BEV market-share jumped to 5.2% in Q3 2022, thanks primarily to Tesla Sales
East Lansing, MI–October 13, 2022: In the third quarter of 2022, the share of BEVs in the U.S. auto market reached 5.3% after selling around 176,000 units in Q3 2022, slightly higher than the previous quarter. In the same quarter of the previous year, the industry sold nearly 107,000 BEV units.
According to AEG analyst Shay Manawar, “It looks like a promising quarter for BEVs primarily driven by one luxury brand; namely, Tesla.” He adds, “The auto industry will continue experiencing a low volume of BEV sales from mass-market brands such as GM, Ford, Kia, Hyundai, and Volkswagen due to the lack of options for average auto consumers in the U.S. BEV market.”
KEY FINDINGS
Here are AEG’s key findings from our analysis of BEV sales:
- In Q3 2022, BEV sales appear to stagnate after showing less than 1% growth over Q2 2022. However, the BEV market grew significantly compared to the third quarter of the previous year.
- The number of BEVs sold as a share of total vehicles was 5.2% in Q3 2022. That is an increase from 5.0% in the previous quarter in 2022 and 3.1% in Q3 2021.
- 75.4% of BEV sales came from luxury segments, indicating a market targeted toward affluent Americans. Tesla dominated the overall BEV market. Its Model Y and Model 3 sold over 100K units combined (nearly 58% of the BEV market).
- Chevy Bolt and Ford Mustang Mach E led the mass-market segment. The two U.S. automakers sold 10K to 15K units each.
Dr. Cristina Benton, AEG’s director of market and industry analysis, says, “We expect Tesla’s dominance in the BEV market to be challenged as automakers bring more BEVs, plug-ins, and hybrids to the market at competitive prices and in different car and truck segments.”
Battery Electric Vehicles (BEV), U.S., 2019-2022 Q3
Units Sold and Share of Sales as Percent of Total Industry Sales
Notes: Battery electric vehicles (BEVs) include all Tesla models, Ford Mustang Mach E, Hyundai Ioniq 5, GM Bolt, and other vehicles with electric propulsion systems. “Hybrid” vehicles are not included.
Source: AEG analysis of source data from Automotive News Data Center.
For more auto industry data and analysis, see our Automotive Dashboard.