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Tesla (TSLA) still owns 75% of the US’s electric car market so far this year

According to the latest registration data, Tesla still owns about 75% of the US’s electric car market so far this year with Model Y and Model 3 alone at the top.

For years now, Tesla has been dominating the electric auto market in its home country. It is expected that Tesla’s hold on the market will erode as more EV options hit and help grow the US market, but for now, the US EV market is still extremely dependent on Tesla’s production and deliveries.

For the entire year of 2020, Tesla vehicles accounted for 79% of new electric vehicles registered in the US.

In 2021, the number went down to 69.95%, but that’s still impressive with EV delivery volumes significantly increasing throughout the year along with Tesla’s prices.

Now we get the first data for 2022 through registration data from Kelley Blue Book (KBB), and it shows that Tesla had 75% of the EV market in the US during the first quarter of 2022 (January through March).

According to KNN, here are the top 10 EVs sold in the US in Q1 2022:

  1. Tesla Model Y
  2. Tesla Model 3
  3. Ford Mustang Mach-E
  4. Tesla Model X
  5. Hyundai Ioniq 5
  6. Kia EV6
  7. Tesla Model S
  8. Nissan Leaf
  9. Kia Niro
  10. Audi e-Tron

The data shows that Tesla is still king in terms of volume deliveries of electric vehicles in the US.

Ford came in third with the Mustang Mach-E, but it’s a far third place with 6,734 Mach-E deliveries during the period to 46,707 units for the Model 3, which came in second place.

During the period, KBB also notes that electric vehicles represented 5% of the overall auto market for the first time in the US.

Electrek’s Take

It’s sad to think what the US’s EV market would look like without Tesla. Even with Tesla, it only represents about 5% of the overall auto market.

An important reason for that is the US auto market’s love for pickup trucks and the fact that they are just starting to go electric.

2023 should be a very different year for EV adoption in the US. I think it will shock many people. I wouldn’t be surprised if EV market share more than doubles and lands near 12% toward the end of the year.

That will be thanks to several new EV models hitting the market, but primarily due to a ramp-up of electric pickup production, especially from Ford, Rivian, and GM, and also the start of production of Tesla Cybertruck – though volume for the latter is more likely to come in 2024.

I see over 150,000 deliveries of electric pickup trucks in 2023 and a massive shift in how new car buyers see electric vehicles in the US. I think there will be a rush to reserve new electric vehicles that will make today’s long backlogs look like a joke.

The shift in perception will be similar to what we have seen happen in other countries in Europe, like Norway and the Netherlands, a few years ago.

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