Jan 20, 2022 - Energy & Environment

Electric vehicle "tsunami" expected as new models hit market

Illustration of a pattern of cars in varying green colors

Illustration: Aïda Amer/Axios

Bank of America analysts see 2022 as a "major year of commercialization" for the electric vehicle market amid a slew of new vehicle launches and many more on the horizon.

Driving the news: Over 85 new models are slated to launch in model years 2022-2025 (calendar 2021-2024), they said in a note that says a "tsunami" of new cars are coming.

  • It includes models from startups and legacy automakers alike, such as Rivian's SUV, the Hyundai Ioniq 5, Ford's electric F-150 and many more.

By the numbers: They estimate that electric vehicles' U.S. market share will grow from about 6% of new sales this year to 16% in 2024.

Yes, but: "This analysis still points to cost/price parity in the mid/late 2020s, which is a limiting factor for EV demand over the next few years," it states.

  • And overall, it would take a major, sustained surge to meet the Biden administration's target of EVs growing to 50% of U.S. passenger vehicle sales by 2030.

The intrigue: "Tesla’s dominance in this still nascent market segment may be coming to an end," they predict.

Go deeper