New registrations for electric vehicles jumped 60% in the first quarter of 2022 from the first quarter of 2021. according to Experian Automotive. Electric vehicles made up an all-time record 4.6% of the total market.
The news was even more positive given that overall new vehicle registrations were down 18% in the quarter from the first quarter of 2021.
Tesla (TSLA), the big dog of the electric vehicle market, packed on extra heft in the quarter. Tesla’s share of the electric vehicle market in the first quarter stood at 70% of the total electric vehicle market. Tesla registration rose 60% year over year in the quarter.
But Tesla faces more competition than ever. Models such as the Kia EV6 and Niro EV, Hyundai’s Ioniq 5, and Ford’s (F) Mustang Mach-E all posted registrations in the thousands in first quarter.
The news put all electric vehicle–and associated–stocks deeply in the green today. Tesla itself was up 5.15%. Charging station stocks EVgo (EVGO) and ChargePoint (CHPT) were up 9.10% and 7.95%, respectively. Lithium producer Albemarle (ALB) gained 5.70% and U.S. rare earth miner MP Materials (MP) was ahead 9.57%.
Full disclosure: I own shares of EVgo and Albemarle in my personal portfolios.