A single model, currently produced at two US plants, accounts for nearly one in three new US electric vehicles registered in the first quarter of 2022. And that’s it. Tesla Model Y.
Despite threats from other automakers in the long-term, they all look like small players five years after Tesla began mass-marketing the Model Y and Model 3. Together, they accounted for 62.8% of new electric vehicle registrations for the quarter, while Tesla’s four models together accounted for 71.7% of the electric vehicle market.
The data comes from the latest quarterly compilation released by Expensive cars Last week, aggregating state registration data gave us a better picture than sales data — especially without the detailed periodic data from Tesla released by other automakers.
2022 Kia EV6, red and 2022 Hyundai Ioniq 5
According to Experian, electric vehicles topped 5% of new US vehicle registrations in the first quarter, with California leadsof course.
From Q1 2020 to Q1 2022, Tesla increases its market share of the entire US car market from 1.4% to 3.3%. The company notes that Tesla managed to sell nearly as many “electrified” vehicles in the quarter as Toyota despite having four such models, compared with all eleven. Toyota plug-in hybridhybrid, and worship electricity.
Kia and Hyundai combined account for nearly 10% of the electric vehicle market in the US, while Ford accounts for nearly 5% of the electric vehicle market. Kia captured 5.3% of the electric vehicle market share in the first quarter, although its first EV6 electric SUV won’t be delivered until the end of January.
With registration data that we can compare this way to Tesla having lagged a few months, will those brands become a bigger threat in Q2? It remains to be seen — especially with production on the rise at Giga Texas.
California accounts for 39% of all electric vehicle registrations in the US – Expensive car market trends Q1 2022
Looking at it by state, nearly 38% of new EV registrations nationwide between January and March were in California. And in California alone, nearly 15% of new vehicle registrations in California in Q1 were all-electric and 11.5% were hybrids.
Mixing the rest of the states together, about 3.2% are all-electric and 6.6% are hybrids. But it is important to note that electric vehicles increased from 2.2% in Q1 2020 to over 5.1% in Q1 2022.
In fact, that means 1 out of every 20 new cars in the country is all-electric. And with an average vehicle age of 12 years, for those who think the electric revolution has arrived, well, there’s a lot of room to grow and perhaps, friends and family to give a trip to this weekend.
