The electric vehicle revolution continues gaining momentum, with EV sales jumping to a record 7.9% share of the total US auto market in Q3 2023. 313,000 EVs were sold from July to September, up sharply from 6.1% market share a year ago. But Tesla’s dominance slipped as more brands enter the space.
Tesla remained the top EV seller in Q3, moving over 150,000 vehicles. But its share of the US EV market dropped to 50%, Delivers 435,059 Vehicles in Q3 2023 down significantly from 62% in Q3 2022. Legacy auto brands like Mercedes, BMW, Audi, and Volvo are rapidly ramping up new electric models to capture growth.
Mercedes saw EV sales skyrocket, with over 10,000 sold in Q3 compared to just over 2,000 last year. The new EQS and EQE SUV are proving popular, alongside the EQS sedan and EQB crossover. Mercedes EV share of total sales hit 14.7% in Q3.
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BMW and Volvo also saw massive year-over-year growth, with EV sales jumping 214% and 185% respectively versus Q3 2022. EV newcomers like the BMW and Volvo are resonating with US consumers.
Among legacy brands, BMW leads for EV mix at over 15% of Q3 sales. Audi and Volvo followed at over 12%, with Mercedes, Porsche, and VW exceeding 10% EV portion. As options grow, EVs become an increasingly major part of established automakers’ lineups.
While Tesla’s growth continues, its US dominance is proving unsustainable as virtually every major brand adds EV models. With over 30 new EVs arriving in 2024, Tesla’s share will decline further absent new category entries.
The overall upward momentum remains highly positive for EV adoption. Total Q3 EV sales volumes were up 67% year-over-year in the US. With more models offering increased range and performance at lower prices, consumers continue switching from gas.
EVs have reached an inflection point in appealing to mainstream buyers. With options expanding across vehicle types and price points, 2023 becomes the year electric goes mass market, a monumental shift, with EVs cementing their place as the future of the auto industry.