Global EV sales weakness/stabilization vs regional surges, OEM retreats/expansions/impairments ($75B+ costs), Tesla/BYD/Toyota/Ford/Kia/GM/Rivian/VW/Hyundai/Stellantis duel & hybrids/used surge
Key Questions
Why are EV sales weakening in the US?
US EV sales are experiencing weakness, with models like the Honda Prologue down 66% in Q1 and requiring $8,000 discounts. Used EV sales have surged +30%, and gas vehicle inquiries are up +28%, amid rising new-car prices and petrol costs over $4 per gallon. States like Minnesota saw declines after federal tax credits expired.
What is driving record EV sales in the UK?
UK EV registrations hit a record 137k in March, up 14.5%, with PHEVs surging 46%. The Jaecoo 7 PHEV became the best-selling car with 10,064 registrations. Overall new car sales reached a four-year high of 380,627 units as fuel prices rose.
Has the EU changed its 2035 EV mandate?
The EU has dropped the strict 2035 all-EV mandate, now allowing hybrids and targeting 90% CO2 cuts instead. This policy shift supports hybrids amid ongoing EV market impairments costing OEMs over $75B. It reflects a more flexible approach to electrification.
How does BYD compare to Tesla in global sales?
BYD outsells Tesla globally, capitalizing on EV and PHEV demand in regions like China and the UK. While Tesla faces US weakness, BYD's models like the Seal contribute to its lead. This occurs amid OEM duels involving Toyota, Ford, Kia, GM, Rivian, VW, Hyundai, and Stellantis.
What discounts is Honda offering on the Prologue EV?
Honda is providing up to $8,000 off the Prologue EV due to a 66% Q1 sales drop in the US. This responds to sharp market weakness and rising interest in used EVs and gas vehicles. The discounts aim to boost demand amid broader EV slowdowns.
Why are used EV sales surging in the US?
Used EV sales are up significantly as buyers seek affordable options amid high new-car prices and petrol over $4/gallon. Models like those listed in top sales jumps are seeing big increases. This trend coincides with EV market stabilization and hybrid surges.
What is the status of EV impairments for OEMs?
OEMs face ongoing impairments exceeding $75B due to EV market retreats and expansions. Companies like LG Energy reported deeper Q1 losses from EV slowdowns. This is part of a global transition hinging on policy and cost reductions.
How are hybrids performing in the EV market?
Hybrids are surging, with US sales up 57% and UK PHEVs +46% in March. EU policy shifts now support hybrids over strict all-EV mandates. Toyota and Lexus also hit EV sales records in Q1, blending hybrid strategies effectively.
US weakness sharpens Honda Prologue -66% Q1/$8k discounts, used +30%; gas inquiries +28%; UK Mar 137k EVs record +14.5%/PHEV +46%; EU drops 2035 all-EV mandate for hybrids/90% CO2 cuts; impairments ongoing. BYD outsells Tesla globally.