• Home
  • About
  • Africa
  • Americas
  • Asia
  • Europe
  • Middle East
  • Russia
  • South Asia
  • Space
  • World
  • Newsletters
  • Podcast
  • Contributors
  • Write For Us
  • Contact Us
Facebook Twitter YouTube
  • Leaders
  • States
  • Networks
  • Ideologies
  • Technologies
Facebook Twitter YouTube
Globely NewsGlobely News
  • Africa
  • Americas
  • Asia
  • Europe
  • Middle East
  • Russia
  • South Asia
  • Space
  • World
Subscribe
Trending
  • Zelensky Seeks Biden and Trudeau Support for Long War
  • Race for Green Metals Goes to South Asia
  • The Ukraine War Is Accelerating the Global Spread of Dangerous Weapons
  • The Ukraine War Will Go On for a Long Time
  • The Ukraine Counter-Offensive: Why the Black Sea Is Key
  • Trudeau Should Stand His Ground in Clash With India Over Killing
  • The Belt and Road Initiative Could Be a Debt Trap for China
  • Russian Attacks on Journalists in Ukraine Are Potential War Crimes
Globely NewsGlobely News
Home » Electric Vehicle Sales Surge, But Lithium Supply and Charging Infrastructure Deficits May Constrain Future Growth
Americas

Electric Vehicle Sales Surge, But Lithium Supply and Charging Infrastructure Deficits May Constrain Future Growth

Globely StaffBy Globely StaffJune 28, 2022
Facebook Twitter LinkedIn Email Reddit WhatsApp
electric vehicle sales EV cars
Electric vehicle sales in the U.S. doubled in 2021 compared to 2020. (Derivative image. Credits: Joseph Thornton, Marco Verch, and Jengtingchen)
Share
Facebook Twitter LinkedIn Email Reddit WhatsApp

Electric vehicle sales in the United States surged in the first quarter of 2022 as gas prices rose to record highs. The automobile industry is at an inflection point as purchases of internal combustion engines (ICE) plateau and EV adoption rises exponentially, driven by sales of market leader Tesla.

But lithium supply chain issues and the slow pace of EV charging networks put the pace of growth of EV sales at risk.

Electric Vehicle Sales in 2021: A Historic Turning Point for the Industry

U.S. sales of plug-in electric passenger vehicles — that includes hybrids as well as all-electric vehicles — doubled from roughly 300,000 in 2020 to 600,000 in 2021. That growth is even more impressive when compared to the sluggish three percent growth in the broader passenger vehicle segment. According to BloombergNEF, ICE vehicle sales peaked in 2017. The segment, it says, is “now in permanent decline.”

BloombergNEF projects that global plug-in vehicle sales will triple from 6.6 million in 2021 to 20.6 million in 2025. Plug-in vehicles will make up 23 percent of total new passenger vehicle sales in 2025, compared to below 10 percent in 2021. And by the middle of this decade, plug-in hybrid sales will peak, with all-electric vehicles dominating the segment going forward.

Tesla Model S EV electric vehicle sales
A view of the rear of the Tesla Model S. (Image Credit: Steve Jurvetson)

The shift in momentum toward all-electric vehicles is now irreversible, but ICE vehicles aren’t just going to simply disappear. Electric vehicles — again, that includes all-electrics and plug-in hybrids — made up a minuscule 6.6 percent share of the U.S. passenger vehicle sales in May 2022. And in 2040, more than half of the cars on the road worldwide will still be ICE vehicles. Their presence will be more marked in the developing world.

Tesla Dominates the EV Industry, But Consumers Are Getting More Options

Tesla remains the top EV company in the United States, accounting for over 70 percent of all-electric or battery-electric vehicle registrations in the first quarter of 2022. And it dominates the all-electric segment worldwide. (Technically, China’s BYD is the world’s largest EV company when hybrid vehicles are included in the count.)

electric vehicle sales US data by brand model
Electric vehicle sales are experiencing rapid growth alongside the surge in oil prices. (Image Credit: Argonne National Laboratory)

Tesla’s EV market share remains above 70 percent, even as competition grows. Major car manufacturers continue to add EVs to their lineups.

In 2008, there was only one electric vehicle model available in the U.S, according to the Department of Energy. By 2016, that number grew to 29. And by 2020, the number of models available almost tripled to 83. The Hyundai Motor Group, which includes the Genesis, Hyundai, and Kia brands, may soon give Tesla a run for its money. In Q1 of 2022, the Hyundai Motor Group vehicles made up just over 9 percent of all-electric vehicle registrations, according to Automotive News. That share is significantly higher when hybrids are included.

Charging Infrastructure and Lithium Supply Deficits Threatens EV Adoption Growth

While EV adoption will continue to grow, government mandates and high purchase prices will contribute to a divide in adoption between regions, with slower uptake by poorer countries.

Today, Europe and China are leading the path toward electrification, trailed by the U.S. China, the world’s largest market for electric vehicles, is treating EVs and other “new energy vehicles” as a strategic priority. The European Union has banned the sale of ICE vehicles by 2035. And there’s pressure on the Biden administration to do the same.

But EV adoption in the developing world — including India, Southeast Asia, and Africa — is much slower, due to cost and infrastructure. EVs remain more expensive than ICE vehicles. And charging options are far more limited in countries with lower levels of electrification and unreliable power supplies.

According to a McKinsey study, if federal electric vehicle sales targets are met by 2030, the number of EV charging stations would need to expand by a rate of twenty — far greater than what the Bipartisan Infrastructure Law has allocated funding for.

Lithium shortages will also constrain EV production. Lithium demand grew twice as fast as supply last year, according to Bank of America, sending prices through the roof. And while it projects a surplus in lithium supply next year, a deficit will reemerge in 2027. Lithium supply shortages will not only constrain electric vehicle production, but also result in higher prices for batteries and the cars themselves, making them less affordable for average consumers.

Electric Vehicle Sales By Model

These are the top-selling all-electric vehicles in the United States in the first quarter of 2022, according to registration data tracked by Automotive News:

10. Volkswagen ID.4 — 2,926

VW ID.4 Volkswagen electric vehicle sales
The ID.4 is the lone Volkswagen vehicle that ranks in the electric vehicle sales charts in the United States. But the Volkswagen Group, which includes Audi, is making a big bet on EVs. (Image Credit: JustAnotherCarDesigner)

9. Kia Niro EV — 3,549

Kia Niro EV electric vehicle sales crossover EV
The Kia Niro EV is among several cars from the Hyundai Motor Group that rank on the electric vehicle sales charts. (Image Credit: Alexander Migl)

8. Nissan Leaf — 4,401

sales electric vehicles Nissan Leaf
The Nissan Leaf is among the top-selling electric vehicles in the United States. (Image Credit: Kazyakuruma)

7. Tesla Model X — 4,899

electric vehicle sales Tesla model X
Offerings from other carmakers are now passing the Tesla Model X in the electric vehicle sales charts. (Image Credit: Steve Jurvetson)

6. Kia EV6 — 4,901

electric vehicle sales kia EV6
The EV6 is currently Kia’s flagship EV. It ranks in the top ten in electric vehicle sales. (Image Credit: JustAnotherCarDesigner)

5. Hyundai Ioniq 5 — 6,265

EV sales Hyundai Ioniq 5
The Hyundai Ioniq 5 is among the new EV offerings of the Hyundai Motor Group. (Image Credit: Vauxford)

4. Ford Mustang Mach-E — 6,957

Ford Mustang Mach E electric vehicle sales
With the Mustang Mach-E, Ford is leaping into the EV universe. (Image Credit: Alexander Migl

3. Tesla Model S — 9,250

Tesla Model S Latest EV Sales 2022
The Model S was Tesla’s first sedan. (Image Credit: raneko)

2. Tesla Model 3 — 47,682

Tesla Model 3 EV sales EV US top 2022
The Tesla Model 3 is the best-selling EV sedan in the United States. (Image Credit: Vauxford)

1. Tesla Model Y — 52,051

Tesla Model Y EV sales EV 2022
The Tesla Model Y continues to rank at the top of U.S. electric vehicle sales charts in 2022. (Image Credit: Alexander Migi)

Globely Staff

The Globely News team tracks the leaders, states, networks, ideologies, and technologies that are reshaping the world order. From AI and electric vehicles to the rise of China, we've got you covered.

  • Globely Staff
    https://globelynews.com/author/globely-staff/
    These Countries Will Be the World's Most Populous in 2100
  • Globely Staff
    https://globelynews.com/author/globely-staff/
    Why New York's Rail Crisis Exposes the Hollowness of the Livability Movement
  • Globely Staff
    https://globelynews.com/author/globely-staff/
    Home
  • Globely Staff
    https://globelynews.com/author/globely-staff/
    There's a Logic to Trump's War on the Media
Electric Vehicles Featured Lithium Tesla United States Volkswagen

More from Globely News

Zelensky Seeks Biden and Trudeau Support for Long War

September 25, 2023

Race for Green Metals Goes to South Asia

September 25, 2023

Pakistan’s U.S. Tilt Risks Chinese and Russian Ire

September 18, 2023

U.S. Chip Sanctions Fail to Curb China’s Semiconductor Ambitions

August 30, 2023

Has the U.S. Abandoned APEC?

August 29, 2023

Vivek Ramaswamy Indulges the Republican Base’s Paranoid Style

August 24, 2023
Add A Comment

Comments are closed.

Newsletter

Subscribe to the Globely Daily

Our flagship newsletter covers the leaders, states, networks, ideologies, and technologies that are transforming world power.

Zelensky Seeks Biden and Trudeau Support for Long War

September 25, 2023

Race for Green Metals Goes to South Asia

September 25, 2023

The Ukraine War Is Accelerating the Global Spread of Dangerous Weapons

September 22, 2023

The Ukraine War Will Go On for a Long Time

September 22, 2023
© 2023 Globely News.
  • Home
  • About
  • Editorial Policy
  • Privacy Policy
  • Terms of Use
  • Contributors
  • Write For Us
  • Contact Us

Type above and press Enter to search. Press Esc to cancel.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
SettingsAccept
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are as essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
SAVE & ACCEPT

Ad Blocker Enabled

Ad Blocker Enabled
Our website is made possible by displaying online advertisements to our visitors. Please support us by disabling your Ad Blocker.
Go to mobile version