While sales of new vehicles declined 13.4% year over year in Q3, US sales of electrified vehicles jumped by nearly 60%, according to an analysis by Kelley Blue Book.
More than 1m electrified vehicles were sold by the end of Q3 2021.
Sales of electrified vehicles accounted for 10.1% of total vehicle sales in Q3, according to Kelley Blue Book, which was an all-time high.
While sales of new vehicles declined in Q3 due primarily to low inventory and high prices, sales of electrified vehicles jumped by nearly 60%, according to the analysis.
Sales of electrified vehicles – the combined total of electric vehicles (EVs), hybrids and plug-in hybrids – accounted for 10.4% of total vehicle sales in Q3, an all-time high. In the same period a year ago, electrified vehicles accounted for only 5.5% of total sales.
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The growth of electrified vehicle sales in the US is a result of more product availability and wider consumer acceptance.
On the EV front, new players, including the Ford Mustang Mach-E and VW ID.4, were enjoying early success, but the Tesla Model 3 and Model Y were still the leading players. Tesla’s share of the EV market in Q3 jumped back above 70% after falling to 64% in Q2. The Tesla Model Y was the industry’s best-selling EV, accounting for nearly 40% of total EV sales.
In the first nine months of 2021, 24% of combined Toyota and Lexus sales were hybrid vehicles. More than 60% of all hybrid-electric vehicles sold industry-wide in Q3 came from Toyota Motor Company, a position nearly as dominant as Tesla.
Tight inventory and high prices continue in the new vehicle market.
“We are indeed now firmly in an electrified decade when battery technology will play a key role in the industry’s development and, ultimately, consumer satisfaction,” KBB concluded.