U.S. electric vehicle sales surged nearly 80% in Q1 2023, propelling the country ahead of Germany to become the second-largest EV market globally, trailing only China, according to Counterpoint's USA Passenger Electric Vehicle Model Sales Tracker. EV sales surged as combustion engine car sales remained flat. Tesla dominated the market, capturing 62.7% of EV sales in Q1, followed by GM, Volkswagen, and other brands. - Battery EVs accounted for 81% of passenger EV sales, while plug-in hybrid EVs made up the remainder.
- EV tax credits drove up EV sales this year, with around 20 models from Tesla, GM, Ford, Stellantis, Rivian, and Volkswagen now qualifying for the credits.
- The expected recovery of the U.S. economy, coupled with government policies and investments in the EV sector, is likely to support continued growth, with projected EV sales of around 1.5 million units in 2023, according to Counterpoint Research Director Jeff Fieldhack.
Credit: Counterpoint |
