US to overtake Germany to become second-biggest EV automotive market

Market researcher counterpoint finds the sale of electric vehicles in US has gone up by 79% year over year in first quarter of 2023. US is a fast growing market for electric vehicles, this got further boosted by introduction of an EV tax credit of up to $7,500. However brands like Hyundai, Audi, BMW, Volvo and Nissan remain ineligible for the EV tax credit. Tesla is a very tall leader in this market, which has sold more EVs than the next 18 automotive groups combined in Q1 2023. US EV sales expected to reach near 1.5 million units in 2023 if economic conditions continue to improve, finds Counterpoint. With this high-growth, US overtakes Germany to become the world’s second-largest EV market. And the largest one in the market is China. Counterpoint reports Battery Evs (BEV) accounted for 81% of all passenger EV sales in the US while plug-in hybrid Evs (PHEVs) made up the rest. In Q1 2023, Tesla’s sales outperformed the combined sales of the next 18 automotive groups, which collectively represent 34 automotive brands. Further points and comments shared by counterpoint includes: Commenting on the market dynamics, Research Analyst Abhik Mukherjee said, “Total US passenger vehicle sales improved YoY in Q1 2023. The US economy is showing signs of recovery with lower inflation and improving consumer sentiment. Although EV sales saw strong growth during the quarter, those...