EV Latest Trends: Tesla US EV Registrations 2023, Rivian And Hyundai’s Remarkable Surge | Recent Updates 2024

Since the rise of electric vehicles is growing daily, more EVs are registered in the US. This registration went up by 23% in the month of December, which indicates that more people are looking forward to using electric cars. Although Tesla’s growth was just 11%, it was still considered to be on the list of the most registered electric cars. The Tesla US EV registrations in 2023 comprised 56% of all registrations. 

Apart from this, other smaller competitors like Rivian and Hyundai also performed well in the 2023 market. Their electric car sales also increased significantly. In this article, we will cover some basic registration analytics and upcoming expected EV market trends. 

Tesla US EV Registrations 2023

Despite a small percentage of growth in the Tesla market, it still dominated in 2023. The Tesla US EV registrations in 2023 included 56.2% of the market, meaning 642,496 registrations. The Tesla Model Y did not lose its hot streak and continued with 385,180 registrations last year. This amount was up 72% from the 2022 market. This Model Y was the fifth best-selling electric vehicle in the USA. The top ones were Ford, Chevy, Ram pickups, and the Toyota RAV4.

Here is a list of some of the best and top US EV registrations of 2023 with their ranks, model, and percentage in the market. 

Rank	Model	% in the Market	Registrations
1	Tesla	56.2%	642,496
2	Ford	6%	69,163
3	Chevrolet	5.6%	63,659
4	Hyundai	4.5%	51,411
5	Rivian	4%	46,319

Rivian and Hyundai Status in the US Market

Tesla US EV registrations in 2023 contained the highest registrations in the EV market. Some American automakers, such as GM and Ford, are scaling back their EV investments. Overseas, startups and rivals are taking advantage of this. The growth of these smaller electric vehicle owners includes that of Hyundai and Rivian. 

The Hyundai EV market expects to open its first electric vehicle and battery plan in the United States later this year. At the same time, Rivian is planning to unveil its next-gen R2 model next month. This model will be lower-cost and more compact. 

Electric Vehicle Market Trends in the Future 

Because the electric vehicle industry is growing, it is essential to understand the trends in the USA and what to expect. 

1. EV Sales Will Continue to Rise in 2024 

The EV sales are expected to continue growing in 2024 regardless of some reports of declining sales in 2023. Although many unsold EVs exist at dealerships, the actual EV sales numbers are still robust. Furthermore, the market share of these cars is also growing. According to an estimate, there will be nearly 1.9 million electric car sales in the United States in 2024. Look at the Tesla US EV registrations in 2023; despite low sales, the registration number was high. It indicates that the electric cars are still in demand in the market. Though the estimates for EV sales in 2024 are expected to be down a bit, they are still predicted to increase by 20% from 2023. 

2. EV Market Will Become More Affordable Due to Declining Prices

You can find many electric cars in the EV 2024 market for under $40,000, mainly if you apply the federal EV tax credit. Although some vehicles are rated high and not in every car shopper’s range, EV passenger car prices will keep decreasing for some models because of technological advancements. 

For instance, if an automaker improves its battery formulation and technologies, the EV battery prices are expected to go down. This improvement allows EV shoppers to benefit from reduced costs and extended battery ranges. A battery makes up around 40% of an EV’s total cost; decreasing the battery expenses will potentially lower the overall EV price. It will ultimately lead to more electric car sales, where affordability plays a significant role in industry sales.

3. Advanced Charging Stations Will Grow the EV Industry

EV charging station infrastructure needs to be appropriately distributed across the United States. Although there are many EV charging stations in different US cities, even with fast chargers, many people still need to buy an EV due to charging issues. EV consumers anticipate having reliable, safe, affordable, and convenient charging to drive and own an electric car. Even with the recent charging availability, Tesla US EV registrations in 2023 showed a good amount of registrations. With the continued increase in charging stations, there is expected to be a boost in EV industry growth.

4. More EVs Will Be Compatible with the Tesla Supercharging

One essential advancement in EV charging is associated with the charging ports on electric vehicles. Many announcements in 2023 regarding EV charging ports showed signs of progress. There was a joint announcement by the seven leading automakers. These EV automakers include General Motors, Ford, Mercedes, Nissan, Volvo, Rivian, and Honda. These top EV industry automakers reveal plans to adopt Tesla’s North American Charging Standard (NACS) for their EVs.
These major automakers partner to establish massive, high-powered EV charging station networks. They will cover North America and feature 30,000 chargers. This joint effort improves accessibility, convenience, and universal compatibility of EV charging. Moreover, it is set to make the Tesla Supercharger Network more accessible to consumers of these seven automakers from 2024 onwards. 

Opportunities for EV Charging Station Contractors and Installers

Regardless of the challenges, the future holds good opportunities for EV charging station contractors and installers.

Growing EV Charging Station Market: The demand for electric vehicle charging stations is expected to grow majorly. It can create a vast market for EV charging station installers.

Opportunities for Partnerships: The EV charging station installers can find different partnerships. These partners can be EV utilities, manufacturers, and Green Lancer. They can help to reach and provide comprehensive EV charging solutions.

Skilled Contractor Workforce: The expansion of the EV industry will increase the requirement for skilled professionals. It will offer more job opportunities for technicians and electricians.

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