subscribers. Become an Insider
and start reading now.
Have an account? .
- Automakers are bracing for an EV crash, but sales are still booming.
- Global EV sales hit a record in September as demand in the US, Europe, and China surged.
- GM took a $1.6 billion hit over its EV strategy shift on Tuesday and warned adoption is about to slow.
The EV boom is not slowing down.
A record 2.1 million electric vehicles were sold globally last month, driven by strong demand in the US, Europe, and China, according to research firm Rho Motion.
EV sales in the US soared in September as customers scrambled to beat the expiration of the $7,500 tax credit, with Tesla, Ford, and GM all reporting record electric vehicle deliveries.
It’s the first time global electric vehicle sales have broken the two million mark, with September EV sales rising over a quarter compared to the same period last year.
The sales milestone is a signal that the EV boom still has road left to run, even as many automakers roll back their electric vehicle plans.
On Tuesday, General Motors said it would take a $1.6 billion charge over its EV strategy shift.
The Detroit automaker, which announced ambitious plans to sell only electric vehicles by 2035 four years ago, said it expects demand to slow following the end of the federal tax credit for new EVs.
GM unveiled a $4 billion investment in June to boost production of gas-powered vehicles in the US.
Other automakers have also doubled down on combustion engine vehicles, with Stellantis announcing a new $13 billion investment in the US on Tuesday that will see it build several new gas-powered vehicles at its US factories.
One country that is not tapping the brakes is China. Over 7.5 million electric vehicles have been sold in China so far this year, more than the rest of the world combined, and EV sales are expected to overtake their combustion engine counterparts this year.
Read the full article here
