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Electric vehicle (EV) registrations in July in the U.S. reportedly marked an 18% increase as compared to the same month last year owing to the success of the Tesla Inc. (NASDAQ:TSLA) Cybertruck, among other vehicles.
What Happened: Tesla had a 1.2% increase in registrations in July, propelled by 5,175 deliveries of Cybertruck, CBT News reported, citing S&P Global Mobility data.
Cybertruck is Tesla’s latest offering, up against popular vehicles such as Ford’s F-150 Lightning and the Rivian R1T in the electric pickup segment in the U.S. However, only 5,546 electric pickup units from other brands were sold during the period, the report noted.
Why It Matters: While Tesla continues to dominate EV sales, non-Tesla EV registrations also surged 38% year-over-year. Total EV registrations in July touched 118,273 units, marking a significant rise from 100,620 recorded in the corresponding period last year.
However, the sales numbers are also owing to heavy incentives, S&P noted. "At full MSRP, these EV products would not sell. They are being heavily incentivized to compete with internal combustion vehicles, and if these incentives were pulled, sales would drop dramatically," Tom Libby of S&P Global Mobility said, as per the report.
California-based EV startup Rivian Automotive, however, saw a 0.3% decline in registrations in July. The company’s R1S SUV witnessed an 18% drop in registration owing to competition from models manufactured by foreign players such as Kia, the report added.
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Posted In: TSLA
