Tesla dominated US EV registrations in 2023, but Rivian and Hyundai are catching on
New EV registrations in the US were up 23% in December as adoption continues to grow. Although Tesla’s 11% growth lagged behind the market, the automaker still dominated with 56% of US EV registrations in 2023. Meanwhile, several smaller players, including Hyundai and Rivian, saw promising growth.
The US electric vehicle market is still growing
Despite some media claims that electric car sales are “falling,” EV registrations rose 23%, accounting for a near-record of 8.8% of the US light vehicle market in December 2023.
For the full year, new EV registrations were up 52% year-over-year (YOY), with 7.7% of the market. That’s up from 5.7% in 2022.
According to new data from S&P Global (via Automotive News), Tesla had 69,932 new registrations in December, up 11% YOY. All Tesla Models saw growth in December, except the Model 3, which fell 22% to 18,252. The drop was likely due to buyers waiting for the new Model 3 (pictured below), which launched last month.
Ford had 8,149 new EV registrations in December, up 13% YOY. The Mustang Mach-E was its top-seller (+16%), followed by the F-150 Lightning (+23%). Registrations of Ford’s E-Transit fell 42%.
As Chevy phases out the current Bolt EV, registrations of the electric car fell 32%. However, the brand still placed third with 63,659 EV registrations in 2023 or 5.6% of the market.
Tesla still led US EV registrations in 2023
Tesla still dominated the market in 2023 with 642,496 registrations, or 56.2% of the market. The Model Y continued its hot streak with 385,180 registrations last year, up 72% from 2022. S&P Global said Tesla’s Model Y was the fifth best-selling vehicle (EV or gas) in the US behind Ford, Chevy, and Ram pickups and the Toyota RAV4.
| Rank | Model | 2023 US EV registrations | % of market |
| 1 | Tesla | 642,496 | 56.2% |
| 2 | Ford | 69,163 | 6% |
| 3 | Chevrolet | 63,659 | 5.6% |
| 4 | Hyundai | 51,411 | 4.5% |
| 5 | Rivian | 46,319 | 4% |
| 6 | BMW | 42,997 | 3.8% |
| 7 | Mercedes-Benz | 38,320 | 3.3% |
| 8 | Volkswagen | 37,040 | 3.2% |
| 9 | Kia | 30,868 | 2.7% |
| 10 | Audi | 24,700 | 2.2% |
Ford edged out GM for second with 69,163 new EV registrations in the US in 2023. Meanwhile, smaller brands, including Hyundai and Rivian, saw promising growth.
Hyundai was fourth with 51,411 registrations, or 4.5% of the market, followed by Rivian in fifth with 46,319.
The report notes Hyundai’s December registrations were strong at 3,327, up 62% YOY. The growth was led by the IONIQ 5, IONIQ 6, and Kona Electric.
Rivian also had a strong December with 5,832 registrations (+73%) led by the R1S. The growth was enough for the EV maker to claim 4% of the market in 2023.
Luxury brands BWM (42,997), Mercedes-Benz (38,320), and Audi (24,700) all showed growth in EV registrations last year.
While American automakers Ford and GM have scaled back EV investments, overseas rivals and startups like Rivian are taking advantage. Hyundai expects to open its first EV and battery plant in the US later this year, enabling its vehicles to qualify for the $7,500 IRA tax credit.
Meanwhile, Rivian is unveiling its next-gen R2 model next month, which will be a more compact, lower-cost EV. The EV maker opened the R2 website this week, teasing the model for the first time.
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Germany’s largest offshore wind farm under construction, EnBW’s He Dreiht, just hit a big milestone: The first enormous turbine is now up in the North Sea.
He Dreiht – which means “it spins” in Low German – is using Vestas’s massive 15 megawatt (MW) turbines, the first project in the world to install them. Just one spin of one of the rotors can generate enough electricity to power four households for an entire day.
When it’s finished, He Dreiht will have 64 mega turbines cranking out 960 megawatts (MW) of clean power – enough to supply around 1.1 million homes. And it’s being built without any government subsidies.
EnBW, one of Germany’s major energy companies, has been working in offshore wind for more than 15 years, but He Dreiht is their biggest project yet. “It will play a key role in helping us to significantly grow our renewable energy output from 6.6 GW to over 10 GW by 2030,” said Michael Class, who heads up EnBW’s generation portfolio development.
The project is a win for Vestas, too. “With the installation of the first V236-15.0 MW, we have reached an important milestone for both the He Dreiht project and our offshore ramp-up, which helps Germany build a more secure, affordable, and sustainable energy system,” said Nils de Baar, president of Vestas Northern & Central Europe.
He Dreiht is located about 85 kilometers (53 miles) northwest of Borkum and 110 kilometers (68 miles) west of Helgoland. At peak times, more than 500 workers will be out at sea building the farm, using a fleet of more than 60 ships. EnBW’s offshore team in Hamburg is running the show.
The installation process is a major operation. The 64 foundations were already set in the seabed last year. Parts for the turbines are loaded onto the installation vessel Wind Orca in Esbjerg, Denmark, and shipped out in a 12-hour journey to the construction site. From there, the turbines are lifted into place. Meanwhile, crews are also working on internal wind farm cabling.
A partner consortium made up of Allianz Capital Partners, AIP, and Norges Bank Investment Management owns 49.9% of the shares in He Dreiht.
Read more: Trump admin halts $5 billion NY offshore wind project mid-build
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Tesla has released a quick update about its Tesla Semi factory in Nevada. It says that it is on track for volume production of the electric semi truck in 2026.
The Tesla Semi was first scheduled to go into production in 2019, but it has faced numerous delays.
Now, it appears that there is finally some momentum to bring it to volume production.
For the last two years, Tesla has been working to build a new factory next to Gigafactory Nevada, where it builds the battery packs and drive units for most of its electric vehicles built in North America.
Today, Tesla released a “progress update on the factory, confirming that it finished building and it’s now working on deploying the production lines:
Tesla had previously mentioned aiming for volume production by 2025, but it is now only talking about starting production toward the end of the year and ramping up next year.
The automaker reiterated its planned production capacity of 50,000 units.
We recently reported that an early Tesla Semi customer, Ryder, stated that the electric truck program is experiencing more delays and a price increase described as “dramatic.”
They now expect to take deliveries of their first trucks later in 2026 and said that the price has increased “dramatically,” leading them to scale back their pilot program from 42 to 18 Tesla Semi trucks.
When originally unveiling the Tesla Semi in 2017, the automaker mentioned prices of $150,000 for a 300-mile range truck and $180,000 for the 500-mile version. Tesla also took orders for a “Founder’s Series Semi” at $200,000.
However, Tesla didn’t update the prices when launching the “production version” of the truck in late 2022. Price increases have been speculated, but the company has never confirmed them.
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Vietnamese solar panel maker Boviet Solar just opened the doors to its first US factory — a huge new PV module plant in Greenville, North Carolina.
The company dropped $294 million into the state-of-the-art facility, which will pump out Boviet’s Gamma Series monofacial and Vega Series bifacial solar panels. They’re using advanced PERC and N-Type solar cell tech, which basically means these panels are built to deliver higher efficiency and better performance across residential, commercial, industrial, and utility-scale projects.
The Greenville factory’s first phase is now online with an annual PV module output capacity of 2 gigawatts (GW). For Phase 2, which is scheduled to come online in the second half of 2026, Boviet will invest another $100 million to add 600,000 square feet and ramp up to another 2 GW. It will make high-efficiency solar cells.
Once both phases are complete, Boviet’s campus will cover more than 1 million square feet of manufacturing and R&D space. It’s one of the biggest clean energy manufacturing projects North Carolina has ever seen.
The jobs impact is significant, too. The first phase will create 460 skilled local jobs. Phase 2 is expected to add another 908, bringing the total to over 1,300 direct jobs, plus nearly 2,000 more indirect jobs across the region. That’s good news for Pitt County’s economy, real estate market, and workforce training programs.
“This facility is not just creating jobs, but creating opportunity, innovation, and a stronger foundation for eastern North Carolina,” said Senator Kandie Smith. Governor Josh Stein added that Boviet Solar’s move shows how North Carolina is leading the way in clean energy growth.
Read more: Thomas Built Buses debuts its next-gen electric school bus
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