EV sales soar in Q3, stabilizing overall electrified market

Pure electric vehicles on the list of most purchased electrified vehicles include the new Ford F-150 Lightning, which ranked No. 8. The Chevrolet Bolt EV, among the most affordable electric vehicles on the market, returned to the list at #10.

Graphic: Cox Automotive

Of all new-vehicle buyers in the third quarter, 27% considered an electrified vehicle, which includes all-electric vehicles (EVs), hybrids and fuel cell vehicles, according to Kelley Blue Book research released Nov. . It’s the same thing. percentage as in the second quarter and just below the peak of 28% in the fourth quarter of 2021.

Hybrids and plug-in hybrids (PHEV) continue to be more popular among buyers, as 20% consider them hybrids, matching its peak in the fourth quarter of 2021. On the other hand, purchases of electric vehicles fell to 11% in the third quarter, compared to 12% in the previous quarter and compared to the peak of 13% in the fourth quarter of 2021. Among the 10 most purchased electrified vehicles, seven were hybrids. , and three were electric vehicles.

Q3 electrified vehicle purchase data comes from the latest Kelley Blue Book Brand Watch™ report. This consumer perception survey also looks at buying behavior to determine how a brand or model compares to its competitors in the segment on a dozen key factors in a consumer’s buying decision. Kelley Blue Book produces separate brand monitoring reports for luxury and non-luxury brands each quarter. From the first quarter of 2022, the methodology includes a survey of mobile and desktop users instead of only desktop users.

Sales of electrified vehicles increased in the third quarter, led by electric vehicles

Total electrified vehicle sales in the third quarter rose nearly 12% in a generally flat year-over-year auto market. The share of electrified vehicles increased to 12.1% of the total market, from 10.8% in the third quarter of 2021.

The growth in electric vehicle sales, however, was due to a significant increase in electric vehicle sales during the quarter. Electric vehicle sales jumped 68% year-over-year in the third quarter. And, for the first time, sales of electric vehicles in the United States — thanks in part to better inventory levels — nearly matched sales of hybrids: 205,682 versus 206,072, respectively. By comparison, a year earlier, in the third quarter of 2021, more than 245,000 hybrids were sold against only 122,000 EVs.

Hybrid inventories were particularly tight in the third quarter of 2022, limiting sales. Total hybrid and plug-in hybrid sales fell 16% year-over-year in the quarter.

While EV purchases hold steady at nearly 11%, sales are clearly growing rapidly, perhaps suggesting that EV buyers are a unique breed and may be pursuing different purchasing strategies than those traditional buyers of hybrids or pure combustion vehicles. Tesla purchases, for example, continue to decline, but sales remain robust.

Tesla dominates electric vehicle sales as shopping traffic and brand strength decline

The Model 3 was the only Tesla on the list of top 10 electrified vehicles. In the past, the Model Y and Model S have always been among the top 10 electrified vehicles, as they were in the second quarter.

Tesla purchases, in general, fell in the third quarter. The brand fell from fifth place to sixth in the ranking of most purchased luxury brands, losing three percentage points in purchase consideration, the most of any luxury brand. The Model Y and Model S also dropped out of the list of top 10 most purchased luxury vehicles. When it comes to the 12 factors driving interest in luxury vehicles, Tesla was number 1 out of three: driving performance, fuel efficiency and technology. In Q3 2019, Tesla was first in seven out of 12 factors.

Still, there’s no denying Tesla’s sales success. Its electric vehicle market share is shrinking as new players enter the field, but Tesla still dominates with a 64% segment share. More importantly, Tesla continues to be the top luxury brand in terms of sales in the United States, far ahead of Mercedes-Benz. Consumer interest and brand image may be diminished, but sales have never been stronger.

Other pure electric vehicles on the list of most purchased electrified vehicles include the popular new Ford F-150 Lightning, ranked No. 8. The Chevrolet Bolt EV, among the most affordable electric vehicles on the market, returned to the listing at #10., after a hiatus due to a sales hiatus and a recall requiring battery swaps and helped by a $6,000 price drop. The Ford Mustang Mach-E dropped out of the Top 10.

Among hybrid sales, Toyota dominates

Toyota, accused by critics of being a laggard in electric vehicle offerings, had the most vehicles on the list of top 10 electrified vehicles, all hybrids. Toyota is also the best-selling non-luxury brand.

Purchases of the Toyota RAV4 Hybrid soared 21% in the third quarter, in part due to high gasoline prices. This helped the RAV4 Hybrid retain its long-standing spot as the most purchased electrified vehicle and returned it to the list of top 10 most purchased non-luxury vehicles overall, after falling at the end of the year. 2021. Highlander Hybrid ranked No. 4 among electrified vehicles. The Prius returned to the list at No. 9. The Toyota Camry Hybrid dropped out of the Top 10.

Toyota sells more hybrids than any automaker in the United States For the first nine months of this year, Toyota accounted for almost half of all hybrids sold in the United States. Hybrids account for about a quarter of Toyota’s overall sales. Toyota sold 100,000 hybrids in the third quarter, but that total was down significantly from a year ago due to tight inventory and limited product availability.

Rival Honda held two spots on the list of the 10 most purchased electrified vehicles, also with hybrids. The Honda CR-V Hybrid retained its longtime spot at No. 2. The hybrid version of the redesigned Honda CR-V will go on sale in 2023. The Honda Accord Hybrid ranked No. 5.

Ford also placed a hybrid on the top 10 list: the Ford Maverick pickup truck, which comes standard as a hybrid or with an optional gasoline engine, tied for No. 5 with Accord.

Originally posted on Vehicle Remarketing

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