Carvana shares are recharged by electric vehicle sales data

Key Points

  • Carvana reported a huge increase in used electric vehicle sales over the past five years.
  • The company said drivers looking for more affordable electric vehicles are driving demand.
  • Tesla Model 3 is the best of Carvana -selling VE.

Shares of Carvana (CVNA) jumped more than 14% in intraday trading on Monday after the online used-car dealership said sales of electric vehicles (EVs) had soared.

Carvana reported that at the end of 2022, total unit sales of electric vehicles increased by 786% over the past five years. He said the demand was driven by buyers wanting to find more affordable options for new, more expensive electric vehicles and that 51% of vehicle buyers suggested they were willing to consider purchasing an electric vehicle. #39;an electric vehicle. /> >


The retailer noted that it offers now over 46 EV models, 40% of which are priced below $25,000. Kevin Fitzgerald, Director of Inventory Purchasing, said the company is “poised to further support the growing US interest in electric vehicles.”

In the first half of 2023, the Tesla's Model 3 (TSLA) was Carvana's best-selling electric vehicle. He was also a leader in 2021 and 2022.

Carvana shares hit their highest level since September on the news.

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