Electric vehicle sales increased 13% in the second quarter of 2022 and reached a record-high share of the market in Q2 of 5.6%, according to Cox Automotive. With gas prices briefly exceeding $5 per gallon in Q2, interest in hybrid and electric vehicles soared. However, interest does not necessarily correlate to sales.
Hybrid and plug-in hybrid vehicle sales decreased 10.2% in the second quarter compared to the same period last year due to low inventory. Nevertheless, hybrid sales increased by 245,204 from Q1 levels.
The popularity of electric pickup trucks is rising. More than 45,000 EV cars (Hummer, R1T, Lightning) and hybrids (Maverick, F-Series) were sold in the first half of 2022.
Tesla outsold every well-known luxury brand in the country in Q2, including Audi, BMW, Cadillac, Lexus, Mercedes-Benz, and more. However, as more EV models come to market, Tesla’s market share for electric vehicles is shrinking.
Prices for EVs are still high. According to Kelley Blue Book, the average cost of a new electric vehicle in June was over $66,000, significantly higher than the industry average and more in line with luxury costs than mainstream prices.
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