• Business Business

New report reveals Tesla now holds substantial share of US auto market after impressive growth: ‘You can’t make this up’

The automaker’s success demonstrates an increasing appetite for EV ownership in the U.S.

The automaker’s success demonstrates an increasing appetite for EV ownership in the U.S.

Photo Credit: iStock

Tesla now holds 4.2% of the automobile market share in the United States, placing it in the country’s top 10 vehicle manufacturers.

As reported by Electrek, data from Kelley Blue Book showed Tesla has grown its electric vehicle deliveries by more than 25% in the past year, with over 650,000 new vehicles sold to American customers in 2023.

That’s the second-biggest growth in market share for any car manufacturer in the U.S., with Honda taking the top spot, the news outlet reported. 

Those figures placed Tesla eighth in the list of the nation’s largest automobile distributors, alongside well-established brands such as Toyota, Ford, and Hyundai.

“You can’t make this up,” Car Dealership Guy (@GuyDealership) marveled on X, formerly known as Twitter, where he shared a breakdown of the industry’s sales from Kelley Blue Book.

While Electrek estimated that Tesla won’t surpass that growth in 2024, the report still bore good news for the company. Ford, for example, experienced only a 1% year-over-year change compared to Tesla’s 22.6%, according to the tweeted data.

The automaker’s success demonstrates an increasing appetite for EV ownership in the U.S., with Cox Automotive noting total EV sales reached a record-breaking 313,086 in the third quarter last year, according to Kelley Blue Book — a 49.8% uptick compared to the same period in 2022.

For the first time, more than a million EVs are thought to have been sold in the U.S. in a year, making up about 7.6% of the total U.S. vehicle market in 2023, per Kelley Blue Book estimates. EV prices are expected to fall in 2024, which could help this trend accelerate.

A transition to EVs could be vital for the U.S. to meet its goals of reducing pollution. In 2021, President Joe Biden committed to having 50% of new vehicle sales be electric by 2030, per Reuters.

Last year, his team revised that goal to propose that two-thirds of all new vehicles sold should be electric by 2032. 

The EPA estimates that this more ambitious plan would cut carbon pollution by 9 billion tons through 2055 — equivalent to more than double the country’s total carbon pollution in 2022.

If Tesla’s rapid market growth continues, it could play a sizable role in this transition.

“Big three here we come!” Roey Rosenblith (@roey82), Tesla Solar Roof Channel operations lead, wrote on X. 

“I knew I needed a Tesla in my life! Time to trade in the Raptor,” another X user added.

Join our free newsletter for cool news and actionable info that makes it easy to help yourself while helping the planet.

Cool Divider