A quick look around the economy could be a discouraging experience right about now. Prices on cars, trucks, and SUVs continue to rise while inventory levels are low. One bright spot has appeared though and that’s in the way electric vehicles continue to gain big ground in the market.
New data shows that the EV segment grew 66.4 percent during the second quarter, from 118,235 units in Q2 2021, to 196,788 in Q2 2022. The increase is even bigger for the first half of the year, as sales of EVs grew from 216,927 units in H1 2021 to 370,726 in H1 2022, up 75.7 percent.
The study from Cox Automotive details the growth in a number of ways but let’s focus on that total growth number first. No other segment came anywhere near it. In fact, as a whole, the new-vehicle sales market diminished 20 percent compared to the same period in 2021.
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