So I was led to believe that EVs were doing poorly a few headlines ago, but maybe its specific to Tesla?
The Detroit automaker Monday reported sales of 174,192 cars and trucks for February. The results included an 81% jump in EV sales and roughly 32% uptick in hybrid models. Sales of traditional internal combustion engines also increased, up 7.5% from the same month a year earlier.
+81% EV sales, mostly Mach-E and F150 Lightning. Hybrids are still doing great at +32% growth.
I think the YoY comparison is misleading as their EV production was not in full swing last Feb, and now they are probably just filling inventory before they pause production to shift to more of a hybrid mix. It’s the same kind of YoY comparison that led to crazy Tesla valuations as they increased volume rapidly to meet demand. The huge increase is not indicative of a long term trend, since it’s unlikely demand was increasing at the same rate as production.
A more meaningful comparison would be to the average of the last N months (pick N to avoid seasonality).