The U.S. electric vehicle market continues to grow and set a new record in Q1 2023. Tesla cars dominate this market with an over 62% share, helping the country develop the industry.
Industry Insights at Cox Automotive monitors developments in the U.S. electric vehicle market. The group notes that the choice of electric vehicle models continues to expand, which has a positive impact on EV growth. In 2022, there were 34 electric vehicles to choose from, and this year the number jumped to 42. Several more models are expected to appear before the end of the year, further increasing the share of EVs in the U.S. automotive market.
Kelley Blue Book calculates that electric vehicle sales in the first quarter of 2023 grew 44.9% year-over-year to 258,882, the highest ever quarter for the U.S. market. Analysts at Cox Automotive predicted in December last year that annual sales of electric vehicles in the U.S. market would exceed 1 million units for the first time in 2023, and it is clear the main credit for this goes to Tesla.
The Texas-based manufacturer led by a huge margin in the first quarter. Tesla sales were up 24.6% from a year earlier. In total, about 170,000 vehicles were sold in the U.S. The brand also continues to be the top-selling luxury car manufacturer.
Tesla's share of the EV market is an impressive 62.4%. Although it is down about 2% year-over-year, it is still incredibly strong, especially since Tesla only sells four car models. It will be interesting to see how the market share changes after the company starts production of Cybertruck. However, mass deliveries of the electric truck are not expected this year, so the main effect may not be noticeable until 2024.
Tesla Model Y was by far the best-selling electric car with 95,362 units sold. This is 33.6% more than in Q1 2022. The car is on track to become the best-selling car in the world in 2023. Model 3 registered 54,954 sales, up 17.7%, giving it a solid second place. Sales of Model S were down 6.6% to 4,849 units, while Model X (in fifth place) was down 0.4% to 6,465 units.
© 2023, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.