Electric vehicle sales to hit 10 million in 2022

Electric Vehicle Sales to Reach 10 Million in 2022

A rising number of competing models, stronger pollution restrictions, incentives, and fleet purchasing will all push electric vehicle sales, Bloomberg reports.

According to Bloomberg’s estimates, China will lead the way once again this year, with around 6 million global electric vehicle sales in 2022. With nearly half a million electric vehicles sold in December, the Chinese market ended 2021 on a strong note.

Due to China’s gradual reduction of purchase subsidies, which are due to expire in 2023, the fourth quarter of this year’s results are expected to be quite high.

The United States falls well behind China and Europe in terms of EV adoption, but new electric truck models, notably the Ford F-150 Lightning, are set to join the market this year, along with a revamped federal EV tax credit.

Tesla sold over 936,000 electric vehicles in 2021, up 87 percent from the previous year. Tesla will set new records with additional manufacturing near Berlin and Austin, Texas, as well as enhanced capacity in Fremont, California, and Shanghai.

The Model Y is expected to be the best-selling electric vehicle in the world this year, with nearly 800,000 units sold. If Tesla succeeds, it will be a historic moment in the global automobile industry, with an electric car breaking into the top five best-selling automobiles worldwide.

However, there’s still room at the top – the dependable Toyota Corolla consistently sells over 1 million vehicles every year.

Commercial EV sales are expected to increase by about 75% in 2022. We project that 260,000 all-electric vans will be sold by 2021, up from 154,000 in 2021, with big fleet orders accounting for the majority of these sales. Most of the major automakers, including Daimler, GM’s BrightDrop, Ford, Renault, and Stellantis, as well as numerous startups, now offer a wide range of light-duty commercial vehicle models.

This year, Europe and China are expected to be dominant in commercial electric vehicle sales once again. Sales have been slow in the United States so far, but there are plenty of business orders, and delivery could speed up shortly. Larger commercial EV deliveries are still in the minority, but they are rapidly increasing.