US new vehicle sales rose nearly 5% in the first quarter, reflecting that sales are still good in a high-interest rate environment, but sales of electric vehicles are clearly weaker.
According to data released by major US automakers, new car sales in the US in the first quarter were about 3.8 million vehicles, and the annualized sales volume was 15.4 million vehicles. Sales of electric vehicles were about 268,000 vehicles, rising by 2.7% annually, far lower than the 47% increase last year.
Jonathan Smoke, an economist at Cox Automotive, believes that if the Federal Reserve really cuts interest rates this year, it will be beneficial to new car sales.
In addition, Ivan Drury, director of Edmunds, believes that the data reflects that sales of electric vehicles are facing real difficulties, because people who want to buy electric vehicles have already become electric vehicle owners, and mainstream buyers are still hesitant about electric vehicles.
