In a surprising turn of events, the United States electric vehicle (EV) market has become a dynamic hub of activity, defying earlier skepticism surrounding the industry's growth. Reflecting on the third quarter of 2023, sales data analyzed by InsideEVs reveals a robust surge in the EV sector, signifying not just a fleeting trend but a sustained upward trajectory poised to extend into the next year.
An impressive 130,000 all-electric vehicles were sold by 19 leading brands during this period, showcasing a nearly double increase from the previous year. This surge underscores the industry's resilience and the growing acceptance of EVs among American consumers.
A notable aspect of the analysis is the diverse reporting practices among manufacturers, particularly emerging players such as Tesla, Rivian, Polestar, and Lucid, who refrain from specifying sales by country or region. In contrast, traditional automakers exhibit more transparency in reporting all-electric car sales, providing a clearer understanding of market dynamics. The analysis encompasses sales volumes from renowned brands including Audi, BMW, General Motors, Ford, and Mercedes-Benz, among others.
Ford emerges as the Q3 sales leader (excluding Tesla), closely trailed by Hyundai and Chevrolet. The noteworthy position of Chevrolet is highlighted, especially in the context of its plans to discontinue certain models like the Bolt EV/Bolt EUVs.
Examining the sales figures for the first nine months of 2023 reveals a competitive landscape with Chevrolet and Ford in a close race to secure the top EV brand position after Tesla. Hyundai, BMW, Mercedes-Benz, and Volkswagen also demonstrate significant sales, indicating the broadening appeal of EVs across diverse consumer segments.
The data suggests varying levels of commitment among manufacturers to the EV market. Notably, Toyota's modest battery electric vehicle (BEV) sales contrast starkly with those of Nissan and Volkswagen, signaling diverse strategies in the EV space.
As of the end of September, the cumulative volume for the 19 discussed brands surpassed 316,000 units, marking a remarkable 94% year-over-year increase. This growth attests to the established brands' growing dominance in the battery electric vehicle (BEV) segment, which now commands a significant share of the market.