This year has been a good year for the nascent electric vehicle (“EV”) sector, all things considered. Although the economy is still struggling to recover from the effects of the coronavirus pandemic, data shows that battery electric vehicle (“BEVs”) sales nearly doubled between January and October. With the effects of climate change becoming clearer every year, several governments have revealed plans to achieve carbon neutrality by 2050, and automakers have been developing new EV models. However, EV adoption has been quite slow owing to factors such as high costs and limited charging infrastructure.
Nevertheless, car registration data sourced from Experian shows that consumer interest in zero-emission electric vehicles is on the rise. From January to October 2021, consumers registered 378,466 battery electric vehicles, making up 2.9% of total vehicle registrations. This is more than 94% the number of BEVs sold in the same period last year, which made up just 1.7% of total sales. Unsurprisingly, Tesla vehicles made up the bulk of electric vehicles bought in the first 10 months of the year, with the Tesla Model Y and Model 3 being the most popular premium brand vehicles on the market.
Tesla has sold 143,504 Model Ys and 260,932 electric cars in total this year. Tesla vehicles currently make up nearly 69% of the battery electric vehicle segment, with two out of every three new battery-electric vehicles being either a Model 3 or Model Y. Ford’s Chevrolet Bolt was the third most registered electric car followed by the Ford Mustang Mach-E. Due to the recent recall of Chevy Bolts due to battery fire risks, the Mustang Mach-E may surpass it and become the third most popular BEV by the end of the year. As Tesla Model S sales ramp up, it may soon take the number-five spot ahead of Volkswagen’s ID.4, which currently isn’t in production because of to supply chain issues.
Specifically, consumers bought 134,504 Model Ys, 112,314 Model 3s, 23,041 Chevy Bolts, 20,518 Ford Mustang Mach-Es, 13,787 Volkswagen ID.4s, 12,272 Model Ss, 11,933 Nissan Leafs, 8,620 Hyundai Kona Electrics, 7,818 Porsche Taycans, 6,749 Kia Niro EVs and 26,910 EVs from other brands. California, which is home to EV makers Tesla, Lucid and Rivian, has the largest share of America’s electric vehicles at around 129,800 EVs (34.3%). Several automakers and EV startups are preparing to unveil a variety of new EV models in 2022.
These growing sales figures portend well for other EV and vehicle companies, including Mullen Automotive Inc. (NASDAQ: MULN), which are yet to make it into the top-five sellers at the moment. Since the sector is just emerging, there is massive room for growth if industry players offer what motorists are yearning for.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
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