The latest data from S&P Global Mobility on new EV registrations in the US for November 2023 reveals interesting trends, showcasing modest gains for Tesla and Ford compared to significant growth from smaller players like Rivian and Kia, as well as luxury EVs from Mercedes and BMW.
Tesla, the leader in the EV market, experienced an 8.6% growth in registrations in November 2023 compared to the same month the previous year. However, its market share dipped from 57.1% in November 2022 to 47.7%. Ford, on the other hand, saw a 21% increase in new EV registrations, securing the second position for the year behind Tesla.
Chevrolet's EV registrations slightly decreased by 0.2% year over year, resulting in a 4.7% share for the month. The Tesla Model Y led in registrations with 342,512 from January to November 2023, showing a significant 77% jump. The Chevy Bolt and Ford’s Mustang Mach-E also saw substantial increases of 92%, with 59,371 and 34,314 registrations, respectively.
Cox Automotive estimates that a record 1.2 million EVs were sold in the US in 2023, constituting a 7.6% share of the light-vehicle market, up from 5.9% in 2022. The EV share is expected to further rise to 10% in 2024.
Rivian, the American EV maker, experienced a remarkable 146% gain with 6,512 new registrations in November, capturing 7.3% of the EV segment. Kia doubled its EV registrations to 2,278 for a 2.5% share, while Hyundai, the sister brand, gained 3,678 registrations for a 4.1% market share.
Among the German brands, BMW outperformed with a 42% increase in new-vehicle registrations in November, securing a 4.5% share. Mercedes-Benz saw an impressive 160% rise in new-vehicle registrations, accounting for a 4.1% share of the EV segment.
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