US EV Market: 52% YoY Growth In 3Q22; Tesla Tops

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  • Sales of battery electric vehicles grew by over 78% YoY during this quarter
  • Tesla’s Model Y has been the best-selling EV model since Q3 of 2020

According to a recent report by Counterpoint, the US EV (electric vehicle; BEVs and PHEVs only) sales grew by about 52% YoY during the third quarter of 2022. The numbers carry significance given the strong macroeconomic hurdles that were present for a notable time period of the year. The report further specified that the sales of Battery EVs (BEVs) grew by over 78% YoY during this quarter, making them an 80% constituent of the total US EV sales. Interestingly, Tesla sold EVs equivalent to the next 15 brands combined and emerged as the sole giant in the market. Based on the research, Counterpoint expects US EV sales to cross 10 million units annually by 2030.

Counterpoint’s Associate Director Hanish Bhatia remarked, “Overall US passenger vehicle sales will likely suffer due to macroeconomic pressures until at least mid-2023. Higher interest rates are hitting both loan and leasing routes to ownership. However, the affordability of EVs will be revitalized once EV policies and credit subsidies take effect.”

Counterpoint’s ‘Global Passenger Vehicle Model Sales Tracker’ jotted down the phenomenal performance of top brands like Tesla (56% YoY sales growth), Ford (132% YoY sales growth), Chevrolet (225% YoY sales growth) etc and pointed out that the top 10 EV models constituted around 70% of EV sales in the US. Notably, Tesla’s Model Y has been the best-selling EV model since the third quarter of 2020.

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Research Director Jeff Fieldhack stated that tax credits are expected to boost EV demand while suggesting that a price reduction is expected as more battery manufacturing firms are being set up across the North American continent. He added, “Batteries constitute 40% to 45% of the cost of EVs. The availability of multiple battery suppliers and a decrease in logistics costs for batteries will positively impact the US EV market. EV sales in the US are expected to exceed 10 million units annually by 2030 at a CAGR of 37%, according to Counterpoint’s Global Passenger Vehicle Forecast.”

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry.


 

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