Reports suggest that there has been a slowdown in electric vehicle (EV) sales this year, but new data presents a different outlook. According to a recent report, the Q1 sales data indicates that the EV sales downturn in the U.S. may be more of a temporary dip rather than a prolonged slump.
Many automakers have experienced continued year-over-year sales growth. The top five models sold were the Tesla Model 3, Ford Mustang Mach-E, Rivian R1S, and Ford F-150 Lightning.
BloombergNEF’s Corey Cantor suggests that automakers may be overreacting, attributing some of the unease to a potential “Tesla issue,” as no other automaker in the U.S. has sold over 100,000 EVs in a year. However, forecasts indicate that Hyundai, General Motors (GM), and Ford could soon reach and surpass that threshold.
Furthermore, Bloomberg forecasts that even if the global EV market remains slow, the majority of vehicles worldwide would still be EVs in ten years. The outlook for EV adoption in 31 countries seems promising according to another Bloomberg report, which suggests that a “tipping point” for battery electric vehicle (BEV) adoption is within reach.
This is despite the concerns about the current slowdown in the global EV market.