Its victory time for Tesla Motors, especially that the Model S has been named the most popular EV/PHEV (plug-in hybrid electric vehicle) in the U.S. based on volume of new registrations. According to a ValueWalk report, the company holds the top spot in the domestic market, with around 15,000 new EVs/PHEVs registered in the U.S. With 13,000 new registrations, China is in second place.
The number for both the of the world include electric vehicles or plug-in hybrids, though for U.S. the EVs/PHEVs market share is really small at around 0.8% of the total auto market. As far as the EV market is concerned, Norway has taken the front seat with 8112 EVs/ PHEVs registration for the Q1. This is an increase by 40.5% from last year.
Ben Scott, senior analyst – IHS Automotive, said, “While the federal tax credit in the U.S. of up to $7,500 USD for plug-in electric vehicles is continuing to encourage sales across the country, the adoption of these vehicles has been uneven, as consumer consideration and choice has skewed in favor of states offering additional incentives, like the Clean Vehicle Rebate Project in California or Georgia’s Zero Emission Vehicle Tax Credit.”
He added, “In addition, low fuel pump prices are adversely influencing EV/PHEV purchases among U.S. consumers.”
For China, too, something has to be done on Tesla’s part to increase the sales because government provides incentive for the purchase of Electric vehicles. China has recorded 750% year-over-year increase in EV/PHEV volumes in the Q1 this year, and this is enormous.
The opportunity of Tesla is not limited only to U.S. and China markets as other countries are also progressing towards electric cars. The UK, Germany and Japan are three of major countries where the company can fix its target and expect heavy growth in the future. However, Japan remains as the only country that has shown a negative figure in year-over-year percentage change. This can be a matter of concern for more Japanese consumers preferring HEVs (hybrid electric vehicles without a plug) over PHEVs.