Tesla Dominates EV Market in US with Extra Than 50 % Share

Elon Musk-run Tesla stays the market chief within the electrical car (EV) market within the US with greater than 50 p.c share, promoting extra automobiles than the opposite 17 automotive teams mixed.

EV gross sales elevated to characterize 7 p.c of all US passenger car gross sales in 2022, in line with Counterpoint Analysis, rising 54.5 per cent (on-year).

“Tesla is dominating the US EV market whereas different automotive giants like Ford, Normal Motors, Stellantis, Volkswagen and Hyundai are struggling to supply robust competitors,” in line with analysis analyst Abhik Mukherjee.

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New gamers like Lucid Motors, Karma, Fisker and Vinfast are getting into the US EV area, underlining the market’s potential.

“Furthermore, with the current value cuts by Tesla and all variations of Tesla’s Mannequin Y changing into eligible for the EV tax credit score subsidy, it’s anticipated that Tesla will take an excellent larger market share,” Mukherjee added.

Battery EV (BEV) gross sales grew by virtually 70 per cent YoY to account for greater than 80 per cent of all EV gross sales in 2022.

All 4 Tesla fashions have been current within the top-10 bestseller listing. Hyundai’s IONIQ 5 and Kia’s EV6 made a major affect, getting into the listing inside a yr of their US launch.

“In 2023, EV gross sales are anticipated to succeed in over 1.9 million items however provided that financial headwinds don’t severely affect the market, like in 2022,” mentioned analysis director Jeff Fieldhack.

With automotive OEMs and battery producers becoming a member of palms to arrange battery manufacturing crops throughout the US, the battery provide chain is anticipated to change into smoother and part prices will reasonable, making the potential US EV market larger than 10 million per yr by 2030, he added.

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