General Motors is ramping up its all-electric vehicle offerings, with plans to launch 30 new EV models globally by 2025. Now, according to a recent report, EV sales in the U.S. are on the rise, increasing 89 percent just last year.
Per figures reported by Cox Automotive, EV sales totaled 487,560 units in 2021, an 89-percent increase over the 257,872 units sold in 2020. The figures also reveal a 71.8-percent increase in EV sales in Q4 of 2021, up to 147,799 units as compared to the 86,010 units sold in Q4 of 2020.
According to Cox Automotive, EV sales may have risen even higher had production and inventory not been impacted by the ongoing global microchip shortage. Indeed, as Cox Automotive points out, sales of the Chevy Bolt EV and Bolt EUV were more or less eliminated due to production woes and a battery recall issued in the second half of the year, the latter of which was tied to multiple fires and affected the entirety of the Bolt EV and Bolt EUV lineup.
Nevertheless, according to the figures, electrified sales – which includes BEVs, HEVs and PHEVs – made up 9.7 percent of all automotive sales last year, with 11.8 percent of sales being electrified vehicles in Q4 of 2021.
Tesla remained the most dominant EV automaker, taking up a resounding 72 percent of the EV market. However, that is a decline in market share as compared to 2020, during which Tesla held 80 percent of the EV market. Notably, in October of 2021, GM CEO Mary Barra stated that General Motors could catch up to Tesla in EV sales by the 2025 timeframe.
General Motors recently announced a whopping $7 billion in investments for the automaker’s Michigan-based production facilities, including $4 billion for the GM Orion facility for production of the new Chevy Silverado EV and GMC Sierra EV, as well as $2.6 billion from a joint venture between GM and LG Energy Solution to build a new Ultium Cells battery plant in Lansing.