{"id":75144,"date":"2023-10-21T04:09:05","date_gmt":"2023-10-21T08:09:05","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/u-s-ev-sales-skyrocket-in-3q-china-expands-reach\/"},"modified":"2023-10-21T04:09:08","modified_gmt":"2023-10-21T08:09:08","slug":"u-s-ev-sales-skyrocket-in-3q-china-expands-reach","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=75144","title":{"rendered":"U.S. EV sales skyrocket in 3Q, China expands reach"},"content":{"rendered":"
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\u00a9 Reuters. US EV sales skyrocket in 3Q, China expands reach<\/span>
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According to data released by Cox Automotive, US electric vehicle (EV) sales surged by almost 50% in the 3Q compared to last year, surpassing 300,000 units sold for the first time.<\/p>\n

The current market trajectory suggests that the US may witness the sale of over a million EV cars this year, marking a significant milestone in the transition to auto electrification. A notable shift, coupled with Tesla’s (NASDAQ:) shrinking market share, dropping to a new low of 50%, down significantly from approximately 62% in 1Q.<\/p>\n

Third quarter EV sales for Mercedes (ETR:) and BMW (ETR:) in the US tripled compared to the previous year, while Hyundai (OTC:), Nissan (OTC:), and Volvo (OTC:) experienced growth exceeding 200%, according to Cox data.<\/p>\n

\u201cWhile there are merits to investing in familiar legacy automakers transitioning to EVs, they will likely face challenges making the transition. We think investors seeking global EV exposure should also look to China\u2019s leading EV players,\u201d write analysts at UBS.<\/p>\n

China\u2019s EV market has experienced significant growth in 2023, expanding by 36% compared to the previous year. By contrast, the broader passenger vehicle market in China has only grown 1.8%.<\/p>\n

China’s EV market growth in 2023, despite domestic consumption slowdown, indicates strong structural EV growth.<\/p>\n

China\u2019s growth can be primarily attributed to intense price competition, which has resulted in reduced prices for electric vehicles, making them more affordable for consumers. The decrease in prices can be attributed to lower battery costs, increased local chip sourcing, and growing scale benefits.<\/p>\n

Leading EV makers in the U.S. have expressed a more cautious approach to expanding production, due to factors such as higher interest rates, declining prices and profit margins, and a slowdown in demand for EVs.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. US EV sales skyrocket in 3Q, China expands reach According to data released by Cox Automotive, US electric vehicle (EV) sales surged by almost 50% in the 3Q compared to last year, surpassing 300,000 units sold for the first time. The current market trajectory suggests that the US may witness the sale of […]<\/p>\n","protected":false},"author":1,"featured_media":8152,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-75144","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nU.S. EV sales skyrocket in 3Q, China expands reach | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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