TESLA MODEL Y NAMED CARS.COM'S BEST ELECTRIC VEHICLE OF 2022

Rhea-AI Summary

On February 21, 2022, Cars.com identified the Tesla Model Y as the Best Electric Vehicle of 2022 in its Best Of awards program. The recognition highlights Tesla's leadership in electric vehicle technology, emphasizing efficiency, range, and consumer appeal. Despite the growing interest in EVs, inventory has decreased by 30% over the past year, while about 94% of consumers prefer to purchase EVs through local dealerships. The Biden administration plans a $5 billion investment to expand EV charging stations, addressing consumer concerns about infrastructure and availability.

Positive

• Tesla Model Y recognized as Best Electric Vehicle of 2022, showcasing its efficiency and consumer appeal.
• Searches for EVs on Cars.com have nearly doubled over the past year, indicating rising consumer interest.
• Biden administration's $5 billion investment in charging infrastructure expected to boost EV adoption.

Negative

• Overall vehicle sales expected to lag as supply struggles to meet demand.
• Inventory levels of EVs have dropped by 30% since last year.

CHICAGO, Feb. 21, 2022 /PRNewswire/ -- Cars.com™ (NYSE: CARS), the car-shopping marketplace, today named the Tesla Model Y the Best Electric Vehicle of 2022 winner in its Best Of awards program. As more automakers bet on an electric future, consumers are starting to pay attention to the once-outlying rogue tech of automotive.

"As EVs rapidly move from a fringe movement to the mainstream, this is the perfect award to kick off our Best of 2022 awards week. The quality and quantity of competitive vehicles poised to enter the EV space warrants expert scrutiny and independent comparison, and that's what we do best at Cars.com," said Joe Wiesenfelder, executive editor and head of EV insights for Cars.com. "Tesla is an electric car innovator, and the Model Y reflects that leadership with its efficiency, charging capability, range and options. It checks a lot of boxes for consumers who have been considering making the jump to an EV." 

While EVs are still a fraction of overall vehicle purchases, about a third of active car shoppers are considering purchasing one.¹ Though interest is rising — searches for EVs on Cars.com have nearly doubled over the last year — inventory levels have dropped 30% since last year.²

With dozens of new models expected to enter the market in the coming years and several go-to-market strategies being tested, there is an opportunity for local dealers to help consumers make the switch from gas to electric cars. According to a recent Cars.com survey, 94% of consumers prefer to purchase an EV from a local dealership rather than an online-only dealer or directly from the automaker.³

"For the time being, all vehicle sales will continue to lag until supply can keep up with demand, but EVs will remain a smaller percentage of the market until we address consumers' valid concerns about infrastructure, cost and range," said Wiesenfelder. "Cars.com's commitment to ongoing EV education will be critical, as will focused investments at the government and manufacturer level."

Nearly 60% of consumers are not aware of EV charging stations in their community.³ With the Biden administration promising a $5 billion investment to distribute EV charging stations across the country over a five-year period, the initiative should help ease consumers' minds.

Tesla Model Y: Why It's the Best Electric Vehicle of 2022

• Better-than-market efficiency eases consumer range anxiety, with an EPA-rated 326 miles between charges for the Long Range All-Wheel Drive version, and actionable information about efficiency helps drivers maximize the remaining range. In short, the Model Y can travel farther and requires less time and less power for home charging.
• Frequent over-the-air updates outstrip the mere "potential" of other models that can be upgraded after delivery. The Model Y is built to evolve; for example, quicker acceleration can be unlocked with the push of a button (and an additional $2,000).
• With the roominess of a mainstream SUV and towing capacity up to 3,500 pounds, the Model Y is ready to respond to any driver's daily demands without sacrificing performance. Tesla estimates acceleration for the Model Y Long-Range All-Wheel Drive at 0-60 mph in 4.8 seconds, and its firm ride matches well with its dynamics, giving it an entertaining, sports-car-like driving experience.

While several new EV models — such as the Hyundai Ioniq 5, Kia EV6, Lucid Air and Rivian R1T — were not available for this year's Best of 2022 voting, as the demand and production grow in this segment, so will the competition for future Best Electric Vehicle awards.

The Tesla Model Y also held the No. 3 spot on Cars.com's 2021 American-Made Index.

Award Methodology
Cars.com experts chose the Best Electric Vehicle of 2022 winner based on drivability, charging speed, versatility and overall excellence. Cars.com's Best Of awards program includes six different categories: Best Value Car, Best Family Car, Best Luxury Car, Best Electric Vehicle, and the two highest honors, Best Pickup Truck and Best of the Year.

To find out more about the Tesla Model Y, why it's named Cars.com's Best Electric Vehicle of 2022 and to see other 2022 award winners, visit Cars.com/awards.

¹EV Owners and Shoppers Study, June 2021; 880 responses
²Cars.com internal data
³Cars.com's DealerRater Survey, Feb. 16 -17, 2022; 4,727 responses

ABOUT CARS.COM INC.

CARS is a leading automotive marketplace platform that provides a robust set of industry-specific digital solutions that connect car shoppers with sellers. Launched in 1998 with the flagship marketplace Cars.com and headquartered in Chicago, the Company empowers shoppers with the data, resources and digital tools needed to make informed buying decisions and seamlessly connect with automotive retailers. In a rapidly changing market, CARS enables dealerships and OEMs with innovative technical solutions and data-driven intelligence to better reach and influence ready-to-buy shoppers, increase inventory turn and gain market share.

In addition to Cars.com, CARS brands include Dealer Inspire, a technology provider building solutions that future-proof dealerships with more efficient operations and connected digital experiences; FUEL, which gives dealers and OEMs the opportunity to harness the untapped power of digital video by leveraging Cars.com's pure audience of in-market car shoppers, DealerRater, a leading car dealer review and reputation management platform, automotive fintech platform CreditIQ, and Accu-Trade Group, a leading provider of vehicle acquisition technology and valuation data.

The full suite of CARS properties includes Cars.com™, Dealer Inspire®, FUEL™, DealerRater®, CreditIQ™, Accu-Trade™, Auto.com™, PickupTrucks.com™ and NewCars.com®. For more information, visit www.Cars.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/tesla-model-y-named-carscoms-best-electric-vehicle-of-2022-301486571.html

SOURCE Cars.com Inc.

FAQ

What did Cars.com announce on February 21, 2022 regarding electric vehicles?

Cars.com announced the Tesla Model Y as the Best Electric Vehicle of 2022.

What are the reasons for the Tesla Model Y winning the Best Electric Vehicle award?

The Tesla Model Y won for its efficiency, charging capability, range, and consumer options.

How has consumer interest in EVs changed recently according to Cars.com?

Consumer interest in EVs has nearly doubled over the past year, with about a third of car shoppers considering an EV.

What challenges are currently facing EV sales according to the Cars.com press release?

EV sales are lagging due to a 30% drop in inventory and consumer concerns about charging infrastructure.

What investment is the Biden administration making to support electric vehicles?

The Biden administration is investing $5 billion to expand EV charging stations across the country.