The automotive data provider Cox updated its sales projections for 2023. One takeaway is that automakers need to work harder to sell electric vehicles.
Even though sales of electric vehicles are hitting records in the U.S., there are some concerning trends. Investors and auto makers should be paying attention.
As for EVs, sales are still hitting records. Second-quarter unit sales were about 295,000, a record and up about 48% year over year. EVs accounted for about 7% of all new car sales, but Cox forecasts that will rise to 8% for the third quarter. That translates to roughly 310,000 units, another record.
Cox projects that EV sales will account for 23% of all new-car sales in California in the third quarter, while the figure in Michigan and Ohio—Ford and General Motors country—is projected to be 3%. Both manufacturers have a lot of assembly plants and employees in the region, but people there don’t seem to want EVs.
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