The U.S. automotive industry saw a record number of electric vehicles sold in 2023, dominated by the Tesla Inc. (NASDAQ:TSLA) Model Y, which recently became the global bestselling electric vehicle of all time.
What Happened: In 2023, 1.2 million electric vehicles were sold in the U.S., which was up 46.3% year-over-year. Like other parts of the world, the electric vehicle market was dominated by the Model Y from Tesla.
Electric vehicles made up 7.6% of new vehicles sold in the U.S., up from 5.9% in 2022, according to data from Kelley Blue Book.
Fourth quarter U.S. electric vehicle sales were 317,168 units, which set a volume record. Market share of 8.1% of all new vehicles for the fourth quarter was also a record for electric vehicles.
Estimates from Cox Automotive call for electric vehicle market share to increase in 2024, hitting a potential 2024 in what is being called “the year of more” for electric vehicles, with more new products, more EV incentives, more leasing, more EV infrastructure and more inventory.
Here’s a look at the top 10 bestselling electric vehicles in the U.S. in 2023 and their year-over-year change.
Tesla Model Y: 394,497 units, +56.6%
Tesla Model 3: 220,910 units, +4.4%
Chevy Bolt EV: 62,045 units, +62.8%
Ford Mustang Mach-E: 40,771 units, +3.3%
Volkswagen ID.4: 37,789 units, +84.2%
Hyundai Ioniq 5: 33,918 units, +47.6%
Rivian R1S: 24,783 units, N/A (was 676 units in 2022)
Ford F-150 Lightning: 24,165 units, +54.7%
Tesla Model X: 23,015 units, -11.9%
BMW i4: 22,583 units, +134.6%
Related Link: Tesla Q3 Earnings Highlights: Revenue Miss, EPS Miss, Cybertruck Launch Set For November And More
Why It’s Important: Tesla dominated the electric vehicle market for 2023 in the U.S., with a 55% market share. While this figure was down from the 65% share it had in 2022, the company had three of the top 10 bestselling electric vehicles and the Model Y made up around one-third of all new EV sales for the year.
Outside of just the electric vehicle market, Tesla also hit a 4.2% market share of the overall American automotive new car market, a meme-worthy number celebrated by Tesla CEO Elon Musk.
Tesla’s Model S fell out of the top 10 list, hitting 14th place with 16,466 units sold, down 49.6% year-over-year.
In 2023, Tesla sold 654,888 units in the U.S., which was up 25.4%…
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