Electric vehicle sales increased by more than 250 percent year-over-year in Q2 2021, according to data compiled by Cox Automotive.
Electric vehicle sales grew from 33,312 units in Q2 2020 to 118,233 units in Q2 2021 – an increase of 254.9 percent. This large disparity was partially driven by lower-than-usual vehicles sales last year due to the COVID-19 pandemic, but that’s not to say that EV sales aren’t actually on the up-and-up Cox Automotive says new offerings like the Ford Mustang Mach-E and VW ID.4 are helping to drive EV sales this year, while heavy incentives on the outgoing 2020 model year Chevy Bolt EV have also helped to inspire consumers to make the switch.
Additionally, Cox Automotive found 30 percent of consumers either “extremely or very likely” to consider an EV for their next vehicle purchase. The consumer research agency says EV consideration “is typically in the 5 percent to 7 percent range,” and that high gas prices are convincing more motorists to buy an EV for their next vehicle. Demand for gasoline is also at a record high, Cox Automotive also said, with prices rising 40 percent from the beginning of the year.
Electrified vehicles, which include hybrids and plug-ins as well as pure EVs, accounted for 376,261 sales in Q1 2021, which is 8.53 percent of the 4,412,737 vehicles sold in the U.S. during that time. Of those, 258,028 vehicles were hybrid or plug-in hybrid – meaning that HEV and PHEV sales are still outpacing EV sales by a significant margin. Cox Automotive expects this to remain the case for the coming years, although it predicts pure EVs will eventually come to take over the market.
“The electrified market is still dominated by hybrids and plug-ins, but all the automaker rhetoric today is about future EVs,” the company said. “The progress may be slow, but the path is set.”