Counterpoint: U.S. electric vehicle sales increased 52% year-on-year in Q3 2022

Despite macroeconomic headwinds, U.S. electric vehicle (EV) sales grew nearly 52% year-over-year in the third quarter of 2022, according to Counterpoint’s Global Passenger Vehicle Model Sales Tracker. Battery electric vehicles (BEVs) account for more than 80% of total U.S. EV sales. BEV sales grew more than 78% year-over-year in the third quarter. Tesla’s third-quarter sales exceeded the next 15 brands combined.

Market Overview

Tesla's U.S. sales increased more than 56% year-over-year in the third quarter. Although Tesla has encountered some resistance in meeting orders and delivering vehicles, it has remained the undisputed market leader for at least the past 19 quarters. Model Y and Model 3 are its best-selling models.

Ford sold more than 18,000 electric vehicles in the third quarter, a year-over-year increase of nearly 132%. The company was able to gain a foothold in the U.S. electric vehicle market after launching an electric version of its best-selling F-150.

Chevrolet's electric vehicle sales increased 225% year-over-year to more than 14,000 units. The Bolt and Bolt EUV are the only two Chevrolet EV models currently available. Bolt EUV sales almost quadrupled from the previous year. The brand is expected to launch three new EV models, the Silverado EV, Equinox EV and Blazer EV.

The top 10 best-selling electric vehicle models accounted for nearly 70% of U.S. electric vehicle sales in the third quarter. Tesla's Model Y has been the best-selling electric vehicle model since the third quarter of 2020.