New vehicle sales in the second quarter struggled, up only modestly from the first quarter and down more than 20% from Q2 2021, Cox Automotive recently reported. There were a few positive notes in the Q2 sales numbers, though, and among them, EV sales stood out. Sales of battery-powered electric vehicles – pure EVs – jumped to 196,788, representing a record high and a 13% increase from Q1.
The Kelley Blue Book team has released their best estimates of electrified vehicle sales in Q2.
Cox provided these 10 quick takeaways from the report:
- Tesla remains the dominant player in the luxury market in total. In Q2, Tesla was the top-selling luxury brand in the U.S., outpacing Audi, BMW, Cadillac, Lexus, Mercedes-Benz, etc. As new EV models continue to enter the market, Tesla’s share of the EV segment is dropping. Last quarter, it fell to 66%, down 9% from Q1. Still, Tesla’s EV share is expected to shrink as the EV market expand. The bigger story is Tesla’s continued growth. Last quarter, the brand nearly outsold Subaru in the U.S.
- Sales of electrified vehicles – combined EVs, hybrids, and fuel-cell-powered vehicles – jumped to 442,740 in Q2, an increase of 12.9% from year-ago levels. Electrified vehicles account for 12.6% of the U.S. market last quarter.
- In Q2, EV sales accounted for 5.6% of the total market, an increase from 5.3% in Q1 and a record high. EV share in Q2 2021 was 2.7%.
- With gas prices above $5 in Q2, interest in hybrids and EVs surged. However, sales of hybrids and plug-in hybrids dropped 10.2% in Q2 year-over-year, as tight inventory held sales in check. Still, hybrid sales increased compared to Q1 to 245,204.
- The Jeep Wrangler 4xe was the top-selling plug-in hybrid in the U.S. last quarter.
- In Q2 2021, there were 19 EV models for sale in the U.S. One year later, the number jumped to 33. Newly launched EV models accounted for nearly 30,000 sales in Q2 2022. The Hyundai IONIQ 5 was the hottest newcomer, with 7,448 sales in Q2 2022.
- After through months of no production due to battery issues, the Chevy Bolt EV is running again. Nearly 7,000 were sold in Q2.
- Toyota continues to be the top player in hybrid powertrains. In the first half of 2022, roughly 55% of all hybrids sold in the U.S. were sold by Toyota and Lexus dealers. Ford was the No. 2 hybrid seller, with 11.7% share.
- Electrified pickup trucks are growing in popularity. EV models (Hummer, R1T, Lightning) and hybrids (Maverick, F-Series) are now available and more than 45,000 were sold in the first half of 2022.
- EV prices remain elevated. 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 aligned with luxury prices than mainstream prices.