EV Sales up 65% Despite Car Sales Slump
Sales of electric vehicles in the United States grew by 65 percent in 2022, despite a decline in total new vehicle sales. This is the first time since 2011 that new vehicle sales have decreased.
New data from Kelley Blue Book shows that, for the first time in just over a decade, Americans bought fewer new cars than the year before. However, EV sales grew year over year by a significant margin: 65 percent.
Electric vehicle sales tipped 800,000 units and will likely continue to expand for years. Cox Automotive suggests EV unit sales will continue to grow, and it’s expected that 2023 will be the first year that Electric Vehicles (EVs) will have sales of over one million vehicles.
Encouraged by government incentives like President Biden’s Inflation Reduction Act (IRA), which intends to push consumers toward EVs, 2023 could be the year of the electric car. With that in mind, many manufacturers are planning to roll out exciting and competitive models this year, but one thing remains: Tesla remains the EV King of the United States.
Despite a decrease in market share from 70 percent in Q1 to 58.3 percent in Q4, Tesla still dominates the U.S. EV market. Over the past few years, many companies have become competitive and more affordable options, but car buyers are still tending to stick with Tesla based on EV tech, charging infrastructure, and performance.
Tesla is off to a hot start in 2023. After cutting prices in the U.S. market by as much as $13,000, demand seems to have increased as the company’s inventory is dwindling.
The Model 3 and Model Y were the automaker’s best sellers. Some more positive news comes behind the average cost of an electric vehicle, which fell 5.5 percent last month to $61,448.
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