Connect with us
Tesla, VW and several other EVs that qualify for the new 2023 US EV tax credit Tesla, VW and several other EVs that qualify for the new 2023 US EV tax credit

News

BEV sales passed new milestone in the U.S. in 2023; state adoption varies

Credit: Tesla

Published

on

New data shows that the battery electric vehicle (BEV) market continued to grow in the U.S. last year, while adoption rates varied from one state to the next.

U.S. BEV sales reached a milestone of 1.1 million units in 2023, according to data shared by Cox Automotive in a webcast on Monday. The figure, as presented in the webcast by Cox Director of Industry Insights Stephanie Valdez Streaty, represents roughly 8 percent of overall automotive sales for the year and a 46 percent increase year over year.

“2023 was the year of the EV, with many bumps and zigzags along the way,” Streaty said during the webcast. “The market has experienced its share of challenges. Some new electric models have flown off the lots, while others linger far longer. However, the EV market is growing.”

Along with the full-year sales, Cox said that BEV sales were up roughly 0.8 percent in Q4 from the previous quarter, and the firm expects continued growth going into 2024 and the coming years.

Credit: Cox Automotive

Tesla remained the BEV market leader in 2023, with a total of 654,888 units sold in the U.S. for a 25.4 percent increase year over year. The BEV maker also saw a total market share of 4.2 percent, leading automakers like Volkswagen, Subaru, BMW, and a number of others.

Additional OEMs that saw significant gains included overall market leader General Motors (GM), with a 14.1 percent sales increase year over year, and Honda, which saw a 33 percent jump in sales from 2022.

Advertisement

Considering both hybrid and BEV powertrains, EV market share landed around 16 percent last year, and Cox is expecting this combined share to jump to 24 percent in 2024, and to 31 percent in 2025. In those years alone, the market is set to gain 70 new EV models which are expected to help give momentum to the continued rise in market share.

Still, Streaty also pointed out that EV adoption rates vary from state to state, with those on the West Coast generally leading the charge. She also notes that the sales adoption numbers come from S&P registration data, and a lag in reporting these numbers means the following details are only through October 2023, rather than the full year.

While states like California and Washington boasted EV share rates of 21.1 percent and 15.4 percent, respectively, others lagged well behind the national standard of around 7.4 percent through October. States such as West Virginia and North Dakota saw EV adoption rates as low as 1.1 percent and 0.7 percent, respectively.

Cox plans to release its larger EV report later this week, including more full-year 2023 sales details for BEVs in the U.S. You can also see the firm’s full set of presentation slides from the Monday webcast here.

Credit: Cox Automotive

Updated 6:27 p.m. MT: Corrected wording in the second paragraph to say EV sales reached 1.1 million units in 2023.

RELATED:

Advertisement

Tesla outpaces Volkswagen, Subaru, BMW in 2023 U.S. market share

What are your thoughts? Let me know at zach@teslarati.com, find me on X at @zacharyvisconti, or send your tips to us at tips@teslarati.com.

Zach is a renewable energy reporter who has been covering electric vehicles since 2020. He grew up in Fremont, California, and he currently lives in Colorado. His work has appeared in the Chicago Tribune, KRON4 San Francisco, FOX31 Denver, InsideEVs, CleanTechnica, and many other publications. When he isn't covering Tesla or other EV companies, you can find him writing and performing music, drinking a good cup of coffee, or hanging out with his cats, Banks and Freddie. Reach out at zach@teslarati.com, find him on X at @zacharyvisconti, or send us tips at tips@teslarati.com.

Advertisement
Comments

News

Tesla watchers spot mysterious castings at Fremont Factory

The castings seem to be quite new, as they do not seem to match any of the castings that are currently being used for the Model Y.

Published

on

Credit: @metgodinwilderness7130/YouTube

A recent flyover of the Fremont Factory has triggered speculations about Tesla’s ongoing initiatives that are yet to be unveiled publicly. This was hinted at by the sighting of some apparent vehicle castings around the factory that have never really been observed before.

A Fremont Factory flyover

In a recent update, drone operator Met God in Wilderness, who has been chronicling the progress and developments of the Fremont Factory for years, shared some footage from his August 14, 2025 flyover. Based on the video, the Fremont Factory seemed very much alive. Vehicles were being pumped out of the factory, and a rather interestingly covered car could be seen going around the test track.

What is quite fascinating about the footage from the Fremont Factory is the fact that the vehicles that were moving from the production line to the outbound logistics lot are not driven manually anymore. As per Tesla in previous updates, vehicles produced at the Fremont Factory navigate to the outbound logistics lot on their own using Unsupervised FSD

Mysterious castings

Perhaps most interestingly, the drone operator also managed to capture some footage of some castings that were being gathered just outside one of the facility’s sprung structures. These castings seem to be quite new, as they do not seem to match any of the castings that are currently being used for the Model Y. This has brought speculations suggesting that the new components, which seem smaller than standard Model Y megacasts, may be for a different, perhaps more compact, vehicle. 

As per Tesla in its second quarter earnings call, the company actually started the initial production of more affordable models sometime in June. These vehicles, as per Elon Musk, will be made available for consumers in the fourth quarter. “Given that we started in North America and that our goal is to maximize production with higher rates by the end of Q3, we’re going to keep pushing hard on our current models to avoid complexity… We’ll be running with the more affordable models available for everyone in Q4,” Musk said.

Advertisement

Watch the recent drone footage of the Fremont Factory in the video below.

Continue Reading

Investor's Corner

Shareholder group urges Nasdaq probe into Elon Musk’s Tesla 2025 CEO Interim Award

The SOC Investment Group represents pension funds tied to more than two million union members, many of whom hold shares in TSLA.

Published

on

Credit: xAI/X

An investment group is urging Nasdaq to investigate Tesla (NASDAQ:TSLA) over its recent $29 billion equity award for CEO Elon Musk. 

The SOC Investment Group, which represents pension funds tied to more than two million union members—many of whom hold shares in TSLA—sent a letter to the exchange citing “serious concerns” that the package sidestepped shareholder approval and violated compensation rules.

Concerns over Tesla’s 2025 CEO Interim Award

In its August 19 letter to Nasdaq enforcement chief Erik Wittman, SOC alleged that Tesla’s board improperly granted Musk a “2025 CEO Interim Award” under the company’s 2019 Equity Incentive Plan. That plan, the group noted, explicitly excluded Musk when it was approved by shareholders. SOC argued that the new equity grant effectively expanded the plan to cover Musk, a material change that should have required a shareholder vote under Nasdaq rules.

The $29 billion package was designed to replace Musk’s overturned $56 billion award from 2018, which the Delaware Chancery Court struck down, prompting Tesla to file an appeal to the Delaware Supreme Court. The interim award contains restrictions: Musk must remain in a leadership role until August 2027, and vested shares cannot be sold until 2030, as per a Yahoo Finance report.

Even so, critics such as SOC have argued that the plan does not have of performance targets, calling it a “fog-the-mirror” award. This means that “If you’re around and have enough breath left in you to fog the mirror, you get them,” stated Brian Dunn, the director of the Institute for Comprehension Studies at Cornell University.

Advertisement

SOC’s Tesla concerns beyond Elon Musk

SOC’s concerns extend beyond the mechanics of Musk’s pay. The group has long questioned the independence of Tesla’s board, opposing the reelection of directors such as Kimbal Musk and James Murdoch. It has also urged regulators to review Tesla’s governance practices, including past proposals to shrink the board. 

SOC has also joined initiatives calling for Tesla to adopt comprehensive labor rights policies, including noninterference with worker organizing and compliance with global labor standards. The investment group has also been involved in webinars and resolutions highlighting the risks related to Tesla’s approach to unions, as well as labor issues across several countries.

Tesla has not yet publicly responded to SOC’s latest letter, nor to requests for comment.

The SOC’s letter can be viewed below.

Nasdaq+Letter Tsla Socig Final by Simon Alvarez

Advertisement
Continue Reading

News

Tesla Model Y L has two distinct features for luxurious comfort

This is not to say the other interior additions are not factors in the Model Y becoming a more luxurious and premium vehicle, but the two mentioned in this article are particularly pertinent in that conversation.

Published

on

Credit: Tesla

Tesla’s new Model Y L has two distinct features that are geared toward giving occupants a taste of luxury with guaranteed comfort.

These two features should definitely be part of the company’s future lineup, and they could prove to be massive upgrades to the Model Y’s interior, which is certainly premium but is missing some things that truly tailor to a “luxury” feel of an automobile.

This is not to say the other interior additions are not factors in the Model Y becoming a more luxurious and premium vehicle, but the two mentioned in this article are particularly pertinent in that conversation.

Tesla Model Y L might not come to the U.S., and it’s a missed opportunity

Power-Adjustable Thigh Supports

In the front seats of the Model Y L, there are power-adjustable thigh supports that will enable some additional comfort on the legs:

Most might think that these thigh supports are simply a feature that makes the ride more comfortable, which is true. However, they have benefits for the ride and after you exit the car.

Providing proper lift on the legs and thighs can be beneficial for people with back problems or posture issues. The lower back takes an increased amount of stress during long car rides, especially as the legs are fixed in the chosen seating position.

Tesla Model Y L officially launched: price, features, and more

Adding some support to the thighs can help reduce pressure on the lower back and hips, and distribute weight more evenly, taking stress off pressure points.

It can also contribute to better spinal alignment. They also have safety benefits, as some riders could have an improved seatbelt position thanks to the thighs being in this position.

Second-Row Mechanical Armrest

Tesla also added mechanical, one-touch armrests to the Model Y L’s second row, a nice and premium touch for the riders in the middle of the vehicle:

Add the additional space the Model Y L provides to riders, and it already gets more comfortable. However, the addition of the mechanical armrests gives a good option of comfort for those who are seated in the second row.

They can also be retracted with the touch of a button, allowing for those in the third row to exit the vehicle easily.

One con to the mechanical portion of these armrests is that it is another moving part, and, of course, that puts it at risk of having issues.

However, it is certainly more premium than a manual armrest, and the flashy carbuyers will appreciate this small but mighty addition.

Continue Reading

Trending