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.
To this point, General Motors delayed production of the Chevy Silverado EV and GMC Sierra EV at the GM Lake Orion plant in Michigan for retooling efforts.
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Comments
If 7.6% is EV, then 92.4% of vehicles sold in 2023 had a gasoline engine. There’s still plenty of time for auto manufacturers to get into the EV market. If I were in the industry, I’d be working on the software now while investing in solid state batteries. That’s when EVs become mainstream.
the batteries are solid state. what, you think they are lead acid 12v lined under the car.. jesus man some of yall are stuck in 1935
Existing EV batteries use a liquid electrolyte. Solid state batteries promise better range, charging speed, density, less weight and most importantly, little to no fire risk. The current problems are cost and finding the right design that can be mass-produced. Whoever gets it to the consumer in an affordable package will have an extremely special car.
I see what is taking place here. First off there is no liquid of any type in EV cells. the batteries are actually thousands of small cells packed in the shape needed, literally same ones you use in cameras, just a little different technology. Years ago they were literally the same cells, see below.
NCA and NCM are the main types used. neither uses “liquid”. lithium ion, polymer etc have miniscule moisture in them and they arent used for auto power packs anymore. maybe 10 15 years ago in the volt or prius gen 1 etc. i cant be bothered to go back that far, but currently, NCA and NCM are both dry technologies by their very make up.
There is no gel either in EV power packs. gel is just a step above lead acid – such as odyssey 500$ batteries. aka AGM standard automotive cranking batteries. gm actually uses AGM out of the factory on a bunch of models.
The only thing i can think of that you are mislabeling here is 200 year old tech. Are you talking about the faraday stuff from the 1800s (brilliant fella btw). Cause they made the fist batteries of that solid cathode design in the 1950s…
Don’t hold you breath for those. there is a major issue using them on a large scale high stress environment with insane amp draws. There has been little to not advancement on those since the 50s. Just people playing with various compounds in a lab as proof of concept. And they are still lithium based to boot.
Thing is it is not about affordable. that ship is gone. nothing will be affordable again. remember the maverick. it was supposed to be 25k affordable. yeah. right. we know how that turned out. Anybody promising anything affordable is just baiting poor people and gaslighting them. The classic make them wait for our vaporware instead of buying a competitors product today. Its a classic corporate hit job marketing.
Whoever manages to ram a battery large and light enough to take a tahoe 1000 miles and recharge in 15 minutes will be charging ferarri money for it. I know it, you know it, investors know it, scientists know it.
You should take a look at quantumScape. They announced some breakthrus in solid state batteries and I also saw someone, maybe them, announced a sodium/lithium mix for a more durable battery. One of the key problems for EV’s is rapid development of batteries will make old EV’s paperweights, with big payments.
Many Li-ion batts use ether as part of the electrolyte, which is indeed a flammable liquid. But many new technologies are in the pipeline, and I predict that Li-ion technology will be regarded as the “compact fluorescent” of the battery world, which is to say an interim step to superior technology.
And yes Michael Faraday was brilliant.
wrong
Now just a minute. Don’t bad mouth 1935. Sinatra didn’t say it was a very good year, buy it was. I was born in 1935, and I had some great company. The iconic Douglas DC-3, AKA C-47 aircraft, the 357 Magnum, and the Chevrolet Suburban all came along in 1935. The Suburban, along with its offspring is still King of the Hill. Just wish I had a garage big enough to hold it, and a bank account big enough to afford it.
You were lucky, my dad was born in 33 at the height of the Great Depression. Granddad went broke and lost the family store. They came north for factory work as WWII started. Grandad got shipped to Pearl Harbor and my dad went to work at age 10 to help pay for food and utilities. Luckily most banks let people skate on their mortgages as long as you paid the interest until the war was over. Dad graduated HS in 51 went to work at GM then got drafted into the army during the Korean War. GM held his job and he retired in 92 with 40 years. Sadly, he passed in 97 at age 64. Life could be tough back in the “good old days”. My brother and I try hard to fill those shoes but it’s a big job. Many people today have no idea how good they have it, I do.
Hertz just announced that it is selling 20,000 EV’s and reinvesting the proceeds in ICE vehicles due to customer demand. This is another nail in the EV coffin. It’s further proof that EV’s are a niche market. Soon everyone who wants one will have one.
Actually worse than a demand problem. The EV’s failed to meet cost targets. The article said repair costs were high, so they were losing money on them.
Perhaps people are interpreting my original comment as “auto makers should hurry up and get in the market while they can.” I meant to say that EVs are still in their immature design phase and there’s no need for manufacturers to rush when the technology isn’t here yet. The promise of a good vehicle is there, but it’s not ready yet.
Thank you for burning less gas and leaving more for.
China is coming. You then will see the price of EVs coming down and get way more mileage per charge. As for repairs , collision wise , have you been to a body shop lately! A scratch costs 500$ at least. Maintenance, on an a EV, is thousand a year less, than ICE. As for batteries, hundreds of places are popping up to recycle them and sell them at a much cheaper price, unless you own a Tesla . Musk is waiting to recoup his billions from buying twitter. Hybrids with high electric mileage would of pleased Americans more and by what I am reading , some companies are going that way. Until the USA starts to install thousands of chargers , you are better off with a hybrid.
Well the U.S. taxpayer paid 7 billion to have many chargers installed across our nation. You how many were installed for 7 billion? Numero uno 1 yes 1, and the rest of the money went where? At that rate maybe we can get a couple dozen for a trillion. Corruption run amuck.
so those who disagree with this factual info, would you pay more for said chargers that will never be built or just dont want to believe the nature of what has happened and go ostrich and put ur head in the sand?
Your country is so corrupt, no wonder you don’t know where the money goes.
Name me one country on this earth that is not corrupt.
Hertz selling low mileage Tesla 3s for $16,000 each.
Really funny reading through the comments – You do know where the electricity for the batteries comes from. Batteries don’t make electricity, they use it. Electric transport is intriguing and is in infancy development but still uses gas, oil and coal to work at this time, so, for me anyway, I’ll keep driving my ice cars into the sunset. And for most gearheads there is nothing like an ice engine.
Batteries DON’T USE electricity they simply STORE it. They are simply an electrical storage device much the same way as an electrolytic capacitor stores electricity.
The cutting edge future of EVs ?
Watch a Formula E Race .
Embarrassing .
GM will never make 1M EVs by 2025…. Just another fib like all their other EV announcements in the past. They still have not even released their low end Equinox EV because that is going to be in the low 40s … watch and see if I am right.
Drop the EV Blazer body on a Camaro platform, with a 6.2, and sign me up.
think you’re a lil shy of a percentage of folks who choose to follow blindly off a cliff just because someone tells them to, it’s around at least 70 percent, it just depends on which side Ur talking about, but at least they follow what their party tells them to do, sheep.
If you are a Trumper/ Maga, you are the idiot!
Alberta polar vortex and EV transportation = house hibernation. -50 Celsius here. -64 in Edmonton. Not many Tesla cars on the road in the last 3 days. EV’s are a joke in cold climates.
I bet, lots of ICE cars , not starting up and that is no joke!
The problem is my ICE vehicle won’t crash the grid that was on edge of failing for 2 days because everyone’s furnace was running nonstop. If Alberta would have been well into an EV adoption mentality our electricity grid would have crashed for sure. Everyone’s house freezing in -50 degree temperatures!!!
All these EV’s drive on the highway along with the ICE cars and trucks, but do they pay the road tax on fuel like the rest?
Also evs have been driving up the cost of insurance, the ev owner is not the only one who foots the bill for that. It gets spread around all insurance owners.