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2. Tesla experienced a tough first quarter with disappointing delivery numbers despite significant price drops on their Model Y.
3. Hyundai’s EV sales jumped 62% in the first quarter, while Toyota had a great quarter with electrified car sales up 76.4%, mainly from hybrids and plug-in hybrids.
The article analyzes the first quarter sales results of three leading automakers in the US market, specifically focusing on Tesla, Hyundai, and Toyota. Despite expectations, Tesla experienced a decline in sales in the first quarter, even though prices for their Model Y had dropped significantly. Factors such as production limitations and the loss of the federal tax credit for the Model 3 may have contributed to the decrease in sales.
On the other hand, Hyundai saw flat sales compared to the market growth, possibly due to supply chain issues that affected Toyota and Honda. Hyundai offers a range of vehicles, including gas cars, hybrids, plug-in hybrids, and electric cars. Their electric car sales increased by 62% in the quarter, despite not being eligible for the $7,500 tax credit unless leased.
Toyota had a successful quarter, with sales up 22% and electrified car sales growing 76.4% compared to the same quarter last year. While Toyota focuses more on hybrids and plug-in hybrids rather than fully electric vehicles, their strategy seems to be working well in the US market. The article also discusses the potential impact of political factors on the transition to electric cars in the market.