CHART: EV Sales in the U.S. Surged 79% YoY in Q1 2023

The first quarter of 2023 saw the U.S. surpassing Germany as the world's second-largest EV market, behind China, after the country's passenger electric vehicle (EV) sales experienced a remarkable year-on-year growth of over 79%, according to Counterpoint.

EV sales were propelled by the introduction of an EV tax credit scheme of up to $7,500 by the U.S. government. Currently, around 20 models offered by major automakers, such as Tesla, GM, Ford, Stellantis, Rivian, and Volkswagen, are eligible for this tax credit with the exclusion of brands like Hyundai, Nissan, BMW, Audi, and Volvo.

Battery EVs (BEVs) accounted for 81% of all passenger EV sales in the US, while plug-in hybrid EVs (PHEVs) comprised the remaining portion.

Notably, Tesla's sales outperformed the combined sales of the next 18 automotive groups, representing 34 brands and retained its position as the best-selling EV model with its Model Y both locally and globally. Overall, the top 10 EV models in the US accounted for 69% of overall passenger EV sales in the quarter.

Meanwhile, Stellantis dominated the PHEV segment with 43.9% while Japanese brand Toyota also featured in the segment, as shown in the Techloy chart below.