April 21, 2021—A new study confirms that electric vehicles continue to gain momentum in the U.S.
While EVs make up just two percent of current vehicles on the road, a Cox Automotive and Kelley Blue Book study found EVs account for 7.8 percent of first quarter vehicle sales in 2021, according to a press release.
Electrified vehicle sales grew roughly 81 percent from the same time frame last year, far outpacing the overall industry growth of 11.4 percent. Sales of electric vehicles (EVs)–battery only–grew by 44.8 year over year, reaching nearly 100,000 sales in the quarter, a record. Sales of hybrid vehicles outpaced both the market and EVs, doubling to more than 200,000 in the quarter.
"Electrified vehicle growth in the U.S. and around the world is shining a spotlight on battery development and sourcing,” Cox Automotive Executive Analyst Michelle Krebs sad in a statement. "As the industry builds more vehicles with battery packs, sourcing of these parts and lifetime management of the battery cells is a critical hurdle the industry must clear.”
