U.S. EV Sales Spiked in 2022
U.S. electric vehicle purchases climbed to 5.8% of all vehicles sold in 2022, up from 3.2% in 2021, according to Motor Intelligence.
U.S. electric vehicle purchases climbed to 5.8% of all vehicles sold in 2022, up from 3.2% in 2021, according to Motor Intelligence.
IMAGE: Getty Images
U.S. electric vehicle purchases climbed to 5.8% of all vehicles sold in 2022, up from 3.2% in 2021, while total vehicle sales fell 8%, according to newly released year-end figures from market-research firm Motor Intelligence.
Tesla is still the 300-pound gorilla in the EV space, accounting for 65% of total sales in 2022, according to Motor Intelligence estimates. However, the figure is down from 72% in 2021, as legacy car companies roll out more EV models.
Ford Motor Co. now sits in the No. 2 position for EV sales, capturing 7.6% of the U.S. market for fully electric vehicles, Motor Intelligence noted. Combined sales for Hyundai and affiliate Kia Corp. put the companies in the third slot at 7.1%.
General Motors Co. EV sales slumped in 2022 after the automaker halted sales of the popular Chevrolet Bolt to fix a battery-cell defect that could cause vehicle fires. Still, GM sales have rebounded since the model returned to the market.
Motor Intelligence data also shows that Volkswagen AG and Nissan Motor Co’s EV sales slipped in 2022.
The numbers highlight that those companies with new EV models are making waves in the EV market. Ford’s F-150 Lightning pickup truck helped drive the company into the No. 2 slot for EV sales.
“All the brand preferences get thrown up in the air,” Ford Chief Executive Jim Farley said of the new market for EV trucks. “If we can be the first, it sets the tone.”
Ford’s new pickup competes with Rivian Automotive’s battery-powered pickup. Rivian’s R1T pickup, R1S sport-utility vehicle and its commercial van captured a 2.6% share of U.S. EV sales last year, with 20,332 delivered, Motor Intelligence data showed.
But as the EV market grew in 2022, so did the obstacles.
Soaring prices for lithium and other battery materials led automakers to raise EV prices, which could price some consumers out of the market. Consumers paid an average $66,000 for an EV compared to $51,000 a year prior, reported J.D. Power in the summer of 2022.
Originally posted on Auto Dealer Today
More Showroom
Year-to-Date Auto Sales Holding Their Own
A forecast through August shows that automakers have shifted strategies to keep deliveries and revenues up despite tariffs and other economic challenges.
Read More →
Slow to Robo
Ten years of polling consumers shows autonomous vehicles’ profiles have risen considerably, but even more people now want at least some level of control if they go that route.
Read More →
Dealers a Little Down
A third-quarter Cox Automotive survey finds them in a mixed mood, bummed by fallen customer traffic but encouraged by better profits, costs and EV interest.
Read More →
European EV Sales Skyrocket
The EV market on the continent held strong in July with almost 25% of new-car sales being fully electric units, a stark contrast to the U.S., where EV sales declined about 42%.
Read More →
Mitsubishi Unveils U.S. Plan
The automaker announced a strategy that includes an expanded lineup and dealership presence, along with more ‘rugged’ and electric models.
Read More →
Used Lots Getting the Business
Many consumers are seeking out the units to save money, and the demand – higher in July than normal – is keeping supply limited and prices up.
Read More →
Used Market Stabilizes
The Carfax Used Car Index noted a major drop in used-vehicle price increases in July after several months of hikes.
Read More →
California Hybrids Reach State Record
The Golden State still leads the country in electric-vehicle registrations, but much like the rest of the U.S. its hybrid market share is up while full electrics stabilize after a dramatic first-quarter dip.
Read More →
My Mercedes in the U.S.
The German brand debuted its studio dealership concept for the first time in the states in Los Angeles, tapping Americans’ penchant for creative distinctions.
Read More →
Used Sales Hit Summer Drag
The vacation season, combined with high prices, has dented deliveries and added to inventories, though supply is still slim enough to keep listings elevated.
Read More →