In a recent report published by Automotive News, data from Experian reveals that Tesla is maintaining its dominant position in the U.S. electric vehicle (EV) market, outpacing competitors in terms of new registrations and market share. The first seven months of the year have been particularly fruitful for the electric car manufacturer, with a 50 percent increase in new registrations compared to the same period last year.
As of now, Tesla commands an impressive 59.5 percent share of the American EV market. In contrast, Chevrolet holds the second spot with nearly 40,000 new EV registrations between January and July, translating to a 6 percent market share. Ford secures the third position on the list with 33,955 new EV registrations in the same period, representing a 5.2 percent market share.
The collective electric car industry in the United States experienced a notable surge in registrations, reaching 655,986 during the aforementioned seven-month period. This marked a remarkable 67 percent increase, resulting in a total market share of 7.2 percent within the EV segment. It's worth noting that the entire light-vehicle market recorded approximately 9.1 million new registrations, as per Experian data.
Breaking down Tesla's performance further, the company registered a substantial 60,769 new vehicles in July alone. In comparison, all other EV manufacturers combined achieved 48,566 vehicle registrations in the U.S. during the same month. Additional data from J.D. Power highlights Tesla's influence, attributing an estimated 8.5 percent market share to the automaker in the light-vehicle segment for the month of July. This underscores Tesla's role in driving nationwide EV adoption.
Share of new EV registrations by brand (January – July 2023)
|New EV Registrations
|Share of EV Market
Among Tesla's offerings, the Model Y crossover led the pack with an impressive 236,041 new units registered in the first seven months of the year, more than doubling its performance compared to the previous year. The Model 3 also saw a notable increase, with a 21 percent rise in new registrations, totaling 131,381. On the other hand, the Model S experienced a 51 percent decline, with 8,439 units registered, while the Model X saw a 14 percent dip, amounting to 14,462 new registrations.
Chevrolet's performance in the EV market was largely anchored by the soon-to-be-retired Bolt EV and Bolt EUV models, responsible for the majority of new registrations. Notably, July marked the inclusion of the all-electric Silverado EV pickups in the registration data for the first time.
Ford, although holding the third position, experienced a drop in EV market share from 6.9 percent to 5.2 percent. During the January-July period, Ford registered a total of 33,955 electric vehicles. The highly anticipated F-150 Lightning pickup accounted for 11,883 units, surpassing the Rivian R1T, which saw 7,611 new registrations.