The majority of buyers were young and wealthy, which was not surprising.
By selling 50% electrified vehicles in March 2023, the city of San Francisco set a new US sales record. According to a report published by S&P Global Mobility, the market share of battery electric vehicles (BEVs) was 34.2%, while the market share of hybrids, including plug-in electric vehicles (PHEVs), was 15.8%.
That figure is three times higher than the total market share of the United States for electrified vehicles, which was 16.1% in the same month.
S&P Global Mobility found that 38.6% of the March market share was made up of buyers under 45, indicating that younger buyers are more likely to opt for an electrified vehicle. Additionally, the majority of buyers, according to the report, earned more than $200,000 annually. With a whopping 66.4 percent market share among electrified vehicles, Tesla was the region's best-selling electric vehicle brand. Volkswagen came in second with 4.2%. The all-electric ID has helped the German automaker rise to second place. four crossover
In the meantime, Toyota dominated the hybrid market with a 41.2% market share. The Toyota bZ4X, an all-electric model produced by the Japanese automaker, is one of a wide selection of hybrid options available to SF buyers. However, the EV's sales performance so far has not been particularly impressive.
In the subsequent month, the market share of electric cars in the San Francisco area increased to 53.1%. Despite the rise in sales, General Motors stated that EVs priced between $30,000 and $40,000 barely made a profit. In order to maintain a steady cash flow into the business, GM intends to continue selling ICEs in order to expand its EV portfolio. The Chevrolet Equinox EV will be the company's next electric vehicle, effectively replacing the current Chevrolet Bolt EV.
As market leader Tesla has reduced prices for all four of its EV models, we may see additional sales growth in the upcoming months. Federal tax credits for electric vehicles would also help more people buy zero-tailpipe cars.
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