EVs, PHEVs, and hybrids made up 16.3% of complete light-duty automobile (LDV) gross sales within the US in 2023 – Tesla’s worth cuts had been an enormous cause.

The 2023 proportion is 3.4% greater than in 2022, when hybrid, plug-in hybrid, and BEV gross sales made up 12.9% of complete gross sales. The second half of 2023 noticed the very best share of hybrids, plug-in hybrids, and BEVs of complete LDV gross sales at 17.9%.

The US Power Info Administration (EIA) factors out that 2023 gross sales of hybrid and EVs rose because the variety of BEV mannequin selections elevated, hybrids had been provided in additional widespread dimension courses, and EV costs declined. The Inflation Discount Act’s $7,500 tax credit score additionally made EVs extra compelling to customers.

Producers added 20 new BEV fashions throughout 2023 – primarily within the second half – for a complete of 70 BEV fashions at year-end out of 459 distinctive LDV fashions. Half of the brand new BEV fashions had been crossover autos, a preferred market section that has greater than doubled its share of complete LDV gross sales in a decade.

The common transaction worth for BEVs fell to $50,798 in December 2023, dropping the worth by 24.2% in comparison with the worth peak within the second quarter of 2022.

Tesla’s worth cuts performed a significant function in 2023’s total BEV worth drop. The common Tesla automobile transaction worth dropped 29% between June 2022 and December 2023. The common worth paid for all LDVs elevated by 1.5% throughout that very same interval. So the hole between BEV and total business common LDV transaction costs shrunk from $19,000 in June 2022 to simply $2,000 on the finish of 2023, in response to Kelley Blue Ebook knowledge.

Learn extra: The world’s largest EV battery maker will construct its personal $1.83B offshore wind farm

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