Top 10 Bestselling Electric Vehicles In U.S. 2023: Where Do Tesla, Ford, General Motors Rank?
Portfolio Pulse from Chris Katje
The U.S. electric vehicle market in 2023 saw a 46.3% increase in sales, with Tesla's Model Y leading as the global bestselling EV. Tesla (TSLA) held a 55% market share in the U.S. EV market, down from 65% in 2022, but still dominated with three models in the top 10. Ford (F) and General Motors' Chevrolet (GM) followed, with significant year-over-year sales increases. Rivian (RIVN) also saw a substantial increase in sales, with the R1S ranking seventh.
January 12, 2024 | 7:06 pm
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POSITIVE IMPACT
Ford's electric vehicle sales increased by 17.9% year-over-year, with the F-150 Lightning and Mustang Mach-E both making the top 10 list of bestselling EVs.
Ford's presence in the top 10 bestselling EVs and the year-over-year sales growth indicate a positive trend that could lead to a short-term positive impact on Ford's stock.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
General Motors' Chevrolet brand saw a 65.2% increase in EV sales, with the Chevy Bolt EV ranking third in U.S. EV sales.
The significant increase in Chevy Bolt EV sales and its position as the top-selling U.S. EV outside of Tesla suggest a positive short-term impact on GM's stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Rivian Automotive sold 50,189 units in the U.S. in 2023, a 143.3% increase from the previous year, with the R1S ranking seventh among EVs.
Rivian's significant sales growth and the R1S's entry into the top 10 suggest a positive market reception that could positively impact RIVN's stock in the short term.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 70
POSITIVE IMPACT
Tesla's Model Y became the global bestselling EV, with the company maintaining a strong 55% U.S. market share despite a drop from 65% in 2022. Tesla sold 654,888 units in the U.S., up 25.4% year-over-year.
Tesla's continued dominance in the EV market and the Model Y's success are likely to maintain investor confidence and could lead to a positive short-term impact on TSLA's stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100