EVs, PHEVs, and hybrids accounted for 16.3% of total light-duty vehicle (LDV) sales in the US in 2023 – a significant increase attributed to Tesla’s price reductions.
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, reaching 17.9% of total LDV sales.
The US Energy Information Administration (EIA) stated that sales of hybrid and EVs rose in 2023 due to an increase in BEV model choices, more popular size classes for hybrids, declining EV prices, and the implementation of the Inflation Reduction Act’s $7,500 tax credit for EVs.
Manufacturers introduced 20 new BEV models during 2023, with half of them being crossover vehicles, a market segment that has more than doubled its share of total LDV sales in a decade.
The average transaction price for BEVs dropped to $50,798 in December 2023, a decrease of 24.2% compared to previous price peaks. Tesla’s price cuts played a major role in this price drop, with the average transaction price for Tesla vehicles dropping 29% between June 2022 and December 2023.
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