Final numbers are in for 2022 US battery electric vehicle sales.
again prevailed, but that doesn’t tell the whole story of EVs in America.
For the full year, 808,619 EVs were sold in the US, including 225,689 in the fourth quarter. That’s up nearly 66% from the 488,397 sold in 2022. Fourth-quarter EV sales were up nearly 58% from 148,977 sold in the final quarter of 2021.
It’s been a pretty good year for disruptive technology. EV penetration of US new car sales is projected to reach nearly 6% in 2022, up from roughly 3% in 2021. Last year, 30 EV models sold more than 1,000 units in the US, up from 18 in 2021.
(tick: TSLA) ended the year with the top-selling EVs, Model Y and Model 3, and four of the top six models.
market share fell to 65% of new EV sales in 2022 from about 72% in 2021.
Tesla’s US market share fell to about 58% in Q4 2022 from nearly 78% in Q4 2021.
The stock fell, but no one really expected Tesla to hold more than 70% of the global car market. Tesla’s share of battery electric EV sales in China for 2022 is likely to end up around 12%. In Western Europe, Tesla’s final market share of battery electric vehicle sales should fall between 15% and 20%.
In the US, Tesla is the only EV vendor with multiple models in the top 10 by sales volume.
(F) just missed that distinction, as the all-electric F-150 Lightning is eleventh. Top 10 US Electric Cars of 2022: Tesla Model Y, Tesla Model 3, Ford Mustang Mach E, Chevy Bolt, Tesla Model S, Tesla Model X, Hyundai Ioniq 5,
ID.4, Kia EV6 and Rivian R1T.
Ford can take solace in the fact that in 2022, the second seller of electric vehicles was sold in the United States. In 2022, Tesla sold 522,388 EVs in the US, Ford sold 61,575 units.
(GM) was third with just over 39,000 units sold. In total, 11 car brands sold more than 10,000 EVs in 2022, up from 7 in 2021.
Looking ahead, U.S. Electric sales should grow again in 2023, thanks in part to a new $7,500 purchase tax credit passed as part of the De-Inflation Act. That credit essentially brings the cost of a new Chevy Bolt up to $21,000. The new Model Y can be had for around $46,000. A new F-150 Lightning can cost $49,000.
All three prices are less than the nearly $50,000 average price Americans paid for a new car in December.
Electric cars are getting cheaper as the US economy weakens a bit. It will be interesting to see how the year unfolds for the Power Generation industry as well as the entire automotive business in 2023.