In 2017, vehicles with electric-powered drivetrains made up only a small share of US light vehicle sales. However, many companies have announced plans to introduce multiple models of electric vehicles by 2023.
Here are three companies to watch over the next few years.
As the leading supplier of motor vehicles to the US in 2017, GM’s plans to introduce new electric vehicles could have a significant impact on electric vehicle sales. In October 2017, GM announced it will launch 20 new all-electric vehicles by 2023. The company has already been marketing an all-electric vehicle in the US, the Bolt, which it introduced at the end of 2016.
In January 2018, Ford announced it will have 16 battery electric vehicles in its model lineup by 2022. The company was the second largest supplier of motor vehicles to the US in 2017. Ford currently sells only one all-electric vehicle in the US, the Focus Electric, which it launched at the end of 2011.
In a move to take advantage of consumer preferences for larger light vehicles, including crossovers and SUVs, the company announced in April 2018 that it would be reducing the number of car models (e.g., sedans, compact cars) in its North America Ford portfolio to just the Mustang and Focus Active. This will prove interesting as Ford continues to work to bring electric vehicles to market, since most existing electric passenger vehicle models are cars.
In March 2018, Nissan announced plans to electrify new Infiniti models from its fiscal year 2021 and develop eight new all-electric vehicles by fiscal year 2022. Nissan is part of the Renault-Nissan-Mitsubishi Alliance, which is the leading global manufacturer of electric vehicles. The Leaf is currently the only electric model sold by Nissan in the US market. It was first introduced to the US in 2010.
For more insights into the US motor vehicle industry, see Motor Vehicles: United States, a report recently released by the Freedonia Focus Reports division of The Freedonia Group. This report forecasts to 2022 US new motor vehicle retail sales and production in units, as well as new vehicle retail sales and consumer spending on used light vehicles in nominal US dollars. Total new retail sales and production volumes are segmented by type in terms of:
- light-duty trucks
- medium-duty trucks
- heavy-duty trucks
- medium- and heavy-duty buses
Total new vehicle retail sales values are segmented by type as follows:
- light-duty trucks
- medium- and heavy-duty trucks and buses
Consumer spending on used light vehicles is segmented type in terms of:
Other related Freedonia Focus Reports include:
About the Author
Luke Hickman is a Research Analyst for Freedonia Focus Reports. He holds a degree in economics, and his experience as an analyst covers multiple industries.