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EV sales may experience some tailwinds, leading to robust activity through the end of the year.
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The average transaction price for new EVs has slightly decreased and used EV prices are nearing parity with those of traditional vehicles.
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At 9.5% for 2023, EVs have reached their highest-ever sales penetration in the U.S. Yet an analysis by the Alliance for Automotive Innovation (AAI) shows the extreme disparity in the geographic distribution of EVs and charging infrastructure.
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Analysis: Slowing EV adoption, an expensive UAW labor contract, and higher consumer interest rates will diminish the profits and gains of recent years.
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Rising new-car sales in Europe and Australia appear to indicate the automotive industry is recovering supply shortages caused by the COVID pandemic.
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According to Cox Automotive's AutoFocus , total new car registration in 2023 is forecasted at 1,921,436, a significant increase of nearly 20% compared to 2022 figures but still lower (-16.9%) than pre-pandemic yearly registrations.
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According to June 2023 sales data from the Motor Vehicle Association New Zealand, new car sales in the country were 95.5% higher than June 2022 and 2,556 units higher than the previous biggest month, March 2022 (21,004 registrations).
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In June, new car registrations in the major European countries were significantly higher than the corresponding figures of the previous year. New registration numbers for January to June also surpass the previous year’s numbers.
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The company’s decision to leave mainland Europe came at the conclusion of a recent strategic review of its EU business, which focused on a strategy to further preserve cash and position Cazoo to achieve profitability without requiring additional external capital.
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The pace of change in the used car market only seems to accelerate. How can fleets adjust?
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