Cox Automotive has just released its Electric Vehicle Sales Report for the latest quarter. In the third quarter of 2023, a total of 313,086 electric vehicles (EVs) were sold in the U.S. market, marking a 49.8% increase compared to the previous year.
- Tesla continues to be the undisputed leader. They sold a staggering 156,621 units in Q3, 2023, showing a robust 19.5% growth over the previous year. This remarkable performance translates to Tesla claiming a commanding 50% of the total market share.
- Other brands are catching up. Notably, seven different brands managed to exceed the 10,000 EV sales mark in Q3. These brands include Ford, Hyundai, Chevrolet, Rivian, BMW, Volkswagen, and Mercedes.
- Among this group of brands, Mercedes saw their EV sales skyrocketed from a mere 2,717 units last year to an impressive 10,423 units this year, marking an astonishing 283.6% year-over-year increase. Following closely behind is Hyundai, which experienced a substantial 237.1% increase in sales, and BMW, with a commendable 199.6% growth rate.
- Mini was the only brand that saw a decline in EV sales during this period. In Q3 of 2022, they managed to sell 1,105 EVs, but this year, their sales dipped to only 516 units.
EV Sales Report in the U.S. Market, Q3 2023
Brand Q3 2023 Q3 2022 YOY Market Share Tesla 156,621 131,024 19.5% 50.0% Ford 20,962 18,257 14.8% 6.7% Hyundai 19,630 5,824 237.1% 6.3% Chevrolet 15,872 14,709 7.9% 5.1% Rivian 15,564 6,884 126.1% 5.0% BMW 13,079 4,365 199.6% 4.2% Volkswagen 10,707 6,657 60.8% 3.4% Mercedes 10,423 2,717 283.6% 3.3% Kia 9,325 5,583 67.0% 3.0% Audi 7,538 3,891 93.7% 2.4% Nissan 6,074 1,276 376.0% 1.9% Volvo 4,087 542 654.1% 1.3% Polestar 3,710 2,852 30.1% 1.2% Cadillac 3,018 36 0.0% 1.0% Toyota 2,827 0.0% 0.9% Subaru 2,791 0.0% 0.9% Porsche 2,050 1,325 54.7% 0.7% Genesis 1,802 888 102.9% 0.6% Lucid 1,618 654 147.4% 0.5% Lexus 1,394 0.0% 0.4% GMC 1,167 411 183.9% 0.4% VinFast 1,159 0.0% 0.4% Fisker 997 0.0% 0.3% Mini 516 1,105 -53.3% 0.2% Jaguar 86 22 290.9% 0.0% BrightDrop 35 0.0% 0.0% Mazda 34 8 325.0% 0.0%
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