EV Sales Will Soar in 2022 as New Models Flood the Market

EV Sales Will Soar in 2022 as New Models Flood the Market

Overall light vehicle sales plummeted last year because of pandemic-related supply chain issues, but electric vehicle sales are set to surge in 2022.

EVs are expected to reach over 450,000 sales in 2021, and EV sales through November were up 88% compared to 2020 EV sales through last November. This huge increase is due to a few key new models arriving in the marketplace this year, such as the Ford Mustang Mach-E and Volkswagen ID.4. In its first full year, Tesla’s Model Y was by far the EV sales leader in 2021.

That momentum will build further in 2022 as many more all-electric models will arrive in the marketplace, notably in the most popular vehicle segments in the U.S. market.

Electric pickups are arriving, including the Ford F-150 Lightning, Rivian R1T, and GMC Hummer. Compact crossovers, which are currently the highest selling model in the U.S. market, will add key new entries too. These include the Nissan Ariya, Hyundai IONIQ 5, Kia EV6, and Toyota bZ4X, among others. No longer will EV shoppers looking beyond Tesla be faced with an array of un-aspirational small five-door hatchbacks.

The combination of growing consumer demand and new entries in the segments American shoppers are most interested in means that EV sales will continue to climb rapidly in 2022 even as the overall light vehicle market continues to deal with supply chain issues. Indeed, AutoPacific’s Future Attribute Demand Study (FADS) data show that consumer interest in EVs has tripled in three short years, with 9% of new vehicle shoppers in 2021 saying they’ll be looking to buy an EV for their next car, compared to just 3% who said so in 2019.

With growing consumer interest and awareness combined with an influx of new EV choices, AutoPacific forecasts that EV sales are expected to hit at least 650,000 sales in 2022, an increase of about 45% over expected 2021 EV sales.

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Pejman Nozad, a founding managing partner at Pear VC, joins this episode of LA Venture to discuss Pear VC's current initiatives, including its accelerator and fellowships. He's seen as one of the most successful angel investors in the area, and for good reason: he has made more than 300 investments in his lifetime.

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Minnie Ingersoll
Minnie Ingersoll is a partner at TenOneTen and host of the LA Venture podcast. Prior to TenOneTen, Minnie was the COO and co-founder of $100M+ Shift.com, an online marketplace for used cars. Minnie started her career as an early product manager at Google. Minnie studied Computer Science at Stanford and has an MBA from HBS. She recently moved back to L.A. after 20+ years in the Bay Area and is excited to be a part of the growing tech ecosystem of Southern California. In her space time, Minnie surfs baby waves and raises baby people.
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Ben Bergman is the newsroom's senior finance reporter. Previously he was a senior business reporter and host at KPCC, a senior producer at Gimlet Media, a producer at NPR's Morning Edition, and produced two investigative documentaries for KCET. He has been a frequent on-air contributor to business coverage on NPR and Marketplace and has written for The New York Times and Columbia Journalism Review. Ben was a 2017-2018 Knight-Bagehot Fellow in Economic and Business Journalism at Columbia Business School. In his free time, he enjoys skiing, playing poker, and cheering on The Seattle Seahawks.