German automakers want to turn the tide in the US in 2023
By Mufit Yilmaz Gokmen - February 1, 2023
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German giants want to increase the US electric vehicle (EV) market in 2023, and they want to use numbers and technology.?
The US EV market witnessed remarkable growth, with a 66% increase in 2022, creating a promising market for global EV makers for 2023. The EVs sold in the US market in 2022 hit 808,619 units. Most importantly, according to Barron's, the penetration of new EV models significantly increased, from 18 models in 2021 to 30 EV models exceeding 1,000-unit sales.?
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The dynamics of the US EV market have started to challenge the dominance of Tesla, despite being far ahead of its competitors. Tesla represented 65% of the new EV sales in the US market at the end of the year, dropping from 72% last year, says Barron's. Tesla Model Y and 3 finished the year as best-selling models, followed by many US rivals, and Volkswagen and Hyundai.?
The new year is already quite hectic for the US EV market. Michigan is hoping to seize the opportunity of housing CATL's $5 bn battery plant. In comparison, General Motors (GM) decided to jointly invest $650 m with Lithium Americas to develop a lithium mine in Nevada to further shift balances in the industry. Ford, which became the 11th best EV seller in the US EV market in 2022 with 15,617 F-150 Lightning sales, according to Cox Automotive, has been hit by the Tesla price cut shockwave, dropping the price up to $5,900.?
What are the German plans??
The US market is one of the three major battlegrounds for EV makers, and German giants are keen to expand their influence while keeping a clear strategy. According to Volkswagen's reaction to Tesla's price cuts, this could be said. According to Autonews, VW Group CEO Oliver Blume pushed aside the idea of joining the bandwagon and said they will rely on their reliability while embracing a clear price strategy, reports?InsideEVs . A peek at the strategies of German automakers shows that they will be more focused on EV infrastructure and connected vehicle tech to challenge rivals in various segments, not just in prices.?View more here...