"The EV boom is not slowing down. A record 2.1 million electric vehicles were sold globally last month, driven by strong demand in the US, Europe, and China, according to research firm Rho Motion. EV sales in the US soared in September as customers scrambled to beat the expiration of the $7,500 tax credit, with Tesla, Ford, and GM all reporting record electric vehicle deliveries."
"On Tuesday, General Motors said it would take a $1.6 billion charge over its EV strategy shift. The Detroit automaker, which announced ambitious plans to sell only electric vehicles by 2035 four years ago, said it expects demand to slow following the end of the federal tax credit for new EVs. GM unveiled a $4 billion investment in June to boost production of gas-powered vehicles in the US."
"Other automakers have also doubled down on combustion engine vehicles, with Stellantis announcing a new $13 billion investment in the US on Tuesday that will see it build several new gas-powered vehicles at its US factories. One country that is not tapping the brakes is China. Over 7.5 million electric vehicles have been sold in China so far this year, more than the rest of the world combined, and EV sales are expected to overtake their combustion engine counterparts this year."
Global electric vehicle sales hit a record 2.1 million in September, driven by strong demand across the US, Europe, and China. US buyers rushed to qualify for the expiring $7,500 federal tax credit, producing record deliveries at Tesla, Ford, and GM and lifting September EV sales by over 25% year-over-year. Several automakers are revising strategies: General Motors will take a $1.6 billion charge and expects demand to slow after the credit ended, and GM invested in boosting gas-vehicle production. Stellantis announced a $13 billion US investment for new gas-powered models. China sold over 7.5 million EVs year-to-date and is poised to surpass internal combustion sales.
Read at Business Insider
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