US Witnesses 52% Jump in Battery EV Registrations Last Year

S&P Global Mobility reported that the US’s battery electric vehicle (BEV) sales in December 2023 increased by 23% compared to last year, with a market share of 8.8%. A noticeable slowdown was observed in the growth rates of Tesla, Ford, and Chevrolet. Tesla’s registrations increased by 11%, Chevrolet’s decreased by 26%, and Ford experienced relative success with a 13% increase. Chevrolet’s drop was more pronounced due to the discontinuation of the Bolt EV/EUV sale. Tesla’s market share fell from 62.2% to 56%.

In contrast, Hyundai Motors increased by 62%, RIVN by 73%, and 86%, respectively.

In annual results, Ford came in second after Tesla with 69,163 units. However, its market share dropped from 7.5% in 2022 to 6%. Chevrolet secured third place with 63,659 units, an increase of 77%. The segment market share of this brand rose from 4.8% a year ago to 5.6%.

Hyundai registered 51,411 units with a market share of 4.5%, while RIVN registered 46,319 units with a market share of 4%.

Following them, BMW registered 42,997 units with a market share of 3.8%, Mercedes Benz registered 38,320 units with a market share of 3.3%, Volkswagen registered 37,040 units with a market share of 3.2%, Kia registered 30,868 units with a market share of 2.7%, and 24,700 units were registered with a market share of 2.2%.

Combining Hyundai and Kia ranks second after Tesla with 82,279 units.

In 2023, annual electric vehicle registrations in the US increased by 52% compared to the previous year, and the market share increased from 5.7% to 7.7%.