According to Counterpoint Research, in Q3 2022, electric vehicle sales in the US grew by 52% year-over-year, with over 80% of these sales being battery electric vehicles.
Tesla remained the market leader, with sales increasing by 56% year-over-year, and the Model Y and Model 3 being the most popular models. Ford’s electric vehicle sales also grew significantly, with a 132% year-over-year increase, due in part to the introduction of the electric version of the popular F-150. Chevrolet’s EV sales rose by 225% year-over-year, with the Bolt and Bolt EUV being the most popular models. The top 10 best-selling electric vehicle models made up around 70% of the country’s EV sales in Q3.
Commenting on the market outlook, Research Director Jeff Fieldhack said, “Tax credits are expected to boost EV demand. Moreover, a price reduction is expected as more battery manufacturing firms are being set up across the North American continent. Batteries constitute 40% to 45% of the cost of EVs. The availability of multiple battery suppliers and a decrease in logistics costs for batteries will positively impact the US EV market. EV sales in the US are expected to exceed 10 million units annually by 2030 at a CAGR of 37%, according to Counterpoint’s Global Passenger Vehicle Forecast.”
Read next: Sony and Honda partner up to launch new EV brand AFEELA
