Posted on June 18, 2023
According to a recent analysis by Counterpoint Technology Market Research, EV sales in the U.S. have seen a remarkable surge, recording a 79% increase year-over-year in the first quarter of 2023. This growth has propelled the U.S. past Germany to become the second-largest electric car market in the world, trailing only China.
Key to this surge in sales, Counterpoint believes, are the EV tax credits which have played a crucial role in driving purchases. Despite sales of combustion engine vehicles remaining flat, EVs have experienced a significant upswing, potentially giving a substantial boost to the overall U.S. automotive industry.
Tesla, unsurprisingly, led the pack with 62.7% of the EV sales in Q1, with its Model Y and Model 3 securing the top two spots. GM followed, albeit at a significant distance, capturing 7.6% of the market with its Bolt EUV and regular Bolt. Volkswagen, with its ID.4, took a 6.3% market share. For plug-in hybrids, Stellantis dominated with 43.9% of the market, thanks to Jeep's PHEV Wrangler 4xe and Grand Cherokee 4xe models, and the Chrysler Pacifica Hybrid minivan.
Counterpoint holds an optimistic view on the future of American EV sales. Despite revised rules narrowing the list of cars eligible for tax credits, they still have the potential to significantly influence demand. The early stages of economic recovery could also drive interest. The increasing domestic production of EVs, like the VW ID.4 and upcoming Hyundai models, will further extend the range of vehicles eligible for credits.
Given rising consumer demands and new regulations set by states like California and New York requiring all new passenger car sales to be electrified by 2035, an acceleration in EV sales was expected. If Counterpoint's analysis is accurate, this growth spurt is already in full swing.
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