According to Experian, Americans registered 67% more electric vehicles (EVs) in the first seven months of 2023 than they did during the same period last year.
Industry publication Automotive News reports, “U.S. market share for electric vehicles rose to 7.2% in the January to July period.”
Tesla led the way with a 50% increase over the first seven months of last year and “a 59.5% share of the EV market.”
Second Place Is Far Behind
How big was Tesla’s lead? Second-place Chevrolet claimed 6% of the market. Its Bolt EV and Bolt EUV made up nearly all of that market chunk “except for 25 new Silverado EV pickups,” says Automotive News. “July was the first month the pickup was in the new EV registration data.”
Ford came in third. Its Mustang Mach-E lost some presence in the market, with registrations down 18% from one year earlier. But its F-150 Lightning “rose nearly fivefold” to keep Ford on the podium.
“Still, Tesla’s EV rivals such as BMW, Mercedes-Benz, and Rivian made significant share gains from last year, the data showed. Ford, Hyundai, and Kia saw new registrations rise, but their market share slipped amid the increasing competition,” says Automotive News.
Tesla’s repeated price cuts this year may have stabilized its position. The company controlled 79% of the EV market in 2020 but had seen its hold slip to around the 60% mark by spring as most competitors introduced new electric cars.
