Carvana stock rallies on exponential growth in its EV segment

Carvana Co (NYSE: CVNA) gained as much as 15% this morning after reporting exponential growth in its EV segment.

Carvana reveals top-selling used electric vehicles

On Monday, the Tempe-headquartered company published its list of ten best-selling used electric vehicles for the first six months of this year. The Tesla Model 3 remained at the top spot followed by Nissan LEAF and BMW i3.

Model Y and the Model S also made the cut. In June, Carvana Co updated its guidance for the current financial quarter that came in miles ahead of Street expectations (find out more).

The online used car retailer that was once thought of as on the very of bankruptcy recently won a “buy” rating from Piper Sandler as well even though it’s already up an incredible 600% for the year at writing.

Carvana is seeing massive growth in EV sales

Carvana Co now sells more than 46 makes and models of electric vehicles.

More importantly, its total EV sales have soared a whopping 786% over the past five years that reflects solid consumer demand. According to Kevin Fitzgerald – its Director of Inventory Purchasing:

Carvana’s digital leadership and customer focus is poised to support more of America’s growing interest in EVs through our proven auto eCommerce platform for buying, selling, and trade ins.

Carvana is particularly attractive for those looking for an EV on a budget as more than 40% of the electric vehicles listed on it cost under $25,000.