1:24
- ABC News
- December 23, 2022
The biggest trends for autos in 2023
The global chip shortage may finally be over.
1:24
The entire luxury space did exceptionally well in 2022. \"Land Rover sold 5,116 vehicles in November with nearly no incentives. Average price paid: More than $95,000. Slow down? What slow down?\" Cox Automotive said in a newsletter to clients.
![\"PHOTO:](\"http://a.abcnews.com/images/Business/bentley-ht-gmh-221221_1671643281047_hpEmbed_11x7_384.jpg\")
Consumers who can afford six-figure vehicles are still flush with cash and will likely keep up their buying spree, Kim said.
\"People at that income level are well shielded from traditional economic cycles. A recession won't impact ultra-luxe brands,\" he noted.
Enthusiast cars and big V8s
Automakers sneakily revealed a bevy a sports cars and high-performance utes that did not cater to the EV audience. There was the massive debut of the Corvette Z06, a hellacious sports car with a naturally aspirated 5.5-liter flat-plane crank V8 engine that revs to 8,500 rpm.
Manual lovers had so many new models to choose from: the Nissan Z; Toyota GR Supra, GR 86 and GR Corolla; BMW M2; Porsche 911 Carrera T; Honda Civic Type R; and Cadillac CT5-V and CT4-V Series Blackwings.
![\"PHOTO:](\"http://a.abcnews.com/images/Business/corvette-ht-gmh-221221_1671643281054_hpEmbed_3x2_384.jpg\")
Electrification did not stop the production of thirsty V8 engines in SUVs. British automaker Aston Martin introduced its insanely fast DBX 707, an exclusive SUV designed to give a track-like experience even on short jaunts around town. The 4.0-liter twin-turbo V8 (697 horsepower) delivers luscious acoustics and the race start launch-control function scares drivers and passengers alike.
![\"PHOTO:](\"http://a.abcnews.com/images/Business/aston-martin-ht-gmh-221221_1671643281043_hpEmbed_11x7_384.jpg\")
General Motors launched its opulent Cadillac Escalade to the Escalade V Series, hailed as the \"most powerful full-size SUV in the industry.\" The 6.2-liter supercharged V8 in the Escalade V produces 682 hp and hustles from 0-60 mph in 4.4 seconds. There was also the all-new GMC Yukon Denali Ultimate, a seven or eight passenger SUV equipped with the latest tech, a 6.2-liter V8 and a 10-speed automatic.
Lexus opted for a V8 in its sleek IS 500 sedan and the fifth-generation Range Rover, Land Rover's flagship SUV, has three powertrain options, including a V8.
Jominy said the maligned V8 may have a longer shelf-life than expected in an increasingly electric world.
\"It's a space where consumers are more reluctant to swap,\" he said. \"Anything with three or four cylinders will be replaced with an EV.\"
EV market share
So many new electric vehicles were launched in 2022 that it can be hard for consumers to keep track. None, however, were Teslas. We saw electrics in a range of categories: pickup trucks (GMC Hummer EV and Ford F-150 Lightning), stylish crossovers (Audi Q4 e-tron, Kia EV6), plushy utes (BMW iX, Cadillac Lyriq, Rivian R1S) and sporty sedans (BMW i4, Taycan GTS).
The biggest story for 2023 will be the number of three-row electric SUVs on the market, Kim said. Millennials are more likely to buy an EV than Gen Xers or Baby Boomers and many millennials are now \"reaching peak income and peak family raising years,\" he explained.
\"Right now there's only the Tesla Model X ... the market is really lacking in electric three-row products,\" he said. \"In the next 12 months we'll get the Hyundai IONIQ 7, Kia EV9, VinFast VF9 and an electric Explorer. All these vehicles will address an unmet need.\"
EV supply could not meet market demand in 2022. Caldwell said even more consumers will begin to shift to greener vehicles in 2023, boosting EV share from the current 5% (up from 2.5% in 2021).
\"A lot of EVs are coming next year,\" she said. \"Chevy is doing a massive push with the Silverado and Equinox and Blazer -- these are volume vehicles. More body styles are coming and so is better availability of popular models like the IONIQ 5.\"
Jominy said he's waiting to see if lower fuel prices will temper demand for EVs and how automakers respond to the Inflation Reduction Act that President Joe Biden signed into law in August.
\"If you're an automaker and don't have a U.S. plant [that can build electric batteries] that could be tough,\" he said. \"But the awareness and intent to buy an EV is growing. The biggest challenge for EVs is that gasoline prices have fallen pretty precipitously.\"
The decision by Tesla CEO Elon Musk to open the company's acclaimed Supercharger network to competitors may be the real reason more consumers ditch their gas-powered vehicles for electrics, argued Kim.
\"Range anxiety and charge times are still the top reasons why people don't want to go electric,\" he said. \"Tesla's biggest competitive advantage is its charging network. We'll see a lot more automakers adopt the [North American Charging Standard], which allows, in theory, a Tesla-like charging experience.\"
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