EVs’ share in US car market grows to 5.6% in 2022, Tesla tops the list

EVs’ share in US car market grows to 5.6% in 2022, Tesla tops the list

The US electric vehicle market enjoyed a significant growth last year, thanks to customers accelerated shift from internal combustion engine-powered vehicles to environment-friendly electric vehicles (EVs).

According to newly-published stats, registrations of all-electric vehicles (BEVs) surged from 3.1 per cent in 2021 to 5.6 per cent.

New light-weight EV registrations totaled at 756,534 units in 2022. The figure represents an impressive growth of 57 per cent. Interestingly, the growth of the passenger electric vehicle market occurred even as the overall light-vehicle market declined 11 per cent year-over-year to settle at 13.6 million units last year.

Elon Musk-led EV giant Tesla accounted for 64 per cent of the total EV sales in the country last year. More precisely, the world renowned brand sold 484,351 EVs last year, up 41 per cent over 2021. The Tesla Model Y crossover accounted for almost 50 per cent (228,312 units) of those sales or registrations.

In the list of top five most popular EVs in 2022, Tesla grabbed four spots, with the Ford Mustang Mach-E being the only other-branded EV in the list. Tesla EVs that made to the top five are the Model Y, Model 3, Model S and Model X.

In spite of the increase in registrations, Tesla’s share in the US electric car market slipped from 71 per cent in 2021 to 64 per cent in 2022. The decline in Tesla’s market share indicates that the electric car pioneer is facing tougher competition from rivals, thanks to the popularity of new models like Ford F-150 Lightning, the Cadillac Lyriq and the Kia EV6 SUV.

At the second spot in terms of EV sales, Ford ranked second with a total of 56,464 registrations, which accounted for a market share of 7.5 per cent. The figure of registrations grew more than 100 per cent year-over-year. Tesla and Ford were followed by the Chevrolet, which enjoyed a jump of 41 per cent in its EV sales by getting 36,245 units registered last year. The figure stands for 4.8 per cent share of the market. Chevrolet’s EV sales growth was largely due to the pocket-friendly Bolt EV and EUV.

Hyundai Motor Group (Hyundai + KIA) also enjoyed significant EV sales growth. While KIA’s EV sales more than tripled to settle at 28,506 units, the Hyundai brand got 26,825 EVs registered last year, enjoying a growth of 142 per cent year-over-year.

Business News: 
Technology Update: