The electric vehicle (EV) market in the United States has experienced remarkable growth, reaching 7.4% of the total market share in the third quarter of this year. Despite concerns about the saturation of EV supplies compared to sales volume, the market witnessed a surge in registrations, with a total of 852,904 new EVs hitting the roads between January and September.
Tesla maintained a dominant position, accounting for 57.4% of the EV market share. However, the data also revealed a shift in the landscape, with rivals like Hyundai, BMW, and Mercedes-Benz making notable strides. Tesla’s market share dipped from 65.4% the previous year to 57.4% by September, as revealed by registration data from Experian. (via Automotive News)
In terms of brand registrations, Tesla led the pack with 489,454 registrations, followed by Chevrolet, Ford, Hyundai, and BMW. Chevrolet, in particular, demonstrated significant growth, securing a 5.9% market share with 50,160 registrations, up 133% from the previous year.
Despite this positive trajectory, industry experts caution that the surge in EV production may be outpacing consumer demand. Cox Automotive warned that the market could witness an influx of new EV models in the next three years, potentially doubling the number of available products by 2027. General Motors and Ford have already announced a slowdown in EV investments to align with supply and demand dynamics.
Interestingly, Tesla’s growth, which has been a consistent force in the market, showed signs of deceleration. In September, three of Tesla’s four models experienced a year-on-year drop in registrations, with only the Model Y showing growth. This slowdown in Tesla’s growth allowed other automakers to make significant gains in market share.
The top-selling models from January to September included the Tesla Model Y, Tesla Model 3, and Chevrolet Bolt EUV. However, it’s worth noting that Tesla’s Model 3 experienced a 12% drop in registrations in September, potentially attributed to consumers awaiting the updated version of the sedan.
|Registrations||% change from previous period|
|1. Tesla Model Y||293,398||88%|
|2. Tesla Model 3||165,543||15%|
|3. Chevrolet Bolt EUV||30,724||100%|
|4. Ford Mustang Mach-E||27,516||−1.8%|
|5. Volkswagen ID4||27,001||145%|
|6. Hyundai Ioniq 5||24,478||35%|
|7. Chevrolet Bolt EV||19,264||214%|
|8. Tesla Model X||19,025||−19%|
|9. BMW i4||17,599||394%|
|10. Rivian R1S||16,439||4126%|