public charging availability.

China remains a major player, accounting for over 50% of global EV sales in 2023. Growing EV exports from China are likely to influence purchase prices. Despite recent challenges and slowing demand, industry analysts believe the EV revolution is still on track. Nevertheless, hurdles such as high pricing compared to gas-powered vehicles and inadequate charging infrastructure need to be addressed for continued growth.