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Continued Commentary: Automotive News & Views

Welcome to Automotive News & Views, a quarterly publication from the experts at Anderson Economic Group.

NEWS TO KNOW: Fueling Costs Rise for Both ICE and Electric Vehicles in Q3 2022

Third-quarter results from Anderson Economic Group’s fueling cost study indicate that traditional Internal Combustion Engine (ICE) vehicles and Electric Vehicles (EV) both experienced a fueling cost rise between the second and third quarters of 2022. The study found that mid-priced EVs cost their drivers $0.50 more to fuel in Q3 2022, while mid-priced ICE fueling costs rose $0.16 per 100 purposeful miles.

AEG’s research continues to show that a typical mid-priced EV sedan still costs less to fuel than a comparable ICE vehicle, but only if the driver can regularly charge at residential rates. Increased use of commercial charging flips that scenario, however: mid-priced ICE vehicles remain more economical to fuel than their EV counterparts when fueled commercially. Conversely, consumers with luxury EVs enjoyed a cost advantage when refueling. Premium gas prices rose about $1 per 100 miles in Q3, compared to a $0.53 or less increase in the cost to charge a comparable electric vehicle.

See the full Q3 update for more information.

One-Quarter Up, Next Quarter Down: Sales declined in the third quarter of 2022 as dealers across the country sold 3.4 million new vehicles instead of the previous quarter’s 3.51M. Despite this month-to-month drop, Q3 unit sales this year are comparable to those in the same quarter of 2021. This suggests that the auto industry’s difficulties surrounding low production, depleted inventory, and rising vehicle prices continue amid recession fears and rising inflation.

Popular Segments Sold Better in 2022 than 2021: In Q3 2022, unit sales of most light vehicle segments grew over the same quarter from the previous year. Segments showing growth included pickups, crossovers, and large SUVs. Crossovers emerged as the most popular segment, with a little over one-million-unit sales in the quarter, whereas small and midsize SUVs declined significantly compared to Q3 2021.

AUTO INDUSTRY ALERT: Tesla’s Growth Drives BEV Market Share Increase

Anderson Economic Group analyzed Q3 2022 Battery Electric Vehicle (BEV) sales and found that Tesla continues to dominate the overall BEV market. While BEV sales stagnated between Q2 and Q3 2022, the EV market showed significant growth compared to the previous year’s third quarter. In particular:

  • The number of BEVs as a share of total vehicles sold was 5.2% in Q3 2022. This figure represents an increase from 5.0% in the previous quarter, and from 3.1% in Q3 2021.
  • 75.4% of BEV sales came from the luxury segment, indicating that the market continues to target affluent Americans. Tesla’s Model Y and Model 3 alone sold over 100K units combined, representing nearly 58% of the BEV market.
  • The Chevy Bolt and Ford Mustang Mach E led the mass-market segment, with GM and Ford selling 10K to 15K units each.

Additional information is available in AEG’s most recent market-share release.

AUTOMOTIVE DASHBOARD: ‘One-Stop’ Industry Insights with Newly Enhanced Design

AEG continues to serve our auto industry clients and friends with our interactive Automotive Dashboard. The Dashboard shows performance over time for key auto sales and production indicators, along with a section devoted to U.S. Battery Electric Vehicles (BEV) trends. AEG updates this feature regularly to benefit OEMs, franchisees, trade associations, and public institutions.



“U.S. light-vehicle sales by nameplate,” 3rd qtr. 2022, Automotive News Data Center, accessed October 14, 2022.

AEG SERVICE SPOTLIGHT:  EV Market and Demand Analysis

Government mandates, manufacturer targets, and the slow pace of change in consumer preferences set the stage for perhaps the most complex transition auto dealers have ever faced.

AEG’s thorough analyses examine not just one or two factors, but multiple and varied data points. We look at your market territory, the demographics of your local consumers, availability of suitable infrastructure in your market, and your prospective customers’ preferences regarding the traditional ICE car experience versus the fast-moving trend toward electric cars. By broadening your view, AEG helps you make informed decisions to navigate this challenging transition successfully.

We encourage you to learn more about our services by reviewing our automotive expertise, and we look forward to answering your questions.