US Auto Sales Grow but EV Momentum Slows as Buyers Wary of Limitations

• US auto sales grew nearly 5% in Q1 2022 despite high interest rates, but EV growth slowed to just 2.7% • Average vehicle sales price dropped 3.6% in March to $44,186 due to increased discounts from automakers • Mainstream buyers are wary of EVs due to range, charging limitations, and other real-world concerns • Small and affordable vehicles are selling faster than larger, more expensive models • Tesla global sales fell 9% in Q1 due to factory changes, shipping delays, and a factory power outage