With the third quarter of 2023 totally within the rearview mirror, we are able to assess the most important winners within the U.S. race for electrical car supremacy. And from the info we have seen, it appears to be like just like the Hyundai Motor Group’s “maintain the road” technique on EVs is understanding properly—all whereas some rivals begin to sluggish their roll a bit.
Following our battery electrical car gross sales evaluation of the U.S. market regarding particular person manufacturers—together with quantity and share of BEVs within the complete quantity—at this time we’ll take a more in-depth have a look at the bigger automotive teams. The report consists of 11 producers for which constant knowledge can be found: BMW Group (BMW and Mini, however with out knowledge for the Mini Cooper SE mannequin), Ford Group (Ford and Lincoln), Basic Motors (the BrightDrop supply van division, Buick, Cadillac, Chevrolet, GMC), Hyundai Motor Group (Hyundai, however with out knowledge for the Hyundai Kona Electrical mannequin, Kia and Genesis), Mazda, Mercedes-Benz (excluding its van division), Nissan, Subaru, Toyota Group (Toyota and Lexus), Volkswagen Group (Volkswagen, Audi and Porsche) and Volvo.
Newer firms like Tesla, Rivian, Polestar or Lucid don’t escape gross sales by nation or area. A few of the conventional manufacturers additionally don’t report BEV gross sales within the U.S. or don’t promote any BEVs in any respect within the U.S. (Stellantis), thus they’re excluded from the comparability.
BEV Gross sales By OEMs – Q3 2023
We estimate that the listed 11 conventional automakers characterize greater than 40 % of the whole BEV gross sales within the U.S. Tesla controls greater than half of the market, whereas the remaining 10% or so is distributed by way of the remainder of the business. We additionally anticipate Tesla’s share of the market will lower and be lower than 50% within the not-too-distant future—which remains to be so much.
It is particularly notable and fascinating that Hyundai Motor Group offered extra all-electric vehicles—28,556 plus an unknown variety of Hyundai Kona Electrics since these aren’t damaged out—than every other automotive group, excluding Tesla. That is an impressive end result, far outpacing Ford (20,962) and Basic Motors (20,092), each of which had been mainly matched by the Volkswagen Group (20,295)—one other shock.
It is also price noting that Hyundai, Kia and Genesis collectively had been in a position to develop into primary regardless of being virtually utterly excluded from the $7,500 federal tax credit score incentive outdoors of leasing. As soon as the South Korean group begins native manufacturing of its mainstream fashions in america, the motivation ought to be out there additionally when buying the automobile, which is able to make it an excellent stronger contender.
The Volkswagen Group is already producing its important mannequin (ID.4) within the U.S., incomes full eligibility for the federal tax credit score, and this most likely helped push it over 20,000 gross sales just lately. Ford and Basic Motors had a tough time earlier this yr, so their outcomes are disappointing, however with a giant potential to battle again within the coming quarters if the automakers do not get too conservative on the EV entrance.
In the meantime, let’s additionally be aware how robust the German premium manufacturers are. BMW Group clocked 13,079 EV gross sales with out the Mini model, and Mercedes-Benz got here in at 10,423 gross sales. For reference, Toyota Group barely exceeded 4,000, whereas Stellantis is not even within the sport but.
* Excludes Tesla and different OEMs for which knowledge was not out there
** Hyundai gross sales with out the Hyundai Kona Electrical mannequin
*** BMW Group gross sales with out the Mini Cooper SE
By way of how EVs stack up in these firms’ complete gross sales, we are able to see a really robust place for the international automakers—largely the premium ones, like Mercedes or BMW Group.
However for now, this metric is a bit skewed. Not all manufacturers inside explicit teams are even providing BEVs, which lowers the typical of the big teams in comparison with single-brand automakers.
Here’s a tree map model of the chart:
* Excludes Tesla and different OEMs for which knowledge was not out there
** Hyundai gross sales with out the Hyundai Kona Electrical mannequin
*** BMW Group gross sales with out the Mini Cooper SE
**** Mercedes-Benz (excluding vans)
BEV Gross sales By OEMs – Q1-Q3 2023
Yr thus far, this Q3 end result means Hyundai Motor Group is the biggest automaker after Tesla for all-electric automobile gross sales quantity within the U.S. The result’s a minimum of 61,865 gross sales.
GM is noticeably behind with 56,414 models. An enormous shock is that the Volkswagen Group with 49,995 models is forward of Ford at 46,671, which within the earlier years outlined a plan to be the no. 2 electrical automaker after Tesla. If that occurs, it isn’t gonna be in 2023.
Subsequent, we are able to see the BMW Group (a minimum of 31,043) and Mercedes-Benz (29,691). The German duo of premium manufacturers, when counted collectively, can be virtually as large because the Hyundai Motor Group.
We are able to guess, that Rivian additionally offered a minimum of 30,000 all-electric autos in the course of the first three quarters, due to the 30,240 new registrations in the course of the interval, in response to Experian (by way of Automotive Information).
Nissan recorded 15,503 gross sales, Volvo 10,843, whereas Toyota and Lexus collectively netted virtually 9,000.
All of the numbers are overshadowed by near a half million Tesla EVs offered this by way of Q3.
* Excludes Tesla and different OEMs for which knowledge was not out there
** Hyundai gross sales with out the Hyundai Kona Electrical mannequin
*** BMW Group gross sales with out the Mini Cooper SE
Now, let’s take a fast have a look at the share of all-electric vehicles within the complete gross sales. The market common for non-Tesla autos might be round 4 % (doubtlessly nearer to 3 % within the case of the standard manufacturers.)
It implies that only some conventional OEMs are pushing BEVs actually onerous: Mercedes-Benz, Volvo, BMW Group and Volkswagen Group, with Hyundai Motor Group because the final one, noticeably above common.
These automotive teams are both instantly premium and luxurious ones, or embody premium and luxurious manufacturers. Within the case of the Hyundai Motor Group, the comparatively excessive share of BEVs within the complete gross sales seems to be a results of the corporate’s technique to noticeably put money into the all-electric future.
Ford and GM’s outcomes are common, however let’s be aware the challenges each firms expertise and that a few of their manufacturers will not be but providing BEVs. On prime of that may be a giant share of pickup vehicles, which electrification barely began generally.
Here’s a tree map model of the chart:
* Excludes Tesla and different OEMs for which knowledge was not out there
** Hyundai gross sales with out the Hyundai Kona Electrical mannequin
*** BMW Group gross sales with out the Mini Cooper SE
**** Mercedes-Benz (excluding vans)
This yr, all-electric car gross sales within the U.S. ought to simply exceed a million models for the very first time. Some 850,000 models had been registered by way of September (together with virtually 490,000 or 57% for Tesla), in response to Experian.