Sales of battery-powered electric vehicles increased to record numbers with strong year-end performance in the fourth quarter of 2021, according to Kelly Blue Book’s new report. This was despite the shortage of inventory across the industry and the general slowing of new-car sales growth throughout the year.
EV sales increased by 72% in Q4 to a record 147,799 units over the previous year. Q4’s EV market share was also a record-high at 4.5%.
The popularity of EVs continues to rise, as per Kelley Blue Book’s release. Almost half a million people purchased an electric vehicle in 2021, and the variety of pure EV options continues to improve. There were 25 EV models available in Q4 2021, and many new models are in the pipeline for 2022.
All in all, more than 1.5 million electrified cars—the merged number of hybrids, electric vehicles, and plug-in hybrids—were sold across the United States last year. The sales of electrified vehicles comprised 9.7% of all sales in 2021. During the fourth quarter, 11.8% of sales were electrified.
However, sales could have risen by a significant amount last year if supply and inventory problems weren’t as severe. For instance, battery issues and production problems all but eliminated Chevrolet Bolt and Bolt EUV sales during the second half of the year. Likewise, Toyota struggled with inventory issues for the fourth quarter.
“There is no doubt we are in the electrified-vehicle decade, and our Cox Automotive experts forecast even further growth of electrified vehicles in the years ahead,” said Matt Degen, editor for Kelley Blue Book.
“The automotive marketplace continues to evolve and diversify more with each passing year. Hybrids are now mainstream products, and more than a dozen new EVs are slated to launch in 2022 – including the much-anticipated and potentially high-volume Ford F-150 Lightning. While consumer survey data indicates that EVs are too expensive and concerns remain about range and charging availability, consideration for the segment has never been higher. As EV availability expands and capability improves, even more, new-car buyers likely will make the choice to buy electrified in 2022.”
Tesla remains the leading player within EVs, with 72% of its EV market share. Although that figure is lower than its close to 80% in 2020, Tesla has still posted a significant increase of 71% growth year-over-year during an extremely challenging year for the auto market. Tesla was also the most dominant among premium brands, outselling Audi, BMW, Lexus, and Mercedes-Benz in the U.S. market.
Additionally, the sales of hybrid cars rose 84% year-over-year in 2021, with the lead coming from Toyota. Over half of the almost one million hybrids sold across the United States last year hailed from either Toyota or Lexus. Toyota’s new car sales are 25% electrified. All with hybrids. The company plans to include EVs this year. Outside of Toyota, Honda and Ford remain major participants in the hybrid market.
For more information and to access a detailed report of Q4 2021 electrified vehicle sales, visit https://www.coxautoinc.com/market-insights/strong-finish-ev-sales-mark-new-record-in-fourth-quarter-of-2021/.
About Kelley Blue Book
Founded in 1926, Kelley Blue Book, The Trusted Resource, is the vehicle valuation and information source trusted and relied upon by both consumers and the automotive industry. Each week the company provides market-reflective values on its top-rated website KBB.com, including its famous Blue Book Trade-In Values and Kelley Blue Book Price Advisor tool, which provides a range for what consumers can reasonably expect to pay for a vehicle in their area.
Car owners looking to sell immediately can also get a redeemable, transaction-ready offer with Kelley Blue BookSM Instant Cash Offer. The company also provides vehicle pricing and values through various products and services available to car dealers, auto manufacturers, finance and insurance companies, and governmental agencies. Kelley Blue Book is a Cox Automotive brand.
About Cox Automotive
Cox Automotive Inc. makes buying, selling, owning, and using vehicles easier for everyone. The global company’s more than 27,000 team members and family of brands, including Autotrader, Dealer.com, Dealertrack, Dickinson Fleet Services, Kelley Blue Book, Manheim, NextGear Capital, VinSolutions, vAuto, and Xtime, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with annual revenues of nearly $20 billion.