Record 1.2 Million Electric Vehicles Sold

Takeaway: A record 1.2 million U.S. vehicle buyers chose to go electric in 2023, according to estimates from Kelley Blue Book. More specifically, 1,189,051 new electric vehicles (EVs) were put into service as the slow shift to an electrified future continued unabated. Last year, the EV share of the total U.S. new-vehicle market was 7.6%, according to Kelley Blue Book estimates. That is up from 5.9% in 2022 and more than double the share from 2021. Tesla, the leading EV maker in the U.S., continued to see its share of the EV market erode, even as total Tesla volume increased. In 2023, Tesla’s share of the total EV market stood at 55%, down from nearly 80% in 2021.

What’s next: The expectations for EV growth in the U.S. market have shifted from “rosy to reality” as sales increase, but customer acceptance of EVs isn’t keeping pace. Nevertheless, Cox Automotive expects 2024 to be the Year of More for EVs. With more electric vehicle models available, more incentives, more discounts, more advertising and greater sales efforts, Cox Automotive still expects that electric vehicle sales in the U.S. will exceed the 1-million-unit record set in 2023.