The Genesis of the Electric Vehicle Market
Tesla has been a pioneer in the electric vehicle market and has made an indelible footprint in the industry. The EV giant’s vehicles accounted for four out of six EVs sold in the first nine months of 2022. Here is the breakdown for the period January through September 2022 in the U.S.:
Tesla: 191,451 Model Y units, 156,357 Model 3 units, 23,464 Model S units, and 19,542 Model X units.
Ford: 28,089 Mustang Mach-E units.
Chevy: 22, 012 Bolt units
Hyundai: 18,492 IONIQ 5 units
Kia: 17,564 EV6 units
Combined, Tesla's competitors don't come close to matching sales of its Model Y, much less its three other models. However, these automakers are catching up. They are investing in the production and technology that increases competition in the market.
It’s unlikely they’ll catch up to Tesla, but their participation may advance the technology and offer more choices for consumers.
Not only is the private sector moving electric vehicles forward, but the public sector is also. California and New York have established rules that require all new vehicles sold in those states to be either electric or plug-in electric hybrids by 2035. The Biden Administration’s Inflation Reduction Act offers numerous tax credits to American-made EVs and batteries. And consumer demand is rising.
EVs face numerous obstacles, namely sourcing the lithium for the batteries and honing the battery design, but more players in the game improve the odds of overcoming hurdles.
Electric vehicles are in their genesis. Engineers aren’t experimenting with this technology to see if it works. The technology does work, and it is breaking through to the mainstream.
