Despite a drop off in deliveries from industry leader Tesla (NASDAQ:TSLA), it seems like jother EV makers are picking up the slack. Through the first eight months of the year nearly 6 million new EVs have been sold, putting the global automotive industry on pace for 10 million in 2022. It hasn’t been an easy year with continued supply chain issues as well as production stoppages due to COVID-induced lockdowns in China, the world’s largest EV market.
Still, a number of EV makers reported positive delivery figures for the most recent quarter. Companies like Nio (NYSE:NIO) and Rivian (NASDAQ:RIVN) met or exceeded analyst expectations for deliveries in the quarter. More automakers are joining the mix including legacy automakers like Toyota, General Motors (NYSE:GM), and Ford (NYSE:F). The latter of which recently raised the price of its upcoming F-150 Lightning due to ongoing supply chain issues and rising prices.
The rise in demand this year is also encouraging for newer automakers joining the industry. A company like iQSTEL (OTC:IQST) which is working to launch an electric car division under its EVOSS subsidiary. iQSTEL also has a line of electric motorcycles under the EVOSS brand. The company’s first electric car prototype is expected to be ready by the end of this year and will target the economy class for mass market usage.
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