U.S. EV Registrations Surpass 90K in November 2023

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U.S. Electric Vehicle Market Continues to Soar In November 2023, electric vehicle registrations in the U.S. hit a remarkable 90,000, showcasing a robust 30% year-over-year surge. Despite the data lagging behind actual sales, these figures serve as a reliable indicator of the industry’s growth.

Tesla’s Growth Slows Amidst Industry Expansion Notably, Tesla reported an 8.6% YoY increase to 42,737 registrations, constituting 47.7% of the battery electric vehicle (BEV) segment. This reflects a slowdown compared to its 57.1% share a year ago, underscoring a broader industry expansion.

Non-Tesla BEV Sales Outpace Tesla’s Growth A compelling revelation is the non-Tesla BEV sales, witnessing a remarkable 59% YoY surge to 46,790. This suggests a paradigm shift as Tesla’s growth now trails behind the overall BEV industry.

Diverse Brands Making Strides While Ford secured the second position with 7,787 units sold (up 21% YoY), other brands exhibited extraordinary growth. Rivian surged by 146% to 6,513 units, showcasing 7.3% of the BEV segment. Notable performers include Kia, Hyundai, BMW, Mercedes-Benz, and Audi, each doubling or more in sales.

Strong Performance Throughout 2023 The upward trajectory extends beyond November, with the first 11 months of 2023 witnessing over 1 million EV registrations, constituting 7.4% of the total market. This surpasses the 5.4% recorded in the same period in 2022, indicating the sustained momentum in electric vehicle adoption.

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