Arkansas’ PEV market grows 168% in 2 years
Arkansas’ PEV (plug-in electric vehicles) market is growing but remains a minuscule fraction of the state’s overall automobile industry.
According to data from the Arkansas Department of Finance Administration, 2,094 PEVs were registered in the state at the end of 2021. That compares with 781 at the end of 2019 and 1,303 at the close of 2020.
In terms of hybrid vehicles, there were 22,818 registered in Arkansas at the end of 2021. That compares with 13,861 at the end of 2019 and 18,242 at the end of 2020. As of Jan. 31, there were 2.83 million registered vehicles (cars, trucks, SUVs) in the state. That puts the state’s share of PEVs at 0.07%.
A recent report from Guidehouse Insights estimates annual PEV sales in North America — primarily driven by increased model availability and policy — will grow at a 30% compound annual growth rate through 2030.
Northwest Arkansas will have a small hand in the nascent industry. In November, electric vehicle startup Canoo Inc. announced it would relocate its corporate headquarters from Torrance, Calif., to Bentonville.
The following month, the company announced shifting production from Europe to the United States and that it will begin manufacturing at its advanced industrialization facility, which is planned for Bentonville.
Canoo plans to produce between 3,000 and 6,000 units in 2022 and between 14,000 and 17,000 units in 2023. By late 2023, the company is expected to open its Pryor, Okla., factory, and production is expected to rise to between 40,000 and 50,000 units in 2024, and 70,000 to 80,000 units in 2025.