Huge price reductions and increased availability are driving growth in the electric vehicle market, which saw record sales in 2023, as major manufacturers like Tesla, Ford, and General Motors lower their prices and pass on cost savings from raw materials to consumers.
Chinese EV company BYD and Tesla are reporting strong earnings and are emerging as leaders in the electric vehicle industry.
Shares of Chinese automaker BYD listed in China surged over 5% following a significant jump in first-half profit, driven by record deliveries and growth in the new energy vehicle business, with revenue increasing by 72.72% compared to the same period last year.
China's top EV maker, BYD, saw a 145% surge in profits in Q2, driven by record deliveries, despite the ongoing EV price war in China.
Subaru of America reported 56,407 vehicle sales in August, marking 13 consecutive months of year-over-year growth, with the Subaru Solterra all-electric vehicle achieving record sales of 915 units and accounting for 1.6% of Subaru's total sales volume.
Tesla and BYD are currently leading the Chinese electric-vehicle market, while Lucid is taking its time to enter the race.
In the Netherlands, plug-in electric car sales are reaching a majority share of the market, with 45 percent of total sales and all-electric cars holding one-third of the market.
