For Immediate Release
Contact: Brad Goehner
July 25, 2013
Comprehensive Look at State of Electric Vehicle Market Finds Strong PEV Sales, Individual Models Gaining Significant Market Share
Electrification Coalition CEO touts energy security benefits of electric vehicles, representatives from Tesla and Nissan discuss market success
WASHINGTON – Sales of plug-in electric vehicles (PEVs) are strong, with combined purchases of models like the Nissan LEAF, GM Volt and Tesla Model S during their first 30 months on the market more than doubling the pace set by conventional hybrids when those vehicles made their U.S. debut in 2000. This was a key finding of a new Electrification Coalition (EC) report released today in consultation with PricewaterhouseCoopers.
The study, “State of the Plug-in Electric Vehicle Market,” also finds that certain PEV models are already capturing a high percentage of market share in their respective classes, including the Tesla Model S, which has registered an 8.4% stake in the luxury market in the first six months of 2013. Additionally, the paper highlights consumer satisfaction surveys indicating that PEVs are outperforming their marketplace competitors on almost all counts, and expects that battery prices will fall about 50 percent to an industry average of $300-325 per kilowatt hour by 2020.
“The research shows that consumers love their electric vehicles and that EVs are well on their way to establishing a meaningful position in the overall automobile market,” said Robbie Diamond, President and CEO of the Electrification Coalition. “Electric vehicles are the key to reducing America’s dangerous dependence on oil, and their strong early sales and earned consumer satisfaction bode well for improving our nation’s energy security in the years ahead. However, we continue to believe that public policy, including greater funding for research and development, should play a stronger role in supporting this vital technology.”
Representatives from Nissan and Tesla Motors joined the Electrification Coalition today for a conference call to discuss the paper’s findings.
“The Nissan LEAF is the best-selling electric vehicle and now compares favorably not just against other electric cars, but also similarly sized gas-powered cars,” said Tracy Woodard, Director of Government Affairs for Nissan. “We are seeing rave reviews from consumers and critics alike, and we’re very excited for what the future holds.”
Key findings of the paper include:
- Since market introduction in January 2011, more than 110,000 plug-in electric vehicles have been sold in the United States.
- Compared to hybrids’ first years on the U.S. market, twice as many plug-in electric vehicles have been sold since market introduction in 2011.
- The uptake rate of plug-in electric vehicles is nearly three times what it was for hybrids over their first three years on the market.
- Tesla’s Model S has captured 8.4 percent of the luxury market in the first six months of 2013, and sold more units than several in-class competitors including the Audi A8, BMW 7-series, and Mercedes S class.
- The Nissan LEAF has captured 3.3 percent of the sub-compact vehicle market.
- In comparing satisfaction surveys between PEVs and their marketplace competitors, PEVs outperformed their internal combustion engine (ICE) and hybrid counterparts on almost all counts.
- Battery costs are expected to drop by about half by 2020, when we project an industry average price of $300-325 per kilowatt hour.
The report is the first in the “EV Market Outlook” series produced by the EC in consultation with PricewaterhouseCoopers that will provide new analysis on battery costs, sales, infrastructure, and other topics.