Sales of electric vehicles hit a new record high in the fourth quarter of 2021, according to a new analysis from Kelley Blue Book.
Researchers say sales of battery-powered EVs had a strong year-end finish despite all the challenges faced by the industry and the overall slow new-car sales growth throughout last year. In its press release, KBB reports that EV sales jumped 72% year-over-year to a record 147,799 units in Q4 2021. EV market share in Q4 was 4.5%, which was also a record high for the segment.
KBB researchers say EV popularity continues to grow. Nearly half-a-million buyers bought an EV in 2021 – and the number of EV choices continues to grow. Researchers say there were 25 different EV models sold in Q4 2021, and several new nameplates are on the horizon for 2022.
Broadening things out - here's how sales of all electrified vehicles shaped up in 2021. KBB says nearly 1.5 million electrified vehicles - that includes EVs, hybrids and plug-in hybrids- were sold in the United States last year. Electrified vehicle sales accounted for 9.7% of all sales in 2021, and in the fourth quarter 11.8% of sales were electrified. KBB suggests that sales might have even been higher but for the challenges faced by automakers. For example, researchers say battery and production troubles all but eliminated Chevrolet Bolt and Bolt EUV sales in the second half of the year, and hybrid-leader Toyota struggled with inventory throughout much of 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 continues to indicate 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 is still king when it comes to EVs. It enjoys 72% share of the EV market. Even though that number is slightly down from near 80% in 2020, KBB says Tesla still delivered significant 71% year-over-year growth during a very tough year in the automotive marketplace. Tesla also dominated among luxury brands, outselling Audi, BMW, Lexus and Mercedes-Benz in the U.S. market.
Taking a look a sales of hybrid vehicles, those were up too in 2021. KBB says sales of hybrid vehicles jumped 84% year-over-year in 2021, led by Toyota. More than half of the nearly one million hybrids sold in the United States last year hailed from either Toyota or Lexus. Toyota's new-car sales are now 25% electrified, all with hybrids for now, but the company plans to add EVs starting this year. Beyond Toyota, KBB says Honda and Ford also remain significant players in the hybrid category.
