Recent strong electric vehicle (EV) sales added further risk of reduced automotive hide demand due to the growing market preference for EVs, which typically contain less leather than internal combustion engine (ICE) vehicles.

According to a report released by Cox Automotive on Friday October 11, EV sales reached an all-time high in the US in the third quarter of 2024, with sales of 346,309 vehicles. The figure increased by 5% from the prior quarter and represented 8.9% of total auto sales in the third quarter, reaching a record high.

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