Listening to pundits and some media outlets, it’d be easy to believe that EVs are nowhere near as popular as their gas-powered counterparts. But, while it’s true that electric vehicles still make up a tiny portion of the overall market, their numbers are growing. The latest data from Experian shows that EV registrations rose 67 percent over 2022’s numbers to an impressive 655,986 vehicles.
Automotive News reported on the data, showing a market share increase of 7.2 percent between January and July 2023. Tesla led the way with more than half of the EVs registered this year, at 390,377. The automaker had 60,769 new registrations in July alone. Interestingly, Ford, Hyundai, and Kia all saw slower growth earlier this year, and Ford trailed Chevy for new EV registrations by almost 6,000 units.
Analysts credit Tesla’s price cuts as driving its success and have noted the automaker’s regaining access to federal tax credits as another significant sales driver. Chevy’s number-two spot was driven by the Bolt and Bolt EUV, which accounted for all the registrations, save for 24 Silverado EVs.
Despite Ford’s stated goal of becoming the top player in the EV game, it’s sitting at number three on the list. The Mustang Mach-E, F-150 Lightning, and E-Transit van drove its 33,955 EV registrations. The Blue Oval saw its market share drop from 6.9 to 5.2 percent from a year before, and Mach-E registrations dropped an alarming 18 percent since 2022. On the flipside, the Lightning saw growth of five times its previous registrations, to 11,883.
[Image: Sundry Photography via Shutterstock]
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from TheTruthAboutCars https://www.thetruthaboutcars.com/cars/news-blog/new-ev-registrations-grew-significantly-driven-by-tesla-44502799?utm_medium=auto&utm_source=rss&utm_campaign=all_full
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