A Steady Hum of Profits
Amanda Heckman|January 28, 2023
Shh… do you hear that?
It’s the roar whine of EVs taking over more lanes on the highway…
And the sound of profits ringing the register…
The EV sector hit a big milestone in 2022. Electric cars reached a 10% global market share for the first time. Nearly 8 million EVs were sold around the world, a 68% year-over-year increase.
While that jump was mainly driven by sales in Europe and China, the U.S. also notched some impressive figures.
More than 800,000 EVs were sold in the U.S., adding up to a 5.8% market share.
And get this… Auto sales were down overall in the U.S. in 2022 thanks to a weakening economy. Yet EVs sales held strong and actually went up year over year.
We’re not just talking about a bunch of new Teslas hitting the road, either. While Elon Musk’s company still accounts for the lion’s share of sales, many other brands are gaining on it.
Tesla’s market share decreased to 65% in 2022 as other compelling models revved out of showrooms.
Ford, Mercedes-Benz and BMW all saw their EV sales more than double in 2022.
2023 could be the year EVs surpass 1 million units sold domestically.
And share prices are sure to follow sales upward.
Big Changes
With Washington aggressively prodding it along, the auto industry has undergone a huge transformation. Generous incentives and subsidies continue to spur growth.
Plus, federal and state regulators are cracking down big-time on gas guzzlers…
California has banned sales of new gas-powered cars starting in 2035. Other states – such as Washington and Massachusetts – are following suit with similar measures, though none have yet mandated bans.
Automakers, under pressure from both the government and consumers about the effects of greenhouse gases on climate change, are creating their own mandates.
General Motors, Ford, Volvo, Mercedes, Jaguar and Land Rover have all pledged to stop making gas-powered vehicles within the next 10-15 years and to become fully electric producers by 2040.
With EV sales approaching 1 million cars per year in the U.S., it’s clear we’re still in the beginning stages of this race.
The auto industry is bound to see massive growth as these huge changes push EVs front and center. And the companies that are able to keep up will see their bottom lines grow.
But there’s one impressive automaker that could leave its competition in the dust. It’s a marvel of American engineering… it’s been called Tesla's worst nightmare… and its sales are expected to double in 2023 and nearly repeat that feat in 2024.
Get the details on what could be the next EV giant right here… before it takes off.
