Tesla dominates US electric vehicle market with nearly 60% share

The popularity of electric vehicles (EVs) in the US continues to gain momentum, with new vehicle registration data revealing a significant surge in EV market share. Unsurprisingly Tesla is leading the charge with a near 60% share of the EV market.

In the January to July period, Experian data showed EVs claimed a 7.2% share of the overall auto market, a large 67% increase compared to the previous year’s 4.9%. When looking at just the EV market, new EV registrations reached 655,986 units in the seven-month span. (via Automotive News

Tesla easily emerged as the frontrunner, capturing 59.5% of the EV market. The company achieved 390,377 registrations from January to July, marking a 50 percent increase over the previous year. In July alone, Tesla outpaced all other EV makers, with 60,769 new registrations, leaving its competitors trailing behind at 48,566 combined.

Share of new EV registrations by brand

Share of market segment (Jan. – July 2023)
Rank Brand New EV registrations Share of EV market
1 Tesla
390,377 59.5%
2 Chevrolet
39,647 6.0%
3 Ford
33,955 5.2%
4 Hyundai
28,198 4.3%
23,116 3.5%
6 Mercedes-Benz
21,160 3.2%
7 Volkswagen
20,046 3.1%
8 Rivian
18,359 2.8%
9 Kia
17,073 2.6%
10 Audi
12,311 1.9%

The Model Y was at the top with 236,041 units registered, a figure more than double what it was during the same time period last year. The Model 3 also saw strong sales, with a 21% increase to 131,381 units. Meanwhile the Model S and Model X saw a 51% and 14% decline to 8,439 and 14,462 registrations respectively. These lagging figures could have been the precursor to Tesla substantially dropping prices on both of the flagship vehicles last week, making the Model X eligible for federal EV incentives.

Chevrolet secured the second spot in the EV market, with 39,647 new registrations, primarily driven by the Bolt EV and Bolt EUV models. Ford claimed third place, benefiting from its Mustang Mach-E, F-150 Lightning, and E-Transit 350 commercial van. The F-150 Lightning was the bestselling EV pickup with 11,883 registrations, followed by the Rivian R1T with 7,611 registrations.

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