US EV Market Grows 29% in 4th Quarter, Tesla Holds 56% Market Share

Join each day information updates from CleanTechnica on e mail. Or comply with us on Google Information!

The US electrical car market continues to develop — regardless of many headlines implying the opposite. Within the 4th quarter, gross sales of full battery-electric automobiles (BEVs) have been up 29% in comparison with gross sales within the 4th quarter of 2022. In comparison with the 4th quarter of 2021, gross sales have been up 122%.

The market continues to diversify as properly, with extra electrical fashions becoming a member of the market each quarter. In reality, each quarter previously two years — since This autumn 2021 — has included a minimum of one new BEV mannequin.

Naturally, although, some are rather more fashionable than others, and regardless of all of this progress and growth, Tesla continues to carry true dominance over the market. Within the 4th quarter of 2023, Tesla accounted for 56% of all BEV gross sales within the nation.

The mannequin that has been largest progress driver previously few years — by far — has been the Tesla Mannequin Y. After that, the Chevy Bolt, the Ford F-150 Lightning, Rivian’s fashions, the Hyundai IONIQ 5, and the Volkswagen ID.4 have been huge progress drivers. When you add the amount gross sales progress of all of these fashions collectively for the 4th quarter of 2023 in comparison with the 4th quarter of 2021, they contributed barely extra quantity progress than the Mannequin Y.

When you take a look at model share of the US EV market within the 4th quarter, it’s certainly Ford, Rivian, Mercedes, Chevy, Hyundai, and Volkswagen that comply with Tesla because the main manufacturers available in the market, in that order. auto teams as an alternative, the leaders are Tesla, Ford, GM, Volkswagen Group, Hyundai–Kia, Rivian, and Mercedes — in that order.

Trying on the huge image over the previous 4 years within the 4th quarter, you possibly can see how gross sales have grown and grown and grown, whether or not these are total BEV gross sales, Tesla gross sales, or non-Tesla BEV gross sales.

Zooming in a bit at mannequin modifications 12 months over 12 months within the 4th quarter, we are able to see that the Cadillac LYRIQ and Hummer EV had phenomenal progress in share phrases, however that was attributable to them ranging from tiny quantities in This autumn 2022.

When you take away these two fashions, you will get a greater take a look at the change within the different fashions. The Mercedes EQB, which has been ramping up quarter after quarter because it hit the market in Q3 2023, grew a powerful 446%. The Subaru Solterra additionally had sturdy progress, but it surely arrived available on the market in This autumn 2023, in order that’s to be anticipated. Although, just like the EQB, it has ramped up gross sales each quarter because it was launched. General, that’s the story — a number of new EV fashions have been getting launched after which have been ramping up gross sales. That’s an enormous a part of why the market has been rising the way it has.

Going again one 12 months additional, we have now the same concern as above with the Hummer EV, however then additionally with the Chevy Bolt and Hyundai IONIQ 5 — they have been ranging from such small gross sales quarters that progress was huge in quantity phrases.

Reducing these three fashions out, that is what we see:

As you possibly can see there, so few fashions have been available on the market simply two years in the past that we don’t have a lot to check to! The ID.4 is up properly, a couple of Tesla fashions are up properly, and the Ford Mustang Mach-E is up properly. (Ignore headlines about EV gross sales drooping.) Tesla Mannequin 3 gross sales have been down barely, however a lot of that needs to be attributed to the Mannequin Y taking on and folks ready for the brand new Mannequin 3 Highland. The Porsche Taycan, sadly, took a little bit of a tumble, however, once more, I’d attribute that to a lot new competitors. And the Nissan LEAF dropped a big 68%, however actually, it’s not aggressive lately. There are too many different higher choices in its value vary.

Lastly, right here’s a chart displaying quantity modifications:

There are a number of good fashions on the prime there, but in addition noteworthy is simply how lengthy the tail of EV fashions seems. We’re lastly beginning to get a market that appears a little bit numerous. Perhaps it’s not Chinese language or European ranges, but it surely’s one thing! Let’s rejoice.

For extra enjoyable, see an interactive model of one of many charts from above right here: