US EV Sales Hit All-Time High In Q4 2021: Tesla Leads w/72% Share
Shoppers on our shores bought 21% fewer cars in Q4 2021 year-over-year, though they bought 72% more electric cars.
It wasn't that long ago when many people were talking about the fact that US EV sales only made up 1 to 2 percent of the total automotive market share. However, according to the latest report from Kelley Blue Book (KBB), electric vehicle sales peaked in Q4 2021, making up an impressive ~4.5 percent of all car sales from October through December of last year.
As you know, the aftermath of the COVID-10 pandemic, along with a global chip shortage and related supply chain issues have put a big dent in automakers' production and deliveries. Given the dire situation, it may come as a surprise that EV makers were able to find so much success.
That said, a closer look reveals that the spike in US EV market share can be attributed to a few situations. First of all, gaining market share is easier when your competition is down. Shoppers on our shores bought 21.3% fewer cars in Q4 2021 year-over-year, though they bought 72% more electric cars.
Second, legacy automakers are producing compelling EVs and focusing on their production and sale. KBB says it found some 25 all-electric models that benefitted from sales in the US for the final quarter of the year.
However, arguably most important, of the ~148,000 EVs sold in the States in Q4 2021, Tesla delivered a whopping 72% of them. We've already published several reports about how Tesla is successfully navigating the chip shortage, and we even heard that the Biden Administration would welcome his guidance related to how other automakers can follow suit.
KBB says the Tesla Model Y was the leader of the pack in the US in Q4 2021, with a total of 63,386 deliveries. While the number doesn't quite account for half of all US EV sales during the quarter, it's knocking on the door.
Kelley Blue Book also reminds us that General Motors delivered 1 GMC Hummer EV in Q4 2021. Meanwhile, electric vehicle startup Rivian delivered 575 R1T electric pickup trucks during the same three-month period. KBB anticipates higher EV sales numbers for Q1 2022.
How many electric cars do you think will be delivered in the US in Q1 2022? Where will US EV market share be by the end of 2022? Leave us your thoughts and details in the comment section below.
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