According to a research by Cox Automotive, sales of electric vehicles (EVs) in the United States reached a record high in the third quarter of 2023. Between July and September, more than 300,000 EVs were sold, a 48.4% increase over the same period last year.
Despite a price battle that the Elon Musk-led business initiated to bolster its position in the competitive EV industry, Tesla currently has barely half of the market, down from the 62% it had in the first quarter.
“Higher inventory levels, more product availability, and downward pricing pressure have helped spur continued linear growth of EV sales in the U.S. market,” Cox said.
Tesla remains the market leader in the US EV market, but other automakers are quickly gaining ground. Ford, Chevrolet, and Hyundai are all selling a growing number of EVs, and new entrants to the market, such as Rivian and Lucid, are starting to make an impact.
The record-breaking sales were attributed to a variety of factors, including increased customer awareness of the benefits of EVs, rising gas prices, and a wider range of EV models available on the market.
As reputable automakers like Ford and General Motors are anticipated to increase their share of the American EV market, BofA claims that shift is anticipated. Ford and GM, whose market shares were 8 and 5 percent, respectively, in 2022, were expected to each reach 14 percent of the market by 2026, according to the researchers.
The US economy and the environment benefit from the rapid growth in EV sales. Zero tailpipe emissions from EVs contribute to a reduction in air pollution and climate change. EVs are also more fuel-efficient than gasoline-powered vehicles, which results in cost savings for consumers.
Tesla, on the other hand, fell short of market expectations for deliveries in the third quarter as a result of production halts brought on by planned renovations at its plants to launch a newer model of the Model 3 mass-market sedan.
In recent years, Tesla has been losing market share in the electric vehicle (EV) industry. In the US EV market in 2021, Tesla held a 72% market share. Its market share had decreased to 50% by 2023.
Tesla’s market share decline might be attributed to a variety of factors. Other automakers are catching up to Tesla in terms of EV technology, which is one reason. Although other automakers have made major investments in EV development in recent years, Tesla used to have a huge technological advantage. Due to this, there are now several other EVs available on the market that are competitive with Tesla vehicles in terms of power, range, and cost.
The market for electric vehicles (EVs) is expanding quickly in the US. Sales of EVs are predicted to increase from 675,000 units in 2022 to 1.2 million units in 2023 in the US. Rising petrol prices, increased consumer awareness of the advantages of EVs, and a greater selection of EV models that are for sale are some of the factors that are fueling this expansion.
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