Greener Living
EV sales are still booming for most automakers — even if Tesla is in a rut.
After an underwhelming start to the year for US electric-vehicle sales, it might seem easy to conclude that the boom times are over. Sales were flat in the first quarter, Ford dramatically scaled back expansion plans and Tesla laid off 10% of its global workforce. But these dismal indicators only tell part of the story.
For every sign of an EV slowdown, another suggests an adolescent industry on the verge of its next growth spurt. In fact, for most automakers, even the first quarter was a blockbuster. Six of the 10 biggest EV makers in the US saw sales grow at a scorching pace compared to a year ago — up anywhere from 56% at Hyundai-Kia to 86% at Ford. A sampling of April sales similarly came in hot.
