Sales of electrified vehicles hit record high, says Kelley Blue Book

Growth in the electrified vehicle segment far outpaces the rest of the industry in Q3 2022 and records record sales in the US market

ATLANTE, October 19, 2022 /PRNewswire/ — Sales of electrified vehicles hit a record high in the third quarter of 2022, as one of the hottest segments of the U.S. auto market continues to make waves across the industry, according to Kelley Blue Book, a Cox Automotive company. More than 200,000 electrified vehicles were sold in the three months of the third quarter – a first – with the segment far outpacing the rest of the industry in terms of sales volumes and market share growth.

The high cost of electrified vehicles does not seem to deter car buyers. While prices for electrified vehicles fell slightly (1.8%) month-over-month from August to September 2022EV prices rose 9.7% in September 2022 compared to a year ago September 2021. The average price of new electric vehicles last month was $65,291, according to Kelley Blue Book, which is well above the industry average and more in line with luxury pricing than traditional pricing. Despite high prices for electric vehicles, consumer interest shows no signs of slowing down.

“Electric vehicles continue to be the darling of the industry, with market growth and consumer interest now reflected in record sales figures,” said Brian Moody, editor of Kelley Blue Book. “While EV pricing currently aligns more closely with luxury versus mainstream, the market continues to grow and evolve with more choice on the scene all the time. It’s no longer just about of “what Tesla is available,” but rather of an industry-wide boom with more electric vehicles on the horizon from Ford, GM, Hyundai and other manufacturers.”

While Tesla is still the leading EV brand, new entries continue to show strong growth as they gobble up their share. Tesla’s share of the EV segment fell in the third quarter, though at 64%, “lower” is a relative term. The decline in share was inevitable for Tesla as more players entered the market, but for now the brand remains the leader among electric vehicles. More notable than the decline in EV share, Tesla easily retained the top spot in the luxury market in the third quarter, far outpacing second-placed Mercedes-Benz.

Beyond pure electric vehicles, Toyota remains the benchmark for hybrid powertrains. Toyota’s hybrid sales fell year-over-year in the third quarter, mostly due to tight inventory, but the brand still moved more than 100,000 hybrids to the United States in those months. three months. Since the start of the year, nearly half of all hybrids sold in United States wear a Toyota badge.

To view Kelley Blue Book’s Third Quarter 2022 Electrified Vehicle Sales Report, visit https://www.coxautoinc.com/wp-content/uploads/2022/10/Q3-2022-Kelley-Blue-Book- Electrified-Vehicle-Sales-Report.pdf.

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About Kelley Blue Book
Founded in 1926, Kelley Blue Book, The Trusted Resource®, is the source of vehicle ratings and information that consumers and the automotive industry have relied on for nearly a century. An industry standard for generations, Kelley Blue Book provides transparent, objective information and innovative data-driven tools for consumers, auto dealers and manufacturers. The company publishes millions of market-reflecting values ​​every week on its top-rated website KBB.com, from its famous Blue Book® Kelley Blue Book Trading Values® Price Advisor tool, which offers a range of what consumers can reasonably expect to pay for a vehicle in their area. KBB.com editors rate and review hundreds of new vehicles each year to help consumers understand the best cars and SUVs to meet their needs. Kelley’s Blue BookSM The Instant Cash offer offers a redeemable exchange offer to transacting consumers and easily connects them to local participating dealers. Kelley Blue Book’s Service Advisor provides guidance on how much to pay for service and repairs, allowing consumers to schedule service with local dealers on KBB.com. The company also provides vehicle values ​​to finance and insurance companies as well as government agencies. Kelley Blue Book is a brand of Cox Automotive.

About Cox Automotive
Cox Automotive Inc. makes it easier for everyone to buy, sell, own and use vehicles. The 27,000+ team members and global company family of brands, including Autotrader®Dealer.com®Dealer®Kelley’s Blue Book®Mannheim®NextGear Capital®WineSolutions®vAuto® and Xtime®, are passionate about helping millions of car buyers, 40,000 automotive dealership customers across five continents, and many others in the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately held, Atlantabased in New York with annual revenues of nearly $20 billion. www.coxautoinc.com

SOURCE Kelley Blue Book

Sallie R. Loera