- Tesla sold more EVs than the next 18 automotive groups combined in Q1 2023.
- Brands like Hyundai, Audi, BMW, Volvo and Nissan remain ineligible for the EV tax credit.
- US EV sales expected to reach near 1.5 million units in 2023 if economic conditions continue to improve.
New Delhi,London,San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – June 15, 2023
US passenger electric vehicle* (EV) sales soared over 79% YoY in Q1 2023, according to the latest research from Counterpoint’sUSA Passenger Electric Vehicle Model Sales Tracker. This strong growth helped the USsurpassGermany to become the world’ssecond-largest EV market,largest being China. Battery EVs (BEV) accounted for 81% of all passenger EV sales in the US while plug-in hybrid EVs (PHEVs) made up the rest. In Q1 2023,Tesla’s salesoutperformedthe combined sales of thenext 18 automotive groups, which collectively represent 34 automotive brands.
Commenting on the market dynamics,Research Analyst Abhik Mukherjeesaid, “Total US passenger vehiclesales improvedYoY in Q1 2023. The US economy is showing signs of recovery withlower inflationandimproving consumer sentiment. Although EV sales saw strong growth during the quarter, those of conventional passenger vehicles remained flat. One reason was the introduction of anEV tax credit of up to $7,500, which has played a crucial role in driving up EV sales. Currently,around 20 modelsin total offered by Tesla, GM, Ford, Stellantis, Rivian and Volkswagen are eligible for the tax credit. However, strict eligibility conditions set by the US government haveexcludedbrands such as Hyundai, Nissan, BMW, Audi and Volvo from benefiting from the EV tax credit scheme in 2023.”
Thetop 10 EV modelsin the US accounted for69%of overall passenger EV sales during the quarter. Tesla’s Model Y retained its title of the best-selling EV model, while it also earned the title ofbest-selling passenger carmodel globally. Apart from BEVs, PHEVs are also gaining popularity in the US.
Commenting on the market outlook,Research Director Jeff Fieldhacksaid, “With the US economy showing signs of recovery, the auto industry, particularly the EV sector, is being helped by government policies announced last year. Tax credits for new and even used EVs are helping consumers, while investments in streamlining theEV battery supply chain,establishment of a robust network of EV charging stations and the setting up of battery recycling plants nationwide will all support EV sales growth. Therefore, we expect US EV sales to reach around1.5 million units in 2023if economic conditions continue improving.”
*Sales refer to wholesale figures, i.e. deliveries from factories by the respective brand/company.
*For EVs, we consider only BEVs and PHEVs. Hybrid EVs and fuel cell vehicles (FCVs) are not included in this study.
The comprehensive and in-depth‘USA Passenger Electric Vehicle Sales Tracker, Q1 2018-Q1 2023’ is now available for purchase atreport.www.arena-ruc.com.
Feel free to reach us at press@www.arena-ruc.com for questions regarding our latest research and insights.
Background
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
Analyst Contacts
Abhik Mukherjee
Soumen Mandal
Neil Shah
Jeff Fieldhack
Counterpoint Research
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