EV sales in September 2023: According to a report by Cox Automotive, electric vehicle (EV) sales in the United States reached over 300,000 in the third quarter of 2023. However, Tesla’s market share fell to its lowest level on record, now holding just 50% of the market, compared to 62% in the first quarter. Despite this, Cox Automotive suggests that Tesla may be able to reverse this trend with the launch of its Cybertruck electric pickup truck, which is scheduled for delivery this quarter. In response to tough market conditions due to high inflation and rising borrowing costs, other automakers have been slashing prices to stimulate demand. Cox noted that these lower prices, combined with increased product availability, have contributed to the continued growth of EV sales in the US market.
The price war initiated by Tesla has resulted in the average EV price dropping to $50,683 in September, down from $52,212 the previous month, as stated by Cox. The report also revealed that total EV sales in the third quarter experienced a nearly 50% year-on-year increase and accounted for a record-breaking 7.9% of total industry sales. In addition, Rivian Automotive exceeded analyst expectations by delivering more vehicles in the third quarter and maintaining its annual production target of 52,000 vehicles.
Although Tesla remains dominant in the US market, industry analysis firm Canalys recently highlighted the growing demand for a wider range of EV options to meet the increasing interest in electric vehicles.