San Francisco– Elon Musk-run Tesla remains the market leader in the electric vehicle (EV) market in the US with more than 50 per cent share, selling more cars than the other 17 automotive groups combined.

EV sales increased to represent 7 per cent of all US passenger vehicle sales in 2022, according to Counterpoint Research, growing 54.5 per cent (on-year).

“Tesla is dominating the US EV market while other automotive giants like Ford, General Motors, Stellantis, Volkswagen and Hyundai are struggling to provide strong competition,” according to research analyst Abhik Mukherjee.

New players like Lucid Motors, Karma, Fisker and Vinfast are entering the US EV space, underlining the market’s potential.

“Moreover, with the recent price cuts by Tesla and all versions of Tesla’s Model Y becoming eligible for the EV tax credit subsidy, it is expected that Tesla will take an even higher market share,” Mukherjee added.

Battery EV (BEV) sales grew by almost 70 per cent YoY to account for more than 80 per cent of all EV sales in 2022.

All four Tesla models were present in the top-10 bestseller list. Hyundai’s IONIQ 5 and Kia’s EV6 made a significant impact, entering the list within a year of their US launch.

“In 2023, EV sales are expected to reach over 1.9 million units but only if economic headwinds do not severely impact the market, like in 2022,” said research director Jeff Fieldhack.

With automotive OEMs and battery manufacturers joining hands to set up battery manufacturing plants across the US, the battery supply chain is expected to become smoother and component costs will moderate, making the potential US EV market greater than 10 million per year by 2030, he added. (IANS)