Shazam! That’s how striking some of the changes are that we’re expecting in the auto industry this year, especially with some of the new models for 2022. In this post, we’ll highlight some major changes in the 2022 electric vehicle market, the lasting effects of the chip shortage, and auto show updates.
New Models for 2022
This year brings some major changes in the electric vehicle (EV) market for the 2022 model year, including models no one expected would ever electrify.
2022 GMC Hummer EV Pickup
Long associated with guzzling gas, Hummer stepped into the EV market with the GMC Hummer EV Pickup. Weighing in at over 9,000 lbs, three electric motors give this truck about 1,000 hp and 11,500 pound-feet of torque. Edition 1 is already sold out. Lower levels of trim will be launched in the fall of 2022. But be prepared to pay about half the price of a house in Charlottetown: these vehicles cost over $110,000.
2022 Ford F-150 Lightning
The EV cousin of the most successful truck in America rolls out this year. With an MSRP of $40,000 USD, the F-150 Lightning is about one-third the price of a Hummer EV. However, it also has about half the power: 563 hp and 775 pound-feet of torque. The F-150 Lightning comes close to its gas-cousin’s towing capacity: 10,000 lbs. vs. 14,000 lbs.
2022 Mazda MX-30 EV
Mazda’s first EV has finally arrived in Canada. At time of writing, it’s only available in Quebec and British Columbia, but we can’t wait to see it here in Ontario. Its major downside right now, though, is that its driving range is only about 160 km.
Ongoing Chip Shortage
Since 2020, a global chip shortage has significantly impacted the auto industry. At first, with more people at home, the demand for cars declined while interest in other electronics rose dramatically. In fear of an economic recession, many automakers reduced their orders of semiconductor chips. In return, semiconductor manufacturers focused on home electronic contracts. By the time auto demand had recovered, most automakers couldn’t source enough chips.
The chip shortage led to inflated prices for new, and many used, cars that most shoppers simply couldn’t afford. It’s difficult to predict the projection of prices over this year, but the Canadian market may begin to normalize by the end of 2022 or early 2023, especially for used cars.
In 2022, the availability of semiconductor chips is expected to increase slightly, but inventory likely won’t reach pre-pandemic levels until 2025. If you’re looking to buy a new car, do plenty of research. Don’t let a dealership rush you into a commitment you aren’t ready for.
Auto Show Updates
Since 2020, many auto shows have been cancelled because of the COVID-19 pandemic and restrictions against in-person gatherings. In 2021, the Canadian International AutoShow (CIAS) was hosted virtually with free admission. Previously, there were plans for the show to go ahead this February, but it has since been cancelled. The CIAS hopes to return in person in 2023.
The Consumer Electronics Show (CES), which showcases some of the latest in automotive technology, did take place in person this January in Las Vegas with limited capacity. Innovators gave their predictions for the future of autonomous mobility with the development of hands-free features, such as cruise control, collision prevention, and lane guidance. We’re still several years away from seeing self-driving cars on the road, but we’ll continue to see updates on this progress throughout 2022.
Despite some obstacles over the past couple of years, it looks like the automotive industry will continue to bounce back through 2022 and beyond to reveal exciting innovations for all car and tech fans to enjoy. We’re looking forward to what’s next!