![]() The company has also temporarily cut one of its production shifts for its electric pickup and paused the construction of a $3.5 billion battery plant in Michigan. Last month, Ford said its plans to make 600,000 EVs annually have been pushed back to late 2024. The strong numbers come even though traditional automakers recently announced setbacks on EV production. “For people who can afford to buy a new car, they’re buying them,” said Brian Maas, president of the California New Car Dealers Association. It’s the same story statewide, with deliveries of the Model Y and the Model 3 finishing 1-2 in registrations for the first three quarters of this year. Tesla’s Model 3, marketed as a more affordable EV, finished second in sales, accounting for 13.5 percent of market share. The Tesla Model Y, a midsize SUV, accounted for 22.2 percent of the market share of vehicles sold in San Diego County through the third quarter of this year. This year’s two best-selling models are electric vehicles, or EVs. “That’s a hefty sum of money,” Drury said.ĭespite all that, vehicle sales in San Diego are at their highest percentage since the pandemic scrambled the auto landscape. Ivan Drury, senior manager of auto insights at, said financing a $40,000 purchase at 7.4 annual percentage rate (APR) can typically translate to spending more than $9,000 in interest over the life of the loan. ![]() Car loans at zero percent, in practical terms, are a distant memory, with lending rates typically in the 7 percent range or higher. Source: Experian Automotive/New Car Dealers Association of San Diego Countyĭue to inflation, interest rates are rising.
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