Why Are Genesis and Tesla’s Sales up So Much This Year?
Tesla and Genesis's sales are up this year—likely spurred by the demand for electric vehicles.
Written by Andrew Kidd
Reviewed by Kathleen Flear
Tesla
and Genesis
are two of just a handful of brands that have sold more to date in 2022 than at the same time in 2021, according to published sales figures
.According to the data, Tesla has sold 118,700 vehicles in the U.S. while luxury marque Genesis sold 13,945 as of the second quarter of 2022; Tesla sold just 73,301 units in the same period in 2021 while Genesis sold 11,076.
Why would these two brands have sold more in 2022 than in the same period the previous year?
Let's take a look and see what contributed to this overall increase in sales. For at least one of these brands, it could have to do with a long-predicted market disruption by electric vehicles.
Age of electrification
As far as Tesla, sales of electric vehicles, in general, have been up globally—so much so that the segment experienced record sales volume in June despite multiple pandemics, record inflation, and general inventory shortages. Battery electric vehicles saw a 65% year-over-year increase in June 2022 compared with 2021.
Tesla's year-over-year increase sits at about 62%, which tracks with that assessment for the segment overall. To put it simply, electric vehicle sales are booming. Per
CleanTechnica
, we're currently seeing the global market share for pure battery electric vehicles sitting at around 12%, which is the first time that figure has hit double-digits since mass-production of EVs took off in the past decade.If it maintains this pace, we can expect Tesla's sales to continue to rise—even more so once supply chain and inventory issues wrap up. It doesn't hurt that the brand's name is practically synonymous with hot electric cars.
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What about Genesis?
Do you think of Genesis as an electric vehicle brand? It certainly looks like it's headed that way, as Genesis sold 8,948 units of its all-electric GV60, GV70 EV and G80 EV globally in the second quarter of 2022—with 2,352 sales in the month of June alone.
MORE: Walmart Invested in These EVs, and the Company’s Stock Jumped
Why are people switching to electric vehicles?
Electric vehicles are the greener option compared with fossil fuel-burning vehicles currently dominating our streets and highways, which is one of many reasons for their adoption. It also doesn't hurt that we've seen record high gas prices this year, with some locations having reached the upper five dollar range earlier this summer.
The U.S. average price per gallon is sitting a little prettier at around $4.19 right now, but many new EV owners apparently had enough of the seemingly arbitrary nature of fuel prices and decided to trade their gas-guzzler for a volt-sipper.
When America's largest pickup truck brand decides it's time to make its meal-ticket electric, you know it's serious.
But electric vehicles have one major downside: they're a bit more expensive to insure than a gas-powered car or truck. Thankfully, you're in the right place.
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MORE: What’s the Biggest Reason Why People Want EVs?
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