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Year-Over-Year EV Sales Up 43 Percent in January
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Early indicators from the EV market point to a strong year in the making for 2021. In addition to widespread investment from manufacturers, utilities, and public agencies recorded so far this year, EV sales were up 43 percent in January compared to the same month in 2020. This marks the highest January on record in terms of EV sales, with January 2021 surpassing the previous high point of January 2018 by 12 percent. EV sales rose to a record market share, accounting for three percent of all light-duty vehicle sales recorded in January 2021.
January sales were higher than every month in 2020 besides December, which was the all-time second-highest month for EV sales on record. The uptick in sales in the final quarter of 2020 minimized the EV market contraction for the year with sales down only three percent compared to 2019 levels despite production slowdowns and limited demand resulting from the pandemic. Tesla accounted for 65 percent of the EVs sold in January 2021. Notably, the Tesla Model Y surpassed the Model 3 as the most popular vehicle on the market for the month. The best-selling non-Tesla vehicle continues to be the Chevy Bolt. However, GM sold six times fewer vehicles than the Tesla Model Y in January.
New vehicles continue to enter the market and are becoming increasingly popular. The plug-in hybrid (PHEV) Toyota RAV4 Prime and all-electric Ford Mustang Mach-E, both of which came on the market in the second half of 2020, started ramping up sales in January 2021. Toyota sold more than 850 RAV4 Primes and Ford sold 99 Mustang Mach-Es. Early estimates put the new Mustang’s sales at near 3,700 for the month of February, which would be a 37-fold increase over January figures. This newest offering from Ford is expected to continue gaining market share throughout the year after winning SUV-of-the-year honors and is priced competitively at just under $43,000 not including the federal tax credit.
According to Edmunds, the average new vehicle sale price reached a new high of $40,000 at the end of 2020. A growing number of EVs are falling below that benchmark even without the federal tax credit that can offer price reductions of $7,500 for long-range all-electrics. This includes the redesigned and reduced price Chevy Bolt and Bolt EUV that are forthcoming from General Motors (GM). While GM and Tesla have met the sales threshold for the tax credit to phase out, Ford and all other automakers operating in the United States are still eligible. GM and Tesla could be eligible for the incentive again if new federal legislation proposing to extend the sales threshold for the tax credit is enacted.
The new offerings from GM are just two of the roughly 30 new EVs expected to hit the U.S. market in 2021. While many of these new models have been promised by startups that have not yet completed production facilities and thus could be subject to delays, new PHEV and all-electric offerings from the likes of GM, Fiat-Chrysler, Mercedes-Benz, and Volkswagen are all likely to see their first sales this year. Track all of the upcoming models and sales on the Automakers Dashboard.
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Notice: EV Hub Subscriptions Update
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We recently upgraded how we manage mailing lists on EV Hub. This change required us to reset your subscriptions to each email. You will now receive the weekly digest, news alerts, and public requests reminder. Visit your account page here to unsubscribe from any email.
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See the EV Hub Live Episode on USPS from last Thursday (3/18)!
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ICYMI: On 3/12, we recorded a great conversation with Cassie Powers from NASEO and Geoff Morrison from Cadmus on their new EV policy rubric. You can watch or list to the show here.
Last week, we pulled together a special episode on the U.S. Postal Service. Nick Nigro was joined by two powerhouses on this issue, Dorothy Robyn of the Boston University Institute for Sustainable Energy and Gina Coplon-Newfield of the Sierra Club. They discussed the contract awarded by USPS, the response from Congress, the role of EVs, and where we go from here.
Subscribe to our channel and watch all the episodes on YouTube.
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Follow the EV Hub on Twitter!
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The EV Hub is active on Twitter and we encourage you to retweet or like anything you found useful. Follow us for relevant media stories and updates to EV Hub resources throughout the week!
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MANUFACTURER ANNOUNCEMENTS LED THE NEWS
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Our choice clips from last week:
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Six Utilities in Southeast and Midwest Partner for Electric Highway
On March 2, 2021, six of the country’s largest utilities agreed to partner to develop fast charging corridors throughout the Midwest and Southeast. The Electric Highway Coalition, made up of American Electric Power (AEP), Duke Energy, Dominion Energy, Entergy Corporation, Southern Company, and the Tennessee Valley Authority, plans to roll out DC fast charging across the region. This marks the first major multi-utility partnership in these regions, following similar initiatives in the Rocky Mountain region under REV West and along Pacific Coast interstates with the West Coast Clean Transit Corridor. Read More Here
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GM to Sell Only EVs by 2035
On January 28th, 2021, General Motors (GM) announced plans to electrify their entire sales offerings by 2035. This follows announcements made in late 2020 that the company will increase their overall investment in EVs to a total of $27 million in support of at least 30 new EV models by 2025. GM is now leading the total investment commitment to EV manufacturing in the United States. The new announcement is part of a wider ambition for the company to reach carbon neutrality across all operations by 2040. GM is also the first of the “Detroit 3” automakers to make a commitment of this nature and follows European auto giants Volkswagen and Daimler who made similar commitments in 2020. Read More Here
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Three States and DC Move to Implement TCI Program
On December 21, 2020, members of the Transportation & Climate Initiative (TCI) including Massachusetts, Connecticut, Rhode Island, and Washington D.C. announced plans to be the first jurisdictions to begin administering the Transportation & Climate Initiative Program (TCI-P) that could bring $300 million of annual investment in clean transportation projects to communities throughout the region. Investment will come from the TCI program which collects “allowance” payments from major oil and gas suppliers in the region to invest in transportation electrification and other emissions-saving technologies. Emissions reductions in these four jurisdictions are expected to reach 26 percent by 2032. Read More Here
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Below are current job openings in transportation electrification:
If you have a job posting you would like to share with EV Hub users, please send them to us in an email at info@atlasevhub.com.
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