New report shows signs of EV growth

As electric vehicles get better range, better tech and become cheaper to get into, the demand for them keeps growing. According to InsideEVs, as the second fiscal quarter of 2019 comes to a close, J.D. Power reported that more than 61,000 electric vehicles have been sold so far this year – that’s more than a 10% jump over last year’s sales numbers.

Tesla is still dominating the scene, but it’s now courtesy of the baby Model 3. The Model 3 is the best-selling EV in the country – it’s even outpacing gas-powered rivals like the BMW 3 series and the Mercedes C class. The EV company sold 24,000 Model 3s through April and May, and Elon is pushing hard to reach a Q2 sales record for his company by the end of this week.

The reports

JD Power also reported that EVs are showing growth in terms of market share. They inched their way to 1.8% of all new vehicle sales when compared to last year’s 1.6% in Q2. Pure electric vehicles now make up 70% of this share, however. EV’s have also grown in popularity on the used market, as JD Power tracked a big 25% jump in the value of used EVs at auctions.

Inside EV’s says that, “This is occurring despite significantly higher levels of used supply -- which usually suppresses vehicle values. This is one of the clearest indications of how EV value retention metrics are strengthening.” This is a good sign for the electric car. This means that EVs are finally becoming more desirable as used cars, so snatch one up before they hold their value a little too well.

The sheer variety of EVs is now better than ever, too. With the Tesla Model Y, the Hyundai Kona EV, Kia Soul EV and Jaguar I-Pace all either on their way or already out, buyers have never had more options when it comes to which battery electric vehicle to buy.

Another sign that EV growth is stronger than ever is just how many big automakers are loading up for EV production. BMW has announced it is working to release 25 electrified cars by 2023, and Daimler is slated to launch 10 new EV models by 2022. Plans for big automakers to make new EVs seems stronger than ever, so right now might be the best time in history to get into an EV.

By Nicholas Yekikian

Borrow is an electric vehicle subscription company with one goal: to make driving an EV as simple and accessible as possible. Borrow is the only electric vehicle subscription service of its kind with a goal of reducing greenhouse gas emissions and decarbonizing the everyday drive.