The electric vehicle (EV) industry continued to grow this week, with new competition from Ford and Chevy entering the market and existing powerhouse Tesla growing its revenue. Chevy has unveiled a new electric SUV arriving in 2024. It will be able to go 320 miles on a full charge.
“What’s significant is that Chevrolet is now going to offer a midsize two-row electric SUV,” automotive analyst Stephanie Brinley said. “That’s a really popular space for the market. It’s where a lot of consumers live. It’s where they want to be.”
The introduction of the car comes as green energy is getting a big push. More consumers have turned to electric as cleaner alternatives and as gas prices surge in an inflated economy. But that’s not the only way the EV consumer market is expanding for companies like Chevy, Ford and Tesla.
“Early on, the demographic composition of an EV buyer was certainly someone that perhaps had higher education, higher household income. That’s very indicative of early adopters,” Chevrolet marketing director Steve Majoros said earlier this month. “But as we move up that curve, the intention and where we’re pricing this product is to certainly make it more available for more mainstream buyers.”
Ford is looking to further its investment in electric endeavors. The company will reportedly cut 8,000 jobs in order to fund the effort. Ford CEO Jim Farley announced in March a radical restructuring of Ford called the Ford+ plan, creating the Ford Blue division and the Model e division, which handles electric vehicles.
Shares of Tesla jumped more than 8% on Thursday, one day after Tesla released second-quarter results that were better than analysts predicted. Tesla reported its quarterly adjusted earnings per share were $2.27, higher than the $1.81 expected. The company’s revenues grew by 42% on a year-over-year basis.
Following the good news, Tesla announced its electric truck could roll out as early as 2023.
The Associated Press contributed to this report.