A leading automotive industry analyst has said he expects both GM and Ford to have more electric vehicle market share than current leader Tesla by mid-decade, with the majority of this anticipated growth driven by the two American automakers’ new full-size electric pickup trucks.
Speaking during an Automotive Press Association event in Michigan this week, Bank of America Merrill Lynch automotive analyst John Murphy said GM’s EV market share will swell to about 15 percent by 2025. GM has a 0.3 percent EV market share in the first quarter of 2022, which was lower than usual due to the stop-sale of the Chevy Bolt EV and Chevy Bolt EUV. The automaker had a 9.2 percent market share in the first quarter of 2021, while Tesla had a whopping 70.9 percent market share during the time period, according to data from Cox Automotive.
Murphy said he expects the majority of GM and Ford’s EV market share growth to come from its new full-size, mass-market electric trucks. The Ford F-150 Lightning entered production earlier this year, while the Chevy Silverado EV will enter production next spring. The Tesla Cybertruck, by comparison, has experienced numerous delays following its debut in November of 2019 and is not expected to enter production until mid-2023.
Bank of America Merrill Lynch published its annual “Car Wars” study this week, which maps out future trends in the automotive industry. This year’s study predicts that 60 percent of all new vehicles introduced for the 2026 model year will be battery-electric, with only 40 percent being internal combustion, hybrid or plug-in hybrid. It also predicts crossovers and light trucks to account for 78 percent of all new vehicle sales between 2023 and 2026, with passenger cars taking up the remaining 22 percent.