Industry

Here’s why US EV, hybrid sales rose year-over-year in 2023

by admin 31 Comments

Share on Facebook
Share on Twitter
Share on Pinterest
Share on LinkedIn
US LDV sales 2023

EVs, PHEVs, and hybrids made up 16.3% of total light-duty vehicle (LDV) sales in the US in 2023 – Tesla’s price cuts were a big reason.

The 2023 percentage is 3.4% higher than in 2022, when hybrid, plug-in hybrid, and BEV sales made up 12.9% of total sales. The second half of 2023 saw the highest share of hybrids, plug-in hybrids, and BEVs of total LDV sales at 17.9%.

The US Energy Information Administration (EIA) points out that 2023 sales of hybrid and EVs rose as the number of BEV model choices increased, hybrids were offered in more popular size classes, and EV prices declined. The Inflation Reduction Act’s $7,500 tax credit also made EVs more compelling to consumers.

Manufacturers added 20 new BEV models during 2023 – mainly in the second half – for a total of 70 BEV models at year-end out of 459 unique LDV models. Half of the new BEV models were crossover vehicles, a popular market segment that has more than doubled its share of total LDV sales in a decade.

The average transaction price for BEVs fell to $50,798 in December 2023, dropping the price by 24.2% compared to the price peak in the second quarter of 2022.

Tesla’s price cuts played a major role in 2023’s overall BEV price drop. The average Tesla vehicle transaction price dropped 29% between June 2022 and December 2023. The average price paid for all LDVs increased by 1.5% during that same period. So the gap between BEV and overall industry average LDV transaction prices shrunk from $19,000 in June 2022 to just $2,000 at the end of 2023, according to Kelley Blue Book data.

Read more: The world’s largest EV battery maker will build its own $1.83B offshore wind farm

If you’re an electric vehicle owner, charge up your car at home with rooftop solar panels. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing on solar, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –ad*

This article was originally published by Electrek.co. Read the original article here.
Share on Facebook
Share on Twitter
Share on Pinterest
Share on LinkedIn

Products You May Like

31 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *