💨 Abstract

In the first quarter, new electric vehicle (EV) sales dropped by 28% year-over-year due to the elimination of a $7,500 tax credit. Conversely, used EV sales surged by 12% year-over-year and 17% quarter-over-quarter. This increase is driven by high gas prices and an influx of expiring leases, leading to a greater supply of pre-owned EVs.

Courtesy: Kirsten Korosec