Thanks in large part to numerous rebates and incentives, electric vehicles have been slowly but surely gaining market share across the United States. Now, new data shows that EV sales hit a new record over the course of the 2023 calendar year.
According to a report from Cox Automotive, there were 1,189,051 new electric vehicles sold during 2023, marking a new record in EV sales. Notably, this gives EVs a 7.6 percent share of the entire U.S. market, which is up from 5.9 percent in the 2022 calendar year.
Q4 2023 in particular demonstrated strong electric vehicle sales performance, where 317,168 all-electric models were sold for 8.1 percent of the U.S. market share. However, while this is certainly an impressive feat, quarter-over-quarter numbers show that growth is beginning to slow down. More specifically, Q4 2023 sales increased from Q4 2022 by 40 percent, which is actually down from Q3 2023 to Q3 2022 figures, where sales rose 49 percent. This means that while the electric vehicle market is growing, it’s beginning to do so more slowly than before.
When breaking electric vehicle sales down into brands, General Motors EVs consisted of 6.4 percent of electric vehicle sales, while Tesla boasted over 55 percent of the share.
While this overall great news for the electric vehicle market, it’s worth noting that several major automakers, including General Motors and Ford, have announced that they intend on pulling back on EV production. In regard to GM specifically, the Detroit-based automaker has abandoned its plans to manufacture 400,000 all-electric vehicles by mid-2024. However, The General went on to state that it remains on track to reach its goal of an EV production capacity of 1 million electric vehicles by the end of the 2025 calendar year.