With gas prices soaring, interest in electric cars and hybrids jumped during the second quarter.
The Kelley Blue Book Brand Watch Report is a consumer perception survey that also weaves in shopping behavior to determine how a brand or model stacks up with its segment competitors on a dozen factors key to a consumer’s buying decision. Kelley Blue Book produces separate Brand Watch reports each quarter for non-luxury (where Toyota recently took home the top prize) and luxury brands (decidedly BMW’s contest lately).
We also break out electrified vehicles – a category that combines electric vehicles (EVs), hybrids, and plug-in hybrids (PHEVs). Competition should be heating up in those categories this year, as nearly every automaker shifts its focus to building more electrified cars.
But Tesla and Toyota repeated as winners in their respective fields during the second quarter.
More Than a Quarter of Shoppers Considered a Hybrid or EV
Twenty-seven percent of new car shoppers looked at an electrified vehicle during the second quarter. Among those shoppers, 19% shopped for a hybrid or PHEV, and 12% considered a pure EV.
Overall, new vehicle sales fell more than 20% in the second quarter. Dealers struggled with low supply due to an ongoing microchip shortage and other supply chain problems. Thin supply has pushed new car prices to record highs.
A limited supply of microchips has also left automakers building their most profitable models – mostly SUVs and pickups – at a time when high gas prices have Americans looking anew at smaller models and electrified cars.
But sales of electrified cars increased last quarter, jumping 13% to nearly 443,000 units.
The increase came from EV sales, which were up 66%, almost reaching 200,000 units. Hybrid sales slipped due to inventory shortages. Hybrids ranked at or near the bottom for supply throughout the second quarter.
Toyota’s RAV4 Hybrid was once again the most-shopped electrified vehicle. While it has been the most shopped for months, the RAV4 Hybrid has consistently been near the bottom when it comes to supply availability.
The Tesla Model 3 was the most-shopped electric car, though its Model Y sibling tends to outsell it most quarters.
The Top Considered Electrified Vehicles in Q2:
- Toyota RAV4 Hybrid
- Honda CR-V Hybrid
- Toyota Highlander Hybrid
- Tesla Model 3
- Ford F-150 Lightning
- Ford Maverick Hybrid
- Toyota Camry Hybrid
- Honda Accord Hybrid
- Tesla Model Y
- Tesla Model S
