US overtakes country as world’s second largest EV market: report

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Sales of electric vehicles (EVs) have soared in the US, which is now the second-largest market for zero-emission vehicles after China. The U.S. electric vehicle market is booming, and while local giants like Tesla, General Motors and Ford are leading the charge, many global brands are also looking to get a piece of the action.

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| Updated on: June 16, 2023 at 15:19 pm

File photo for representational purposes. (Associated Press)

A report by Hong Kong-based Counterpoint Research highlighted that EV sales in the US jumped 79% in the first quarter of this year, helping it overtake Germany. The European country held the No. 2 position for a long time, but eventually gave way to the United States, which is also the world’s second-largest auto market.

Much of the growth in U.S. clean car sales has come from pure electric models, although plug-in hybrids have also enjoyed some strength. For context, 81 percent of all electric vehicle sales came from all-electric models. But what is not known is the exact number of such vehicles sold in the country.

Tesla remains the global leader and is well ahead of all competitors in the U.S. as well. The Tesla Model Y is the best-selling electric car in the country, while the more affordable Model 3 continues to do well. Companies like General Motors, Ford, Hyundai, and Kia are also looking to create on the road.

But while a long list of model offerings has helped boost customer sentiment, there are also some encouraging policies that could further boost the outlook. A tax credit for electric vehicles built or assembled in North America is one such initiative that could help spur purchases.

First published date: Jun 16, 2023 at 15:19 PM CST

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