Electric Vehicle Registrations Made Up 7.7% of US Car Market in 2023

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Electric Vehicle Registrations Made Up 7.7% of US Car Market in 2023

In a groundbreaking year for electric vehicles (EVs), the United States saw more than 1.1 million all-electric car registrations in 2023, marking a significant milestone and outstripping the growth of the broader car market. Despite uncertainties about EV demand in 2024, the figures from the previous year underscore a significant shift towards electric adoption.

Data from S&P Global Mobility, as reported by Automotive News, reveals that battery-electric vehicles accounted for 7.7% of all new light-duty vehicle registrations in 2023, a notable rise from 5.7% in the preceding year. This growth in EV market share, which saw a 52% increase in registrations, reaching over 1.1 million units, reflects a growing consumer shift towards electric mobility, despite the lag in registration data which traditionally trails sales and delivery figures by a few weeks.

Despite a record-breaking year for electric vehicle (EV) registrations in the United States, the growth rate showed signs of slowing down towards the end of 2023, with December witnessing a 23% year-over-year increase, a dip from the yearly average.

Tesla, a leading name in the EV sector, was at the forefront with an impressive 642,496 new registrations, marking a 34% increase from the previous year and constituting approximately 56.2% of all EV registrations. The Tesla Model Y, with 385,180 registrations, stood out, representing a third of the all-electric car market.

While Tesla’s dominance is clear, the broader EV market also saw substantial growth. Sales of non-Tesla electric vehicles surged by 84% year-over-year, reaching 500,000 units and capturing a 43.8% market share. This indicates a healthy diversification within the EV sector.

S&P Global Mobility highlighted that Ford secured a significant spot with 69,163 EV registrations, followed closely by Chevrolet at 63,659 units. Rivian also made a notable entry, securing the fifth position with 46,319 registrations, edging out BMW, which had 42,997. This data underscores the competitive dynamics shaping the future of electric mobility.

Registrations of Battery-Electric Vehicles (Select Brands) from January to December 2023:

  • Tesla: 642,496 (up 34%) and 56.2% market share
  • Ford: 69,163 (up 26%) and 6.0% market share
  • Chevrolet: 63,659 (up 77%) and 5.6% market share
  • Hyundai: 51,411 (up 62%)
  • Rivian: 46,319
  • BMW: 42,997
  • Mercedes-Benz: 38,320 (up 243%)
  • Volkswagen: 37,040 (up 84%)
  • Kia: 30,868 (up 9%)
  • Audi: 24,700 (up 54%)
  • Nissan: 19,859
  • Volvo: 13,319
  • Toyota: 9,009
  • Subaru: 8,753
  • Cadillac: 8,633
  • Polestar: 7,544
  • Porsche: 6,809
  • Lucid: 6,254
  • Genesis: 5,660
  • Lexus: 4,801
  • Mini: 3,297
  • Fisker: 1,445
  • Jaguar: 443
  • VinFast: 265

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