New vehicle sales in the second quarter have struggled, up only modestly from the first quarter and down more than 20% from the second quarter of 2021, Cox Automotive recently reported. There were, however, some positive notes in the second quarter sales figures, and among them, sales of electric vehicles stood out. Sales of battery electric vehicles – pure electric vehicles – jumped to 196,788, a record and up 13% from the first quarter.
The Kelley Blue Book team has released its best estimates for second-quarter electrified vehicle sales.
Cox provided these 10 takeaways from the report:
- Tesla remains the dominant player in the luxury market overall. In the second quarter, Tesla was the top-selling luxury brand in the United States, overtaking Audi, BMW, Cadillac, Lexus, Mercedes-Benz, etc. As new EV models continue to enter the market, Tesla’s share of the EV segment is shrinking. Last quarter it fell to 66%, down 9% from the first quarter. Still, Tesla’s share of EVs is expected to decline as the EV market grows. The bigger story is Tesla’s continued growth. In the last quarter, the brand almost overtook Subaru in the United States
- Sales of electrified vehicles — combination electric vehicles, hybrids and fuel cell vehicles — jumped to 442,740 in the second quarter, a 12.9% increase from year-ago levels. Electrified vehicles represented 12.6% of the US market last quarter.
- In the second quarter, electric vehicle sales accounted for 5.6% of the total market, an increase from 5.3% in the first quarter and a record high. The share of electric vehicles in the second quarter of 2021 was 2.7%.
- With gas prices above $5 in the second quarter, interest in hybrids and electric vehicles has surged. However, sales of hybrids and plug-in hybrids fell 10.2% in the second quarter year-over-year as tight inventories limited sales. Still, hybrid sales were up from the first quarter to 245,204.
- The Jeep Wrangler 4xe was the best-selling plug-in hybrid in the United States last quarter.
- In the second quarter of 2021, there were 19 electric vehicle models for sale in the United States. A year later, the number increased to 33. Newly launched electric vehicle models accounted for nearly 30,000 sales in the second quarter of 2022. The Hyundai IONIQ 5 was the hottest newcomer, with 7,448 sales in Q2 2022.
- After months out of production due to battery issues, the Chevy Bolt EV is working again. Nearly 7,000 were sold in the second quarter.
- Toyota continues to be the leader in hybrid powertrains. In the first half of 2022, approximately 55% of all hybrids sold in the United States were sold by Toyota and Lexus dealerships. Ford was the second-largest seller of hybrids, with 11.7% market share.
- Electrified pickups are gaining popularity. EV (Hummer, R1T, Lightning) and hybrid (Maverick, F-Series) models are now available and more than 45,000 were sold in the first half of 2022.
- EV prices remain high. According to Kelley Blue Book, the average price for a new electric vehicle in June was more than $66,000, well above the industry average and more in line with luxury pricing than traditional pricing.
Find the KBB Light Electrified Vehicle Sales Report here.
Originally posted on Vehicle Remarketing