--- title: One Kind of Car Is Skyrocketing in Sales While the Rest of the Market Is Slumping description: Electric vehicle sales soared in 2022, which was otherwise a slow year for new car purchases — and a very expensive year for gas prices. authors: - name: Pete Grieve role: Lead News Reporter url: https://money.com/author/pete-grieve/ bio: Pete Grieve is a personal finance reporter. In his time at Money, Pete has covered everything from car buying to credit cards to the housing market. education: University of Chicago, BA Political Science at_money_since: 2022 articles: 597 covers: - Shopping - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Taxes social: - https://twitter.com/pete_grieve - https://linkedin.com/in/pete-grieve-b5aa02138 - https://www.facebook.com/petegrieve4 editors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Shopping - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true published: '2023-01-18T17:31:53.000Z' modified: '2024-01-10T17:48:00.000Z' section: Shopping tags: - cars - News word_count: 351 canonical: https://money.com/electric-vehicle-sales-increase-tesla/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Close-up of a man plugging charger in electric car](https://img.money.com/2023/01/News-Electric-Car-Sales-Skyrocket.jpg) Electric vehicle (EV) sales from brands like Tesla and Ford soared in the U.S. in 2022 during an otherwise slow year for new car transactions. EVs still represent a small fraction of the auto market, but that’s changing quickly as sales increased by 65% last year, according to [new research](https://www.coxautoinc.com/market-insights/in-a-down-market-ev-sales-soar-to-new-record/) from Cox Automotive, a research and consulting firm. ## What the research shows Last year, drivers faced [high car prices](https://money.com/average-new-car-price-record-high/) and [high gas prices](https://money.com/gas-prices-lower-2023-forecasts/) alike. In what was the worst year for new car sales since 2011, EV sales stood out as a clear bright spot: - In 2022, 5.8% of new vehicle sales were EVs, an increase from 3.2% the year before. More than 800,000 EVs were sold in the U.S. - Last year, there were 19 EV model launches or critical redesigns, which helped drive the increase in sales. - Tesla continues to dominate the market, but the company’s share of all EV sales shrunk from 70% in the first quarter of 2022 to 58.3% in the fourth quarter. ## What’s next Cox is forecasting that more than 1 million EVs will be sold in 2023 in the U.S. and they’ll represent about 8% of all new car sales. - Buyers will have more options with 27 EV model launches or redesigns expected this year. - [New EV tax credits](https://money.com/2023-ev-tax-credits-save-7500/) in 2023, which can essentially amount to a $7,500 discount per vehicle, will incentivize more Americans to buy these cars, experts say. - Combining hybrids and “pure EVs,” about 25% of new car sales in 2023 will be electrified vehicles, Cox forecasts. ## Bottom line Electric vehicle sales boomed in the U.S. in 2022, and all signs indicate the trend will continue into 2023 and beyond. Still, the U.S. is lagging behind in the transition to EVs. *The Wall Street Journal* [reports](https://www.wsj.com/articles/evs-made-up-10-of-all-new-cars-sold-last-year-11673818385) that 10% of vehicles sold globally last year were EVs, with Europe at 11% and China all the way up to 19%. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/electric-vehicle-sales-increase-tesla/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Shopping", "item": "https://money.com/shopping/" }, { "@type": "ListItem", "position": 3, "name": "Electric Vehicles", "item": "https://money.com/electric-vehicles/" }, { "@type": "ListItem", "position": 4, "name": "One Kind of Car Is Skyrocketing in Sales While the Rest of the Market Is Slumping" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/electric-vehicle-sales-increase-tesla/#webpage", "url": "https://money.com/electric-vehicle-sales-increase-tesla/", "name": "One Kind of Car Is Skyrocketing in Sales While the Rest of the Market Is Slumping", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-01-18T17:31:53.000Z", "mainEntity": { "@id": "https://money.com/electric-vehicle-sales-increase-tesla/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/electric-vehicle-sales-increase-tesla/#breadcrumb" }, "dateModified": "2024-01-10T17:48:00.000Z" }, { "@type": "NewsArticle", "headline": "One Kind of Car Is Skyrocketing in Sales While the Rest of the Market Is Slumping", "articleSection": "Shopping", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/01/News-Electric-Car-Sales-Skyrocket.jpg", "width": 5700, "height": 3800, "caption": "News-Electric-Car-Sales-Skyrocket" } ], "author": [ { "@type": "Person", "name": "Pete Grieve", "url": "https://money.com/author/pete-grieve/", "@id": "https://money.com/author/pete-grieve/#author", "description": "Pete Grieve is a personal finance reporter. 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