Electric cars had 5% market share in the US market with Tesla in the lead

The US electric car market is experiencing the fastest growth ever and this situation will continue for many years to come. If we are to replace the legacy vehicles with EVs in the time frames designed by global governments, the sales will have to double every year for another decade.

There were 756,534 electric cars sold and registered in the US last year which is a 57 percent increase when compared to the year before. This has happened while the general passenger car sales dropped by 11 percent to 13.6 million cars sold in 2022.

Tesla is the biggest winner here - 64 percent of all electric cars sold last year in the US were Teslas. That’s 484,351 vehicles or 41% more than back in 2021. Tesla Model Y is the clear winner though, the car sold 228,312 units which is nearly half of all Tesla sales and over 30% of all electric cars sold in 2022.

Top five electric cars came from Tesla with Ford Mustang Mach-E splitting the group with its third place. Although the sales numbers grew, Tesla’s market share began slowly to dissipate which was always expected. In 2021 the company had 71 percent stake and now it sits on 64 percent share. As the market matures and more manufacturers roll out their EVs, Tesla’s share will drop despite its sales going up.

Ford became the second EV seller with 7.5% market share, the company sold 56,464 vehicles. Chevy came third with 36,245 EVs sold and 4.8% market share. Once the two companies ramp up their production this year, we can expect the market to look little different.

Chevrolet managed to secure third place thanks to its ever popular Bolt EV and EUV. Once the production of Equinox and Blazer gets underway, we should expect to see some serious numbers but it all will depend on Chevrolet securing a steady flow of batteries and chips for its electric cars.

Electric car market is still favoring the early adopters and it will be years before we’ll see a true competition that depends on quality, value and choice. For now customers are snapping up pretty much whatever is available and many companies suffer issues with reliability and availability.

Via