The auto industry’s push into electric vehicles has gained traction this year with sales of these models growing at a faster clip than the broader U.S. car business.
While still a sliver of the overall market, sales of plug-in vehicles more than doubled in the first half of 2021 compared with last year, when the pandemic sapped sales. That far outpaced the 29% rise for total vehicle sales, according to research firm Wards Intelligence.
The biggest factor driving the gains was Tesla Inc.’s continued dominance in electrics. Tesla’s U.S. sales rose 78% through June this year, according to an estimate from research firm Motor Intelligence. The increase was helped by Tesla’s Model Y crossover SUV, which has quickly become the company’s top seller since being introduced last year. Tesla is scheduled to report second-quarter financial results Monday.
Other new offerings from traditional auto makers, such as Ford Motor Co. ’s Mustang Mach-E SUV and Volkswagen AG’s ID.4, also helped push sales of plug-in electric vehicles to over 3% of the total U.S. market in May and June, the highest ever recorded, according to industry data.
Auto companies collectively are spending $330 billion over the next five years to bring more plug-in models to showrooms, according to consulting firm AlixPartners LLP.
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