• Every second BEV sold in the US in Q2 2023 was a Tesla.
• BEV sales by foreign brands more than doubled YoY to 81,000 units.
• Annual BEV sales are expected to exceed 1 million units by the end of 2023.

New Delhi, London, San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – September 4, 2023

US passenger battery electric vehicle* (BEV) sales grew 57% YoY in Q2 2023, according to the latest research from Counterpoint’s US Passenger Electric Vehicle Model Sales Tracker. The US maintained its status as the second-largest BEV market, a position it achieved by surpassing Germany in the previous quarter. BEVs constituted more than 7% of total passenger vehicle sales in the US in Q2. During H1 2023, Tesla’s tally exceeded the combined BEV sales of the next 14 automotive groups by 122,000 vehicles.

Commenting on the market dynamics, Research Analyst Abhik Mukherjee said, “Building on the existing momentum, the US automotive industry maintained its upward trajectory in Q2 2023. Total passenger vehicle sales surged by over 16% YoY. BEV sales are on the rise, driven by the EV tax credit and increasing environmental awareness among consumers. US-based brands like Tesla, GM, Ford, Rivian, Lucid and Karma captured nearly three-quarters of total BEV sales. Among foreign-origin brands operating in the US, European manufacturers claimed the largest market share, followed by South Korean and Japanese brands. Total BEV sales by brands of foreign origin, such as Hyundai Kia, Volkswagen Group, Mercedes-Benz, BMW, Volvo, Toyota, Subaru, Jaguar and Land Rover, jumped by more than 100% YoY to nearly 81,000 units.”

The top five best-selling BEV models in the US accounted for more than 60% of the market’s overall BEV sales during the quarter. Tesla’s Model Y and Model 3 together accounted for 55% of the BEV market. The Rivian R1T emerged as the third best-selling model during Q2 2023. This is the first time a Rivian model has secured a position in the top five since the introduction of its first vehicle in late 2021.

Commenting on the market outlook, Research Director Jeff Fieldhack said, “If the current growth trajectory continues, annual BEV sales in the US will exceed 1 million units by the end of 2023. However, rising inventories are expected to become a problem for automakers. EV-related investments by auto OEMs are rapidly growing across the North American continent. These investments, which cover EV production ramps, components and battery, and charging infrastructure, have already crossed $100 billion. Most EV brands are preparing to launch new models or update existing models from 2024 onwards. To address the inventory challenges, OEMs will either need to reduce prices or limit production, both of which will hurt their financial performance.”

*Sales refer to wholesale figures, i.e. deliveries from factories by the respective brand/company.

The comprehensive and in-depth ‘US Passenger Electric Vehicle Sales Tracker, Q1 2018-Q2 2023’ is now available for purchase at report.counterpointresearch.com.

Feel free to reach us at [email protected] for questions regarding our latest research and insights.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

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