The figure, detailed in Carvana’s EV Trends Report, marks a fourfold increase in two years and reflects growing consumer appetite for electrified vehicles across segments.
Electrified SUVs accounted for 44% of the company’s EV and PHEV sales this quarter, nearly doubling their 24% share from 2023.
Inventory variety expanded in parallel: EV model combinations rose 66% and PHEV offerings doubled year over year.
The EV gains came amid a broader surge in Carvana’s retail performance. Q2 unit sales climbed 41% year over year to 143,280 vehicles and revenue grew 42% to $4.84 billion, Carvana said in its latest earning report. According to PYMNTS, Carvana attributed these gains to refinements in its eCommerce model, including faster delivery, tighter cost controls and customer support efficiencies.
Operational metrics improved across the board. Delivery times fell by 0.7 days, sales per customer service advocate increased 23% and operations costs per unit dropped by $150. The company posted $308 million in net income with a 6.4% margin. Adjusted EBITDA reached $601 million, or 12.4% margin, prompting a raise in full-year EBITDA guidance to between $2 billion and $2.2 billion.
Carvana Chief Financial Officer Mark Jenkins said during the earnings call: “Consistent with past quarters, our growth in the second quarter was driven by our three key long-term drivers of growth: a continuously improving customer offering; increasing awareness, understanding and trust; and increasing inventory selection and other benefits of scale.”
Carvana’s performance reflects the intersection of rising EV demand and digital-first retail execution. While the EV mix remains modest in absolute terms, the sharp growth in share suggests momentum. At the same time, the company’s platform improvements show how eCommerce scale and margin expansion can coexist in auto retail’s next chapter.
That chapter will also include fleets. WEX has added a feature that enables fleets with EVs to use the WEX Fleet Card at private chargers.
With the addition of the WEX EV Depot, WEX now offers an EV charging and payment solution that encompasses depot, public and at-home charging locations, the global commerce platform said in a Monday (April 28) press release.
“As fleet managers shift from internal combustion engines to EVs, they face the challenge of consolidating data across different types of chargers and fueling stations for operational efficiency,” Carlos Carriedo, chief operating officer, Americas payments and mobility at WEX, said in the release. “With WEX EV Depot, we are helping customers navigate the complexity of infrastructure rollout and giving them the tools to operate efficiently at scale with a 360-degree solution.”
