Despite the challenges that hinder the growth of the nascent electric vehicle industry, EV adoption is steadily on the rise. More and more people are considering ditching their gasoline-powered cars for electric vehicles amid a global push to cut fossil fuel use. Data shows that registrations of plug-in electric cars were up by 61% worldwide this July compared to July 2021, with buyers registering a total of 778,000 vehicles.
Furthermore, strong plug-in sales in July propelled the market share of plug-ins to reach a whopping 14%. Battery electric vehicles (BEVs) that are solely powered by rechargeable lithium-ion batteries saw their market share reach 10%, indicating a growing interest in alternative energy cars among consumers. Given the July sales figures, experts predict that Q3 2022 will be the best-performing quarter for plug-ins.
Although plug-ins aren’t fully electric, they are becoming increasingly popular among drivers who are completely new to electric cars because they serve as a kind of midpoint between conventional internal combustion engine (ICE) cars and fully electric cars. Furthermore, the inclusion of a combustion engine as well as an electric motor significantly boosts a plug-in’s range as drivers can rely on both electricity and gas for propulsion.
Even so, consumer interest in BEVs is growing rapidly. BEV sales in July grew by more than 73% year over year, surpassing plug-in hybrid sales, which went up by 36%. A significant chunk of plug-in hybrid sales happened in China, and if we discount sales figures from the Asian country, we see that hybrid sales went down by 20% year over year. This reveals that the Chinese market has essentially been propping up plug-in hybrid sales, with consumers in other markets purchasing fewer hybrids.
The BYD Song Plus was the best-selling EV in July followed by the Wuling Hongguang Mini EV, the BYD Qin Plus and the Tesla Model Y. Chinese company BYD killed it in July, with five of its models being among the 10 top-selling electric cars of the month. The BYD Song, which won the global best-seller trophy, sold a record 32,367 units in July. Slower-than-usual registrations of Tesla EVs and the Wuling mini EV allowed BYD to claim several spots in the top 10, including the first, third, fifth and sixth spots.
The Tesla Model Y recorded record sales in July, selling nearly 30,000 units and making up 3.8% of the market. Aside from the five offerings from BYD, the rest of the top-10 list was rounded out by the Willing Mini EV, the Model Y, VW ID.4, the Tesla Model 3 and the GAC Aion Y.
With electric vehicles exceeding the 10% mark across the globe, there is only one way to go for manufacturers such as Mullen Automotive Inc. (NASDAQ: MULN), since the world is theirs to conquer in this nascent industry.
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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