Q2, on a whole, was a sluggish quarter for
salesin the auto industry, especially for traditional gas-powered cars. The reasons are many; low inventory, high prices, and consumer desire dropping to name a few.
Another of those reasons was the spicy
gas pricesat the beginning of the year. As a result, many in the market for a new car turned to EVs, bolstering their sales by 13% from the previous quarter. Here are some takeaways from the Q2 numbers.
The larger context
With gas prices hitting over $5 a gallon in Q1, according to
Cox Enterprise, sales of electrified vehicles, meaning EVs, hybrids, and fuel-cell-powered vehicles, hit 442,740 in Q2, an increase of 12.9%. This number accounted for 12.6% of the total auto market.
Tesla still reigns supreme
Not only did they outsell all other EVs, but Tesla also topped the overall luxury car charts, ousting juggernauts like Audi, BMW, Cadillac, Mercedes, and Lexus. How long they can stay on top continues to be an ongoing topic of discussion among those in the industry.
Tesla’s biggest threat comes from the sheer fact that more and more
EVmodels are being dropped into the market each passing quarter. For example, their overall representation of the EV market dropped to 66%, down 9% from Q1.
A broadening market
On the note of Tesla’s biggest threat, the expansion of the total EV market is staggering and only going to increase. In Q2 2021, there were 19 EVs available on the market in the US. Jump ahead to Q2 of 2022 and there are 33!
This is a trend that is likely to be reversed anytime soon (if ever) as more and more companies pledge to go fully electric in the coming decade.
These spanking new models made up a total of 30,000 units sold in Q2. Of those new models, the Hyundai Ioniq 5 continues to burn up the competition with zero sales in Q2 of 2021, and 7,448 sales in Q2 of 2022.
Car insurance for any type of ride
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