Elon Musk’s company, Tesla maintains a market share of more than 50% in the US electric vehicle (EV) industry, selling more cars than the other 17 manufacturing companies combined.
As per Counterpoint Research, EV sales climbed by 54.5% in 2022 to account for 7% of total US passenger car sales.
“Tesla is dominating the US EV market while other automotive giants like Ford, General Motors, Stellantis, Volkswagen and Hyundai are struggling to provide strong competition,” according to research analyst Abhik Mukherjee.
The US EV industry is seeing the entry of new company’s like Lucid Motors, Karma, Fisker, and Vinfast.
“Moreover, with the recent price cuts by Tesla and all versions of Tesla’s Model Y becoming eligible for the EV tax credit subsidy, it is expected that Tesla will take an even higher market share,” Mukherjee added.
Battery EV (BEV) sales increased by about 70% year on year, accounting for more than 80% of total EV sales in 2022.
All four Tesla models were in the top ten best-sellers. Hyundai’s IONIQ 5 and Kia’s EV6 made a big impression, making the list within a year after their American debuts.
“In 2023, EV sales are expected to reach over 1.9 million units but only if economic headwinds do not severely impact the market, like in 2022,” said research director Jeff Fieldhack.
With automotive OEMs and battery manufacturers collaborating to establish battery production units around the US, the battery supply chain is likely to become smoother and component costs to decrease, potentially increasing the US EV market to more than 10 million per year by 2030, he added.