Record-breaking sales in Q3, US nears 1 million EVs in 2023

The US electric vehicle (EV) market continues its impressive growth as Q3 of 2023 witnessed a historic surge in EV sales. For the first time, over 300,000 battery-powered vehicles were sold, setting the stage for the US to reach the remarkable milestone of 1 million EVs sold this year, likely in November.
In Q3, the total EV sales reached an estimated 313,086, reflecting a 49.8% increase from the same period in 2022. Multiple automakers recorded substantial gains, with Volvo, Nissan, Mercedes, and Hyundai leading the charge, achieving growth rates of over 200%. This growth can be largely attributed to the introduction of 14 new EV models that were not available just a year ago, including the Chevrolet Blazer and Silverado EVs, even though their initial Q3 sales were modest.

EVs accounted for a record 7.9% of total industry sales in Q3, surpassing the 6.1% from a year ago and 7.2% in Q2. Factors contributing to this impressive growth include higher inventory levels, increased product availability, and declining pricing pressure, resulting in 13 consecutive quarters of EV sales growth.

Notably, EV prices in Q3 dropped significantly compared to 2022. Tesla, in an effort to increase sales volume, reduced prices by approximately 25% year over year. This strategy paid off, as Tesla’s Q3 sales outpaced the industry’s overall growth rate, growing by 19.5% year over year. However, Tesla’s share of the EV market decreased to 50% in Q3, the lowest recorded level, down from 62% in Q1. The much-anticipated Cybertruck may alter this trend, although formidable competition from Ford, Rivian, and Chevrolet in the electric pickup segment is expected.

German luxury automakers Audi, BMW, and Mercedes have also demonstrated remarkable progress in EV sales, with BMW and Mercedes more than tripling their EV sales in Q3, while Audi achieved a 94% gain.

In Q3, Audi, BMW, and Volvo led the way among automakers selling both internal combustion engine (ICE) and EV products, with over 10% of their sales being electric vehicles. BMW took the top spot with over 15% of its sales being EVs, followed by Audi and Volvo, each with over 12%.

This substantial increase in EV sales signifies the ongoing transformation of the automotive industry. From just 250,000 EVs sold in the US in 2020, the market is poised to surpass 1 million units in 2023. Tesla maintains its leading position in the EV market, with Ford in second place, albeit at a considerable distance, selling just over 20,000 EVs.

As we look to the future, experts anticipate an influx of new EV models in the coming years, with the number of available EV products expected to double by 2027. With growing product availability and increasing consumer acceptance, the EV market promises to be dynamic and exciting in the years to come. Change is a constant force driving the future of transportation.

Source: Cox automotive

Bar chart titled "% EV Sales" displaying various automotive brands' electric vehicle sales as a percentage of total sales. BMW leads at 15.6%, followed by Audi, Volvo, VW, and others. Four brands (Fisker, Rivian, Tesla, Vinfast) are in a "100% Club.
Source: Cox automotive
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