The electric vehicle (EV) market in the US witnessed a remarkable growth in 2023, with a record 1.2 million EVs sold, accounting for 7.6% of the total auto sales. Among the various EV models available, Tesla’s Model Y emerged as the clear winner, selling nearly 400,000 units and capturing one-third of the market share. Other EVs from Volkswagen, Hyundai, Rivian, Chevrolet, and Ford also performed well, showing the increasing diversity and competitiveness of the EV sector.
Tesla, the pioneer and leader of the EV industry, maintained its dominance in 2023, delivering 1.8 million vehicles globally and holding 55% of the US EV market. The company’s two most affordable models, the Model Y and the Model 3, were the best-selling EVs in the US by a large margin, selling 394,497 and 220,910 units respectively The Model Y, a compact crossover SUV, was especially popular among American consumers, who prefer larger and more spacious vehicles.
The Model Y offers a range of 244 to 326 miles, depending on the variant, and can accelerate from 0 to 60 mph in 3.5 to 5.3 seconds. The vehicle also features a spacious interior, a panoramic glass roof, a 15-inch touchscreen, and advanced driver-assist features. The Model Y starts at $39,990 for the Standard Range version and goes up to $60,990 for the Performance version.
The Model 3, a compact sedan, was the second best-selling EV in the US in 2023, selling more than 220,000 units. The Model 3 offers a range of 263 to 353 miles, depending on the variant, and can accelerate from 0 to 60 mph in 3.1 to 5.6 seconds. The vehicle also features a minimalist interior, a 15-inch touchscreen, and advanced driver-assist features. The Model 3 starts at $37,990 for the Standard Range Plus version and goes up to $54,990 for the Performance version.
Other EVs Gain Ground Amid Record Sales
While Tesla remained the undisputed leader of the EV market in 2023, other automakers also made significant strides in offering more EV models and increasing their sales. The Chevy Bolt EV, a subcompact hatchback, was the third best-selling EV in the US in 2023, selling 62,045 units. This was the best sales year for the Bolt EV, which offers a range of 259 miles and a starting price of $31,000. The Bolt EV was also joined by the Bolt EUV, a slightly larger and more expensive variant, which sold 15,000 units in 2023.
The Ford Mustang Mach-E, a midsize crossover SUV, was the fourth best-selling EV in the US in 2023, selling 40,771 units. The Mach-E, which is inspired by the iconic Mustang sports car, offers a range of 211 to 305 miles, depending on the variant, and can accelerate from 0 to 60 mph in 3.5 to 5.8 seconds. The vehicle also features a sleek exterior, a 15.5-inch touchscreen, and advanced driver-assist features. The Mach-E starts at $42,895 for the Select version and goes up to $59,900 for the GT Performance Edition.
The Volkswagen ID.4, a compact crossover SUV, was the fifth best-selling EV in the US in 2023, selling 37,789 units. The ID.4, which is the first EV from Volkswagen’s ID. family, offers a range of 250 miles and a starting price of $39,995. The vehicle also features a modern interior, a 10-inch touchscreen, and advanced driver-assist features. The ID.4 is expected to have more variants and options in the future, including an all-wheel drive version and a larger battery pack.
Newcomers and Surprises in the EV Market
The EV market in 2023 also saw some newcomers and surprises, as new models and brands entered the scene and challenged the established players. The Hyundai IONIQ 5, a midsize crossover SUV, was the sixth best-selling EV in the US in 2023, selling 33,918 units. The IONIQ 5, which is the first EV from Hyundai’s IONIQ sub-brand, offers a range of 225 to 303 miles, depending on the variant, and can accelerate from 0 to 60 mph in 4.9 to 7.4 seconds. The vehicle also features a futuristic design, a spacious cabin, a 12-inch touchscreen, and advanced driver-assist features. The IONIQ 5 starts at $39,700 for the SE version and goes up to $54,400 for the Limited version.
The Rivian R1S, a full-size SUV, was the seventh best-selling EV in the US in 2023, selling 24,783 units. The R1S, which is the first EV from the EV startup Rivian, offers a range of 314 to 410 miles, depending on the variant, and can accelerate from 0 to 60 mph in 3 to 4.9 seconds. The vehicle also features a rugged exterior, a luxurious interior, a 15.6-inch touchscreen, and advanced driver-assist features. The R1S starts at $70,000 for the Explore version and goes up to $77,500 for the Adventure version.
The Ford F-150 Lightning, a full-size pickup truck, was the eighth best-selling EV in the US in 2023, selling 24,165 units. The Lightning, which is the electric version of the best-selling F-150, offers a range of 230 to 300 miles, depending on the variant, and can accelerate from 0 to 60 mph in 4.4 to 5.5 seconds. The vehicle also features a 14.1 cubic-foot frunk, a 12-inch touchscreen, and advanced driver-assist features. The Lightning starts at $39,974 for the Pro version and goes up to $90,474 for the Platinum version.
The Tesla Model X, a full-size SUV, was the ninth best-selling EV in the US in 2023, selling 23,015 units. The Model X, which is the oldest EV from Tesla, offers a range of 340 to 360 miles, depending on the variant, and can accelerate from 0 to 60 mph in 2.5 to 3.8 seconds. The vehicle also features a distinctive falcon-wing doors, a spacious interior, a 17-inch touchscreen, and advanced driver-assist features. The Model X starts at $89,990 for the Long Range version and goes up to $119,990 for the Plaid version.
The BMW i4, a midsize sedan, was the tenth best-selling EV in the US in 2023, selling 22,583 units. The i4, which is the first EV from BMW’s i sub-brand, offers a range of 245 to 300 miles, depending on the variant, and can accelerate from 0 to 60 mph in 3.7 to 5.7 seconds. The vehicle also features a sporty exterior, a premium interior, a 14.9-inch touchscreen, and advanced driver-assist features. The i4 starts at $55,400 for the eDrive40 version and goes up to $65,900 for the M50 version.
The EV market in the US in 2023 was a dynamic and diverse one, with many models and brands competing for the attention and preference of the consumers. Tesla’s Model Y was the undisputed leader, followed by the Model 3, but other EVs from Volkswagen, Hyundai, Rivian, Chevrolet, Ford, and BMW also showed impressive performance and potential. The EV market is expected to grow even more in 2024, as more models and options become available, and more consumers switch to zero-emission vehicles.
