DETROIT, Michigan: Automakers in the United States pointed to a strong increase in quarterly sales due to strong demand for sport utility vehicles (SUVs) on July 1, while reporting a continuation of this trend during the year next due to more people opting for private transportation, as well as a whole new slew of electric vehicles to be unveiled.
In addition, interest rates kept low, coupled with government stimuli, have collectively boosted demand for automobiles, despite rising prices due to the global shortage of semiconductor chips.
Automakers are making profits from rising vehicle prices. In addition, automakers have invested more in the manufacture of electric vehicles.
The second quarter turned out to be very lucrative for General Motors, as deliveries of its Chevrolet Bolt EV hit the highest figure on record for the period, with sales up 31%, while SUV sales top. GM’s Buick lineup grew 86%.
“We expect continued high demand in the second half of this year and into 2022,” noted General Motors chief economist Elaine Buckberg.
In June, GM increased its budget for electric vehicles to $ 35 billion through 2025.
In addition, Japan’s Toyota pointed out that alternative fuel vehicles made up almost a quarter of the number of units sold until June 2021, up from 13% a year earlier.
The company’s total sales in the United States increased about 73 percent to 688,813 vehicles in the second quarter.
“There have to be more models beyond Tesla… next year the (Ford) F-150 Lightning should help push the needle up,” said David Whiston, analyst at Morningstar.
A lineup of electric vehicles is expected to be unveiled in the latter part of this year, including Chevrolet’s Bolt, Hyundai’s Ioniq 5 midsize utility vehicle and Kia-made EV6, increasing the share of electric vehicles in the United States. of the current two percent of the number of vehicle registrations, at present.
