According to the most recent Kelley Blue Book data, Americans purchased nearly twice as many electric automobiles in the first quarter of 2022 as they did in the first quarter of 2021. For the first time, electric cars (EVs) accounted for more than 5% of total vehicle sales.
Tesla Benefits from a Home Court Advantage
Tesla maintained its lead in the market. Between January and March, Tesla vehicles accounted for around 75% of all electric vehicles sold. Its Model Y SUV and Model 3 sedan alone accounted for 68 percent of the market.
The distance between the second-place Model 3 and the third-place Ford Mustang Mach-E demonstrates Tesla's significant lead in the electric vehicle competition. During the first quarter, Americans purchased 46,707 Model 3s and 6,734 Mustang Mach-Es.
Tesla's rear-view mirror, on the other hand, is beginning to fill up.
A new competition is on the way.
In the first quarter of 2021, 18 distinct electric vehicle models were purchased by Americans. They purchased 32 different models in the first three months of this year. By the end of 2022, we expect at least 50 will be available for purchase.
Tesla had a year's head start in the electric vehicle competition, selling four models before most automakers released their first. However, the competition is becoming more intense by the day.
No non-Tesla EV has come close to capturing the company's now-Texas-based mindshare. However, Americans are becoming increasingly aware of other options. This could indicate that Tesla will have a more difficult battle than in the past.
For example, the Hyundai Ioniq 5 was recently named World Car of the Year for 2022. It brings an offbeat attitude to the fight with unconventional styling reminiscent of a car from an 8-bit video game and pixelated headlights. It has an 800-volt design instead of Tesla's 400-volt setup, which allows it to charge more quickly. It's also considerably less costly.
The Ioniq 5 has a starting price of $44,000. That's not far off from what the Model Y will cost when it goes on sale in 2020. It currently starts at $64,990, thanks to frequent price rises. Hyundai automobiles are also still qualified for the entire federal $7,500 tax credit, which is no longer available for Tesla vehicles.
If the Ioniq 5's design turns you off, the elegant Kia EV6 is based on the same platform and offers many of the same benefits as the Ioniq 5, as well as more traditional sports appearance.
The Electric Pickups Have Arrived
Tesla is also up against new sorts of electric vehicles. Customers' driveways have begun to receive the first electric pickup vehicles. 99 buyers acquired a GMC Hummer EV truck in the first three months of 2022, and another 43 obtained a Rivian R1T pickup. The Ford F-150 Lighting electric truck is approaching completion. Tesla's own innovative Cybertruck is expected to go into production in 2023, according to the firm.
Increased competition appears to be a challenge to Tesla's hegemony. Tesla's lead on the field is rising despite the fact that there is more competition than ever. In the first quarter of 2021, Tesla goods accounted for 70% of all electric vehicles sold, and in the same time of 2022, they accounted for 75%.
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