With the popularity of electronic vehicles ballooning, the big dogs are taking the top 10 spots while smaller startups like Rivian and Lucid are still struggling. Data shows that the volume of EVs registered in the US is up 60% during Q1 of this year.
EV Registration Increases in Q1 of 2022
According to the story by Tech Crunch, the total amount of EV registrations increased by a significant amount despite the auto market dealing with an 18% contraction due to shortage when it comes to parts. Another reason why the market is struggling is due to the constraints on their inventories.
One reason why inventories are affected is because of the supply chain disruptions, especially when it comes to electronics. Despite the disruptions, there was still a record of 158,689 EVs registered by consumers in the United States between January and March.
EVs Capture 4.6% of the Market
The report notes that electronic vehicles were able to capture a significant chunk of the market during Q1 of 2022. This means a 4.6% capture with fewer fossil-fuel vehicles being sold by automakers and the volumes of electronic vehicles rising.
The top 10 spots were mostly dominated by Tesla, with its Model Y, Model 3, and Model S taking four of the spots. Automotive News reported that Tesla was dominating the list of the top 10 electronic vehicles in the market.
Rivian and Lucid Not Included in the List
The list does not include the two popular EV startups Rivian or Lucid. This, as Tech Crunch says, is not surprising due to the fact that the two startups have only released products for their first vehicles.
The publication also notes that the startups' vehicles are also pricy enough, which in turn "limit the size of their potential market." This is because both Rivian and Lucid have to deal with smaller scaling capabilities.
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GM and Volkswagen are Trying to Ramp Up Production
Unlike bigger companies like Tesla, which can make hundreds of EVs at a time, Rivian and Lucid can only make a few electronic vehicles at a time which results in it becoming more expensive. Most of the time, the more a company scales its electronic vehicles, the easier it will be for them to bring down the price.
Aside from Tesla, other companies like GM and Volkswagen are now trying to increase their production. As reported by Tech Crunch, consumers will likely be able to enjoy a range of different models at a "variety of price points."
While the EV market is still new, companies like Tesla with a $290 billion market capitalization, as reported by Protocol, show that it has a huge potential. The potential is also paired with governments committing towards minimizing carbon footprint with the sale of fossil-fueled cars to either be stopped or decreased by 2030.
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This article is owned by Tech Times
Written by Urian B.
