Electric vehicles had a remarkable year in the United States in 2022, accounting for 5.6% of new light-vehicle registrations. This represents a significant increase from 3.1% in 2021, as 756,534 new EVs were registered, a 57% rise despite an overall market sales decline of 11% to 13.6 million, according to data from Experian.
While new carmakers entered the EV race, Tesla continued to dominate the market, registering 484,351 new vehicles, a 41% increase from 2021, with its Model Y leading the way. Of the five best-selling EVs in the US, four were Tesla models.
Ford came in second with a 7.5% share of the EV market, beating out Chevrolet with 4.8%, followed by Kia and Hyundai with 3.8% and 3.5%, respectively. AutoPacific’s President and Chief Analyst, Ed Kim, said Tesla has a first-mover advantage in offering aspirational EVs to early adopters, and despite increased competition in the EV market, Tesla’s sales leadership is expected to continue.
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Although several new EVs launched in 2022, production has been slow to ramp up, with demand outstripping supply. Legacy automakers cautiously introduced new EVs, with 12,804 Ford F-150 Lightnings, 38,469 Mustang Mach-Es, 20,072 Kia EV6s, and 22,560 Hyundai Ioniq 5s registered.
AutoPacific predicts that Tesla will remain the dominant EV brand for the next few years, with sales set to grow significantly over the next five years.
