US electric vehicle (EV) sales surge 52% in Q3: Counterpoint

Tesla EV market share in US Q3 2022

The US electric vehicle (EV) sales grew by almost 52 percent during Q3 2022, according to Counterpoint Global Passenger Vehicle Model Sales Tracker.

Battery EVs (BEVs) constituted over 80 percent of the total US EV sales. BEV sales grew by more than 78 percent during Q3. Tesla’s Q3 sales eclipsed the next 15 brands combined.

Tesla sales in the US grew by more than 56 percent during Q3. Although Tesla has had some headwinds in meeting orders and delivering vehicles, it has remained the undisputed market leader for at least the previous 19 quarters. The Model Y and Model 3 are its most sold models.

Ford sold over 18,000 EV units during Q3, registering almost 132 percent growth. With the introduction of the electric version of the best-selling F-150, the company has been able to mark its position in the US EV market.

Chevrolet catapulted its EV sales growth rate by 225 percent to over 14,000 units. The Bolt and Bolt EUV are the only two Chevrolet EV models being offered currently. The Bolt EUV sales volume almost quadrupled from the previous year. The brand is on track to introduce three new EV models – Silverado EV, Equinox EV and Blazer EV.

The top 10 best-selling EV models constituted almost 70 percent of the country’s EV sales in Q3. Tesla’s Model Y has been the best-selling EV model since the third quarter of 2020.

“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 percent to 45 percent of the cost of EVs,” Counterpoint Research Director Jeff Fieldhack said.

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 percent, according to Counterpoint’s Global Passenger Vehicle Forecast.