General Motors had its best EV sales quarter ever in Q2, despite only a 0.6% increase in overall new vehicle sales. The success can be attributed to the Ultium plan, tax credits, lease deals, and other discounts.
Hyundai, Kia, and Toyota are also benefiting from strong EV sales in Q2, particularly due to low lease prices. The current high interest rates pose a challenge for overall new car market growth.
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