Mercedes-Benz EVs close to 15% of US market share after strong Q3 performance

Mercedes-Benz, the German luxury carmaker, has reported a significant increase in its electric vehicle (EV) sales in the US market in the third quarter of 2023. The company sold 10,423 EVs between July and September, a 284% growth from the same period last year. This means that EVs accounted for nearly 15% of Mercedes-Benz’s total US passenger vehicle sales in Q3, compared to only 4% in Q3 2022.

Mercedes-Benz offers five EV models in the US

The company has a diverse portfolio of EVs in the US, covering different segments and price ranges. These include the EQS sedan, the EQS SUV, the EQE sedan, the EQE SUV, and the EQB. The EQS sedan and the EQS SUV are the flagship models of the brand, offering high-end features and performance. The EQE sedan and the EQE SUV are the mid-range models, providing a balance of luxury and efficiency. The EQB is the most affordable model, catering to the compact SUV market.

Mercedes-Benz EVs close to 15% of US market share after strong Q3 performance
Mercedes-Benz EVs close to 15% of US market share after strong Q3 performance

The EQE SUV was the best-selling model in Q3, with 3,488 units sold. It was followed by the EQB, with 3,270 units sold. The EQS SUV saw a remarkable 476% increase in sales from last year, with 1,593 units sold. However, the EQS sedan experienced a 35% decline in sales from last year, with only 1,100 units sold.

Mercedes-Benz leads legacy automakers in EV adoption

Mercedes-Benz has been one of the most aggressive legacy automakers in transitioning to EVs. The company has invested heavily in developing its own battery technology, expanding its production capacity, and launching new models. The company aims to have an all-electric lineup by 2030.

The company’s efforts have paid off, as it has gained a significant share of the US EV market. According to Electrek, Mercedes-Benz’s EV sales reached 14.7% of its US passenger vehicle sales in Q3. The brand’s EV lineup now accounts for 14% of its overall passenger vehicle sales in 2023.

In contrast, other legacy automakers such as Ford and GM have lagged behind in EV adoption. Ford sold 20,962 EVs in Q3, while GM sold 20,092 EVs in Q3. However, these numbers only represent about 3% to 4% of their total US sales.

Mercedes-Benz faces competition from Tesla and Rivian

Despite its impressive growth in EV sales, Mercedes-Benz still faces stiff competition from Tesla and Rivian, two leading EV startups in the US. Tesla dominates the US EV market with its Model 3, Model Y, Model S, and Model X vehicles. Tesla sold 241,300 vehicles worldwide in Q3, with a large portion of them delivered in the US.

Rivian is another emerging contender in the US EV market, with its R1T pickup truck and R1S SUV. Rivian delivered 15,564 vehicles in Q3, up 23% from Q2. Rivian is expected to ramp up its production and deliveries in the coming quarters.

Mercedes-Benz will have to continue to innovate and improve its EV offerings to compete with these rivals. The company plans to launch more models in the future, such as the EQA hatchback and the EQC crossover.

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