US electric vehicle sales surge in 2022, broader auto market contracts

Detroit: The US' electric vehicle sales jumped by two-thirds in 2022 while the broader auto market contracted, new figures released at 2022 end showed as new plug-in models from traditional automakers shrank the lead of EV giant Tesla, according to The Wall Street Journal.

According to the figures, automakers sold 807,180 all-electric vehicles in the US last year, or 5.8 per cent of all vehicles sold, up from 3.2 per cent a year earlier, according to year-end figures released this week by market research firm Motor Intelligence. In contrast to this, total US auto sales in 2022 fell 8 per cent year over year, WSJ said.

Tesla continues to dominate the US electric vehicle market, accounting for 65 per cent of total sales last year, Motor Intelligence estimates showed. That number has declined from 72 per cent in 2021 as legacy automakers launch more models. Tesla reports global vehicle delivery numbers but no regional results, according to the WSJ report.

Ford Motor jumped to No. 2 in EV sales, accounting for 7.6 per cent of the US all-electric vehicle market, according to Motor Intelligence data. Hyundai Motor and subsidiary Kia Corporation tied for a close third at 7.1 per cent after launching popular new electric sports utility vehicles (SUVs).