A 2021 Model 3 sedan charges at a Tesla dealership in Littleton, Colo., on June 27, 2021. Electric vehicle sales nearly doubled in the U.S. and worldwide in 2021.
Electric vehicle sales nearly doubled worldwide as automakers rolled out new models. Many consumers bought EVs to avoid burning oil, but others went for the quick acceleration and crisp handling. Shares of Tesla, the world's EV leader, were up more than 40% as of Dec. 22. An order of 100,000 Teslas from Hertz generated outsize enthusiasm from investors. Amazon-backed startup Rivian soared after going public even though it hasn't made a profit.
The industry's old guard revved up its commitment to EVs — for example, General Motors plans a GMC Hummer EV. But GM had to stop selling two EVs due to a recall for battery fires, and rival Ford is expected to top it in EV sales. GM shares still rose more than 30%; Ford shares more than doubled. Although EVs will only be 5.8% of global new-vehicle sales this year, that figure could grow close to 15% in 2025, says research firm LMC Automotive.
