Benzinga - by Chris Katje, Benzinga Staff Writer.
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.
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% year-over-year.
The Model Y is expected to be one of the top-selling vehicles globally for 2023 and has dominated several countries’ lists alongside being the top electric vehicle. The vehicle ranked sixth by units sold for the overall automotive market in 2022.
Ranking behind Tesla for U.S. electric vehicle sales were Ford Motor Co (NYSE:F) and General Motors Co (NYSE:GM)-owned Chevrolet brand.
Ford sold 72,608 units, which was up 17.9% year-over-year. The F-150 Lightning and Mustang Mach-E both made the top 10 list. The F-150 Lightning could be more under pressure in coming years as more electric pickup trucks become available, including the Tesla Cybertruck.
Chevrolet sold 62,988 EV units, which was up 65.2%. The brand had the top-selling EV in the U.S. outside of Tesla with the Bolt ranking third and seeing a 62.8% year-over-year increase.
Electric vehicle company Rivian Automotive (NASDAQ:RIVN) sold 50,189 units in the U.S. for 2023, which was up 143.3% year-over-year. The company saw its R1S rank seventh with a huge year-over-year jump. The R1T ranked just outside the top 10 with 17,727 units sold, which was flat from the prior year.
Read Next: Here’s How Many Vehicles Tesla Has Delivered, Produced In Each Quarter Since 2019
Photo: Tesla Model Y, courtesy Tesla Inc.; Ford F-150 Lightning, courtesy Ford; Chevy Bolt, courtesy GM
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