Driving the news: Carvana $CVNA ( ▼ 0.04% ) says electric and plug-in hybrid vehicles hit 9% of its sales last quarter—a four-fold jump from just 2.3% two years ago, with SUVs leading the charge.
For context: The online used car dealer has been adding way more electric options, with 66% more EV models and double the plug-in hybrid choices compared to 2023.
SUVs now make up 44% of Carvana's electrified sales, nearly doubling from 24% two years ago, while sedans and hatchbacks have lost ground.
Tesla still dominates the EV side with its Model 3, Y, and S, but Jeep's 4xe models are crushing it in plug-in hybrids.
Why it matters: The numbers show that even in the used car market, buyers want their electric vehicles to be big. SUVs are taking over the EV space just like they did with gas cars, suggesting that going electric doesn't mean people are willing to give up size and utility.
Bottom line: Now that electric SUVs are hitting the used market in meaningful numbers, buyers are snapping them up in droves before the federal EV tax credit ends this fall.
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