US: All-Electric Car Registrations Exceeded 600,000 By End Of October 2022
Sales of all-electric cars in the US accelerate, which translates into a gradually increasing market share.
According to the latest registration data from Experian (via Automotive News), during the first ten months of 2022, some 604,638 new battery-electric cars (BEVs) were registered in the US, which is about 60% more than a year ago.
Registration data lags behind sales/deliveries, by at least several weeks, but can be used as a proxy of sales, especially because not all numbers are publicly available (specifically on a monthly basis).
BEVs accounted for about 5.3% of the total number of registrations (after September it was 5.2%), compared to 2.9% a year ago.
Tesla maintains its dominant position in the segment with almost two-thirds of all BEV registrations (65% share), but non-Tesla BEV sales increase faster (by 81% year-over-year).
BEV registrations in January-October 2022:
- Tesla (65% BEVs): 391,937 (up 50.2% from 260,932)
- Non-Tesla (35% BEVs): 212,701 (up 81% from 117,534)
- Total: 604,638 (up 60% from 378,466) and 5.3% share (up from 2.9%)
One of the most important things right now is that Ford (44,219) strengthened its position as the second most popular BEV brand in the US.
On the other hand, Hyundai Motor Group weakened in recent months. Automotive News links the South Korean group’s weakening to lost access to the federal tax credit for new orders due to the Inflation Reduction Act (IRA) signed in August.
Kia brand was the second most popular with 25,911 units, slightly ahead of Hyundai (23,210).
Among the top five models we can see four Tesla cars (Model Y, Model 3, Model X and Model S) and one Ford in the middle (Mustang Mach-E at #3).
The sixth most registered model was the Hyundai Ioniq 5, followed by the Chevrolet Bolt EUV, Kia EV6, Volkswagen ID.4 and Rivian R1T.
Selected BEV registrations in the US – January-October 2022:
- Tesla – 391,937 (up 50.2%)
- Ford – 44,219 (ip 116% year-over-year, 7.3% share)
- Kia – 25,911 (4.3% share)
- Hyundai – 23,210 (3.8% share)
- BMW – 8,524 (up from 973 a year ago)
- Polestar – 7,576 (nearly tripled year-over-year)
- Lucid – 2,571 (up from 9 a year ago)
- Nissan – N/A (down 13%)
- Volkswagen – N/A (down 1.4%)
- Porsche – N/A (down 26%)
- Jaguar – N/A (down 72%)
- Genesis – N/A (0.2% share)
- Toyota (bZ4X) – 124
- Subaru (Solterra) – 122
Tesla, classified as a premium/luxury brand, significantly strengthened also in the premium segment with the highest volume and significant growth rate.
For reference, the other top four premium brands noted a year-over-year decline.
Premium brand registrations in the US – January-October 2022:
- Tesla: 391,937 (up 50.2%)
- BMW: 267,151
- Mercedes-Benz: 227,375
- Lexus: 225,235
- Audi: 151,354
Source: Automotive News
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