U.S.-made EVs rule the market — and the trend is accelerating

The US automaker in Tesla’s footsteps is moving quickly to introduce new EV models ahead of international competitors. Ford now makes an electric version of his best-selling F-150 pickup, the Lightning, and Cadillac recently launched the Lyriq midsize crossover. Tesla plans to launch its own pickup truck, the Cybertruck, later this year.

Asian automakers, which have disrupted the U.S. gasoline vehicle market since the 1970s, import EVs from South Korea, but sales of EVs are minimal, with the exception of Nissan and Hyundai Motor Group, which plan to produce in the U.S. am.

The European brand that once dominated the luxury market has lost the US luxury crown to Tesla, along with Japan’s Lexus.

Tesla’s EV market share fell from 70% in 2021 to 64% in the 11 months, but as the EV market expanded rapidly last year, new vehicle registrations across the United States rose from 303,129 to 431,740.

Since Tesla doesn’t disclose U.S. sales figures, experts have to estimate the company’s domestic shipments. The registration data lags behind the sales report by more than a month, giving a more accurate picture of Tesla’s results.

According to Experian data, EVs made up 5.4% of all US car registrations by November, up from 3% a year ago.

Ford ranked second in EV racing with 7.4% of new registrations from January to November, Chevrolet third with 4.7%, Kia 4% and Hyundai 3.7%, according to Experian. Volkswagen was sixth with his 2.4%, Audi followed with his 2.2% and Rivian was eighth with his 1.9%.

Ford’s EV registrations more than doubled compared to the January-November 2021 period, while GM’s increase was modest at 26%. Sales of the Chevrolet Volt EV and slightly larger Volt EUV were halted for six months last year due to a recall. The low-volume GMC Hummer had 841 new registrations by November 2022, compared to 120 Lyriqs.

Indeed, international automakers were already laying the groundwork for US production of EVs and batteries before the Inflation Reduction Act was passed. Volkswagen and Mercedes-Benz began selling U.S.-made EVs late last year, but they were too few in number to affect 11-month registration data. That will change this year.

US automakers are also leveraging their operations in Mexico for EVs. Ford’s Mexican-made Mustang Mach-E accounted for his 5.2% of newly registered EVs in the US in 11 months. GM is currently converting a crossover plant in northern Mexico for EV production. Tesla has also spoken to officials in Mexico’s Nuevo Laredo state.

But the United States continues to be the center of activity.

Tesla opened its massive Gigafactory Texas in Austin last year and is already seeking regulatory approval for the expansion. Ford began production of his F-150 Lightning last year in Michigan. Rivian will open his first factory in Illinois in 2021. This is around the same time that EV startup Lucid Motors began building cars in Arizona.

These and other assembly plants for Hyundai, GM, Ford, Stellantis, BMW, Volvo and Polestar will be powered by local battery plants that the automaker plans with key battery partners. .

“This IRA-inspired increase in domestic EV production will build up supply chains sooner than previously thought,” said Fiorani. “As long as the IRA is unlimited with no time or quantity restrictions, the battery and component infrastructure will grow in North America until the market is saturated after 2035.”

Among the top 10 EVs sold in the US last year, Tesla’s Model Y led new registrations with 200,592 vehicles in the 11 months covered by Experian’s data. This was followed by another Tesla Model 3 with 175,661 units. The Mustang Mach E was third with 34,643, the Tesla Model X with 30,125, and the Model S with 25,362.

Chevrolet’s Bolt EUV was sixth with 22,421 registrations, Hyundai Ioniq with 21,086 and Kia EV6 with 19,163.

VW’s ID.4 scored 16,345 registrations during the period, while Rivan’s R1T pickup generated 11,637.

In the coveted U.S. luxury market, Tesla extended its lead over competitors in Germany and Asia, regardless of the type of fuel in the vehicle.

Over the 11-month period, Tesla’s 431,740 registrations increased 42% over the same period last year. BMW placed him in second place with his 296,669 new car registrations, down 6.4%. Mercedes-Benz recorded his 247,932 new registrations, down 0.6%, while Lexus dropped 17% to 242,611.

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